Guidance

Designated recognised stock exchanges

Updated 5 August 2024

This guide shows the exchanges designated by HMRC as recognised stock exchanges.

The tables below also provide guidance, based on the most up to date information held, about whether shares and securities admitted to the markets of a recognised stock exchange are likely to meet the section 1005(3) Income Tax Act 2007 definition of ‘listed on a recognised stock exchange’. However, whether a share or security is ‘listed’ is a question of fact, and HMRC does not designate ‘listed’ status.

Aquis Stock Exchange

Date of recognition	Listed	Not listed	More information
25 April 2013	AQSE Main Market; see notes*	AQSE Growth Market; see notes** AQSE Trading; see notes***	Aquis Stock Exchange was first named ICAP Securities and Derivatives Exchange Limited and, later named NEX Exchange Limited. The exchange changed in name to Aquis Stock Exchange from NEX Exchange as from 15 April 2020. The entire ICAP Securities and Derivatives Exchange Limited was designated as a recognised stock exchange with effect from 25 April 2013. * The AQSE Main Market was formerly known as the ISDX Main Board, which was formerly known as the Plus-listed market which was originally designated as a recognised stock exchange on 19 July 2007. Securities solely admitted to trading on the AQSE Main Market must be included in the official UK list to meet the HMRC definition of ‘listed’. ** The AQSE Growth Market was formerly known as the ISDX Growth Market. *** AQSE Trading was formerly known as the ISDX Secondary Market.

Astana International Exchange (AIX)

Date of recognition	Listed	Not listed	More information
25 January 2019	Main market	—	—

The Athens Stock Exchange

Date of recognition	Listed	Not listed	More information
14 June 1993	Securities Market Derivatives Market	The Alternative Market (EN.A)	—

The Australian Stock Exchange and any of its stock exchange subsidiaries

Date of recognition	Listed	Not listed	More information
22 September 1988	The Australian Stock Exchange market of the Australian Securities Exchange (ASX)	The Sydney Futures Exchange (SFX) market of the Australian Securities Exchange	The Australian Stock Exchange merged with the Sydney Futures Exchange (SFX) in 2006 to form the Australian Securities Exchange (ASX). The Australian Securities Exchange comprises two markets, the SFX and the ASX, that trade different products. The use of the same acronym (ASX) for the exchange itself and one of its markets is potentially confusing. Only that part of the Australian Securities Exchange that can be identified as the original Australian Stock Exchange is a recognised stock exchange. Therefore the market platform of the Australian Securities Exchange known as ASX is a recognised stock exchange.

The National Stock Exchange of Australia

Date of recognition	Listed	Not listed	More information
19 June 2014	Official list	—	—

Bahamas International Securities Exchange (also known as BISX)

Date of recognition	Listed	Not listed	More information
19 April 2010	Securities listed on the entire BISX meet the definition of ‘listed on a recognised stock exchange’.	—	—

The Barbados Stock Exchange

Date of recognition	Listed	Not Listed	More information
2 April 2019	Regular Market Junior market International Securities Market (ISM) Fixed Income Market	—	—

The Bermuda Stock Exchange

Date of recognition	Listed	Not listed	More information
4 December 2007	Whole market	—	—

The Botswana Stock Exchange

Date of recognition	Listed	Not listed	More information
8 October 2018	—	Whole market — see notes	The exchange currently operates the following markets: Main Board, Venture Capital Market Board, Exchange Traded Funds Board, Government and Quasi Government Bonds Board, Corporate Bonds Board, OTC Board and ETF Board. Shares and securities admitted to trading on any of those markets will not meet HMRC definition of ‘listed’.

The Cape Town Stock Exchange

Date of recognition	Listed	Not listed	More information
15 May 2023	Equity Market Debt Market	—	—

The Cayman Islands Stock Exchange

Date of recognition	Listed	Not listed	More information
4 March 2004	Whole market	—	—

Cboe Europe Limited

Date of recognition	Listed	Not listed	More information
1 July 2020	Regulated Market*	Multilateral Trading Facility	*Securities solely admitted to trading on the Regulated Market must be included in the official UK list to meet the HMRC definition of ‘listed’

The Colombo Stock Exchange

Date of recognition	Listed	Not listed	More information
21 February 1972	Main Board	Diri Savi Board	—

The Copenhagen Stock Exchange

Date of recognition	Listed	Not listed	More information
22 October 1970	See notes	First North	Stockholm SE, Copenhagen SE, Iceland SE and Helsinki SE were renamed as OMX exchanges some time ago. These stock exchanges are all part of the OMX Nordic Exchange which is now part of the NASDAQ OMX Group. Although now known as the NASDAQ OMX Nordic Exchange, because the exchanges are still entities in their own right, shares listed on the main markets of the Copenhagen, Iceland, Helsinki and Stockholm Stock Exchanges would continue to meet the definition of ‘listed on a recognised stock exchange’.

The Cyprus Stock Exchange

Date of recognition	Listed	Not listed	More information
22 June 2009	Main Market Parallel Market Alternative Market Investment Companies Market Major Project Market Shipping Companies Market Bonds Market	Emerging Companies Market (an MTF)	The Cyprus Stock Exchange have opened a new market called the Emerging Companies Market. This market will be a multilateral trading facility (MTF) and securities admitted to trading on this market will not meet the HMRC definition of ‘listed’.

The Dutch Caribbean Securities Exchange

Date of recognition	Listed	Not listed	More information
8 December 2014	Tradeable Listings Market	Technical Listings	Until 19 February 2020 the Tradeable Listings Market and the Technical Listings Market were known as the Main and Entry Markets respectively.

Euronext London Limited

Date of recognition	Listed	Not listed	More information
4 February 2015	Securities Market	—	Euronext London Limited ceased operating as a stock exchange on 26 June 2020.

European Wholesale Securities Market

Date of recognition	Listed	Not listed	More information
17 January 2013	The EU Regulated Market*	—	This is the market based in Malta and operated by the Dublin and the Malta Stock Exchanges. *EU Market regulated under Title III MiFID.

Gibraltar Stock Exchange (GSX Limited)

Date of recognition	Listed	Not listed	More information
16 August 2016	Open-ended funds market Closed-ended funds market Debt securities market	—	—

Global Board of Trade

Date of recognition	Listed	Not listed	More information
30 July 2013	Equity Securities	—	Global Board of Trade (GBOT) was renamed Bourse Africa Limited from 30 October 2013. The last trading session of Bourse Africa Limited was on 28 September 2015.

GXG Main Quote

Date of recognition	Listed	Not listed	More information
23 September 2013	GXG Main Quote	—	Only the GXG Official List and GXG Main Quote markets have been designated as recognised stock exchanges, the other markets have not. GXG Markets, including GXG Main Quote and GXG Official List, ceased trading on 18 August 2015.

GXG Official List

Date of recognition	Listed	Not listed	More information
16 May 2013	GXG Official List	—	Only the GXG Official List and GXG Main Quote markets have been designated as recognised stock exchanges, the other markets have not. GXG Markets, including GXG Main Quote and GXG Official List, ceased trading on 18 August 2015.

The Helsinki Stock Exchange

Date of recognition	Listed	Not listed	More information
22 October 1970	See notes	First North	Read the notes for the Copenhagen Stock Exchange.

The Iceland Stock Exchange

Date of recognition	Listed	Not listed	More information
31 March 2006	Main Market	First North	Read the notes for the Copenhagen Stock Exchange.

IPSX UK Limited

Date of recognition	Listed	Not listed	More information
25 January 2019	IPSX Prime; see notes	Wholesale market	Securities solely admitted to trading on IPSX Prime must be included in the official UK list to meet the HMRC definition of ‘listed’. IPSX UK Limited ceased trading on 1 December 2023.

The Johannesburg Stock Exchange

Date of recognition	Listed	Not listed	More information
22 October 1970	Main Board	Alt-X Venture Capital Market (VCM) Development Capital Market (DCM)	BESA is now a subsidiary of The Johannesburg Stock Exchange. Read the entry for the Bond Exchange of South Africa.

The Korea Exchange (KRX)

Date of recognition	Listed	Not listed	More information
10 October 1994	Stock Exchange Market Division Korea Composite Stock Price Index (KOSPI)	Korean Securities Dealers Automated Quotations (KOSDAQ) Korean Derivatives Market — see notes	The original Korea Stock Exchange, designated as a recognised stock exchange in 1994, merged with two other exchanges in 2005 (KOSDAQ and the Korean Futures Market). The new merged stock exchange is now known as the Korea Exchange (KRX). The KRX that is identifiable as the former Korean Stock Exchange prior to the merger continues with its designation as a recognised stock exchange, with the securities continuing to meet HMRC’s definition of ‘listed’. The KOSPI Stock Exchange Market Division was identified as representing the originally designated Korea Stock Exchange. The KRX Derivative Market was reviewed in 2015 — securities listed on this market do not meet HMRC’s definition of ‘listed’. The KOSDAQ has not been reviewed and is not a recognised stock exchange in its own right but it is part of a recognised stock exchange’.

The Kuala Lumpur Stock Exchange

Date of recognition	Listed	Not listed	More information
10 October 1994	Main Market	ACE Market	The Kuala Lumpur Stock Exchange has been renamed Bursa Malaysia

LIFFE Administration and Management (LIFFE A and M)

Date of recognition	Listed	Not listed	More information
26 September 2011	NYSE Euronext London	The London International Financial Futures and Options Market (LIFFE) the Derivatives Market	The NYSE Euronext London Market is a market for securities included in the official UK list. These securities will meet the HMRC definition of ‘listed’. The securities business of the listed market, NYSE Euronext London, was transferred from LIFFE A and M on 06 June 2014. LIFFE A and M subsequently ceased to operate as a derivatives exchange on 17 November 2014.

The London Stock Exchange

Date of recognition	Listed	Not listed	More information
19 July 2007	Main Market — Excludes the High Growth Segment (HGS)* Professional Securities Market (PSM)	The Alternative Investment Market (AIM) Specialist Fund Market (SFM) HGS*	Prior to 19 July 2007 the London Stock Exchange was specifically named in legislation as a recognised stock exchange. The term ‘listed’ in the UK is interpreted as shares that are included in the official UK list as maintained by the Financial Services Authority in their role as the UK listing authority. *HGS is a new market opened 27 March 2013. Securities admitted to trading on this market are not included in the official UK list. Therefore securities solely listed on HGS would not meet the HMRC definition of ‘listed’.

The Malta Stock Exchange

Date of recognition	Listed	Not listed	More information
29 December 2005	Whole market	—	—

The Stock Exchange of Mauritius

Date of recognition	Listed	Not listed	More information
31 January 2011	Securities listed on the Official Market of the Stock Exchange of Mauritius	Development and Enterprise Market (DEM)	—

MERJ Exchange Limited

Date of recognition	Listed	Not listed	More information
28 September 2020	Debt Market	Equity Market Derivative Market	—

The Mexico Stock Exchange

Date of recognition	Listed	Not listed	More information
10 October 1994	MEXDEV market for listed derivatives and the BMV listed securities market	OTC Market	—

Mindex Securities Exchange

Date of recognition	Listed	Not listed	More information
8 July 2024	Digital Securities Exchange, Whole market — qualifying classes of securities The classes of securities admitted to trading on Mindex Securities Exchange which meet the HMRC definition of ‘listed’ include the following: • equity securities (including equity security tokens) • debt securities (including debt security tokens) • preference shares • derivative securities (including derivative security tokens)	—	Only the Digital Securities Exchange of Mindex Limited has been designated as a recognised stock exchange. Mindex Limited also operates a Virtual Asset Marketplace. This is not a recognised stock exchange.

Moscow Exchange (MOEX) (formerly MICEX Stock Exchange (MICEX)) revoked from 5 May 2022

Date of recognition	Listed	Not listed	More information
5 January 2011 to 4 May 2022	Securities admitted to trading on: Level One Level Two	Securities admitted to trading on: Level Three	Moscow Exchange MICEX-RTS (MOEX) is the successor to the MICEX Stock Exchange (MICEX), which was designated a recognised stock exchange on 5 January 2011. HMRC revoked the original MICEX designation on 5 May 2022. Investments held on MOEX prior to this date will still be treated as investments on a recognised stock exchange. Any investments made from 5 May 2022 onwards will not be treated as investments on a recognised stock exchange. Read more about the revocation.

NASDAQ OMX Tallinn*

Date of recognition	Listed	Not listed	More information
5 May 2010	Main list and Secondary list	First North**	*The market known as NASDAQ OMX Tallinn operated by NASDAQ OMX Tallinn AB is designated as a recognised stock exchange. **The First North market of NASDAQ OMX Tallinn has not been included in this recognised stock exchange designation.

NASDAQ OMX Vilnius*

Date of recognition	Listed	Not listed	More information
12 March 2012	Main list and Secondary list	First North**	*The market known as NASDAQ OMX Vilnius operated by AB NASDAQ OMX Vilnius is designated as a recognised stock exchange. **Securities solely listed on the First North Market of NASDAQ OMX Vilnius will not meet the HMRC definition of ‘listed’.

Nasdaq Riga

Date of recognition	Listed	Not listed	More information
8 January 2019	Main list and Secondary list	First North	—

The New Zealand Stock Exchange

Date of recognition	Listed	Not listed	More information
22 September 1988	Securities that are listed and quoted on the New Zealand Stock Market (NZSX) Securities that are listed and quoted on the New Zealand Debt Market (NZDX)	NZAX Market (Alternative Market)	The New Zealand Stock Exchange is now known as New Zealand Exchange Limited (NZX).

The Rio De Janeiro Stock Exchange

Date of recognition	Listed	Not listed	More information
17 August 1995	See notes	—	Contact HMRC using the recognised stock exchange contact points giving details of the market platform concerned so we can determine whether securities admitted to trading on that platform would meet the HMRC definition of ‘listed’.

The Sao Paulo Stock Exchange (now part of the B3 Exchange)

Date of recognition	Listed	Not listed	More information
11 December 1995	Securities traded on that part of B3 that is recognisable as the Sao Paulo SE prior to the mergers.	OTC market	The Sao Paulo SE (also known as Bovespa) merged in June 2008 with the Brazilian Mercantile and Futures Exchange (BM and F), which had not been designated by HMRC as a recognised stock exchange. In March 2017, BM and F Bovespa merged with CETIP, with the combined business being renamed to B3. Only that part of B3 that is recognisable as the Sao Paulo SE prior to the mergers remains a recognised stock exchange.

Singapore Exchange Limited (SGX)*

Date of recognition	Listed	Not listed	More information
Singapore Stock Exchange 30 June 1977 SGX 7 October 2014	Securities Officially listed on the Main Board or Bond Market of Singapore Exchange Securities Trading Limited (SGX-ST)	Singapore Exchange Derivatives Trading Limited (SGX-DT)	*The original Singapore Stock Exchange merged with two other exchanges which had not been designated by HMRC as recognised stock exchanges. The new merged stock exchange, known as SGX, was reviewed in 2014 and designated as shown on the table. Prior to the review the part of SGX that was recognisable as the Singapore Stock Exchange prior to the merger remained a recognised stock exchange. The SGX-ST market was identified as representing the originally designated exchange.

SIX Swiss Exchange

Date of recognition	Listed	Not listed	More information
12 May 1997	Securities listed and maintained on the stock exchange in accordance with the following standards: International Reporting Standard. Swiss Reporting Standard. Bonds Standard.	Securities listed and maintained on the stock exchange in accordance with listing rules other than the following standards: International Reporting Standard. Swiss Reporting Standard. Bonds Standard.	SIX Swiss Exchange was formerly known as the Swiss Stock Exchange. The International Reporting Standard and Swiss Reporting Standard replaced the Main Standard and Domestic Standard.

The Bond Exchange of South Africa

Date of recognition	Listed	Not listed	More information
16 April 2008	Whole market except Over-the-Counter (OTC)	OTC market	The Bond Exchange of South Africa (BESA) was taken over by the Johannesburg Stock Exchange 22 June 2009. BESA became a subsidiary of The Johannesburg Stock Exchange.

The Stockholm Stock Exchange

Date of recognition	Listed	Not listed	More information
16 July 1985	See notes	First North	Read the notes for the Copenhagen Stock Exchange.

The Tel-Aviv Stock Exchange (TASE)

Date of recognition	Listed	Not listed	More information
8 January 2019	—	Whole market	—

The Stock Exchange of Thailand

Date of recognition	Listed	Not listed	More information
10 October 1994	Securities listed and traded on the Main Market known as SET and securities listed and traded on the Bond Electronic Exchange (BEX)	The Market for Alternative Investment (MAI) and the Thailand Futures Exchange (TFEX). Securities traded OTC would not meet the HMRC definition of ‘listed’.	—

The Warsaw Stock Exchange

Date of recognition	Listed	Not listed	More information
25 February 2010	Main Market Parallel Market Catalyst Market for Bonds (Retail Market) — EU regulated segment*	New Connect Market Catalyst Market for Bonds (Retail Market) Multilateral Trading Facility (MTF)	*The Catalyst Market operates on four platforms. Only securities admitted to trading on the Catalyst EU Regulated market operated by the WSE would meet the HMRC definition of ‘listed on recognised stock exchange’. The two segments of catalyst operated by BondSpot (the Wholesale Markets) are not included in the WSE designation as a recognised stock exchange.