Guidance

Countries where a stock exchange operating within the law of that country is an HMRC recognised stock exchange

Updated 5 August 2024

This guide shows the recognised stock exchanges known to be operating within each jurisdiction and shows the date of recognition for each jurisdiction.

The table below also provides 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.

Austria

Date of recognition

The date of recognition for jurisdiction in Austria is 22 October 1970.

Recognised stock exchanges

The recognised stock exchange in Austria is the Vienna Stock Exchange.

Listed status of markets on the stock exchange

Stock exchange Listed Not listed
Vienna Stock Exchange Amtlicher Handel (official market)
Geregelter Freiverkehr (semi-official market)
The Geregelter Freiverkehr (semi-official market) was merged into Amtlicher Handel (official market) forming one single market named Amtlicher Handel (Official Market)
Vienna MTF

Belgium

Date of recognition

The date of recognition for jurisdiction in Belgium is 22 October 1970.

Recognised stock exchanges and their markets with and without listed securities

The recognised stock exchanges in Belgium are:

  • NYSE Euronext Brussels
  • Le marche hors bourse des obligations linearies, des titres scindes et des certificats de tresorerie

Listed status of markets on the stock exchange

Stock exchange Listed Not listed
NYSE Euronext Brussels
(Previously known as the Brussels Stock Exchange)
NYSE Euronext Brussels NYSE Alternext
Le marche hors bourse des obligations linearies, des titres scindes et des certificats de tresorerie Entire market

Canada

Date of recognition

The date of recognition for jurisdiction in Canada is 22 October 1970.

Recognised stock exchanges

The recognised stock exchanges in Canada are the:

  • Toronto Stock Exchange
  • Montreal Stock Exchange
  • Toronto Venture Exchange (TSX Venture Exchange)
  • Canadian Securities Exchange (previously know as the Canadian National Stock Exchange)

Any Canadian stock exchange designated as a Designated Stock Exchange for the purpose of the Canadian Income Tax Act is a recognised stock exchange for UK tax purposes.

Listed status of markets on the stock exchange

Stock exchange Listed Not listed
Toronto Stock Exchange Entire stock exchange
Montreal Stock Exchange Entire stock exchange
Toronto Venture Exchange (TSX Venture Exchange) Tiers 1 and 2 only NEX
Canadian Securities Exchange (previously known as the Canadian National Stock Exchange) Entire stock exchange

France

Date of recognition

The date of recognition for jurisdiction in France is 22 October 1970.

Recognised stock exchanges

The recognised stock exchanges in France are:

  • Euronext Paris SA
  • MATIF
  • MONEP

Listed status of markets on the stock exchange

Stock exchange Listed Not listed
Euronext Paris SA
(previously known as the Paris Stock Exchange and NYSE Euronext Paris)
Euronext Paris Euronext Growth Paris (previously known as NYSE Alternext)

Euronext Access Paris
MATIF MATIF
MONEP MONEP

Germany

Date of recognition

The date of recognition for jurisdiction in Germany is 5 August 1971.

Recognised stock exchanges

The recognised stock exchanges in Germany are the:

  • Frankfurt Stock Exchange
  • Berlin Stock Exchange
  • Dusseldorfer Stock Exchange
  • Hamburg Stock Exchange
  • Hannover Stock Exchange
  • Munich Stock Exchange
  • Stuttgart Stock Exchange
  • Risk Management Exchange Hannover
  • European Energy Exchange

Listed status of markets on the stock exchange

Stock exchange Listed Not listed
Frankfurt Stock Exchange Amtlicher
Geregelter
(both now known as Regulierter Markets)
Freiverkehr markets
Entry markets
May also be known as open or unofficial markets
Berlin Stock Exchange Amtlicher
Geregelter
(both now known as Regulierter Markets)
Freiverkehr markets
Entry marketss
May also be known as open or unofficial markets
Dusseldorfer Stock Exchange Amtlicher
Geregelter
(both now known as Regulierter Markets)
Freiverkehr markets
Entry markets
May also be known as open or unofficial markets
Hamburg Stock Exchange Amtlicher
Geregelter
(both now known as Regulierter Markets)
Freiverkehr markets
Entry markets
May also be known as open or unofficial markets
Hannover Stock Exchange Amtlicher
Geregelter
(both now known as Regulierter Markets)
Freiverkehr markets
Entry markets
May also be known as open or unofficial markets
Munich Stock Exchange Amtlicher
Geregelter
(both now known as Regulierter Markets)
Freiverkehr markets
Entry markets
May also be known as open or unofficial markets
The Stuttgart Stock Exchange Amtlicher
Geregelter
(both now known as Regulierter Markets)
Freiverkehr markets
Entry markets
May also be known as open or unofficial markets
Risk Management Exchange Hannover Geregelter
European Energy Exchange Entire market

Guernsey

Date of recognition

The date of recognition for jurisdiction in Guernsey is 20 December 2013.

Recognised stock exchanges

The recognised stock exchange in Guernsey is the International Stock Exchange (TISE).

Listed status of markets on the stock exchange

Stock exchange Listed Not listed
The International Stock Exchange Whole market

Hong Kong

Date of recognition

The date of recognition for jurisdiction in Hong Kong is 26 February 1971.

Recognised stock exchanges

The recognised stock exchange in Hong Kong is the Hong Kong Stock Exchange.

Listed status of markets on the stock exchange

Stock exchange Listed Not listed
Hong Kong Stock Exchange Main Board The Growth and Enterprise Market (GEM)

Ireland (Republic of)

Date of recognition

The date of recognition for jurisdiction in the Republic of Ireland is 22 October 1970.

Recognised stock exchanges

The recognised stock exchange in the Republic of Ireland is the Irish Stock Exchange (trading as Euronext Dublin).

Listed status of markets on the stock exchange

Stock exchange Listed Not listed
Irish Stock Exchange (trading as Euronext Dublin) Euronext Dublin (until 4 February 2019 this market was known as the ‘Main Market’)

The Global Exchange Market (GEM) formerly the Alternative Securities Market (ASM)
Euronext Growth (until 4 February 2019 this market was known as the ‘Enterprise Securities Market’)

Italy

Date of recognition

The date of recognition for jurisdiction in Italy is 3 May 1972.

Recognised stock exchanges

The recognised stock exchanges in Italy are:

  • the Italian Stock Exchange (Borsa Italiana)
  • wholesale Italian and foreign government bond market (MTS)
  • wholesale trading in non-government bonds and securities issued by international organisations with government participation (MTS Corporate)
  • wholesale online trading in government bonds (Bond Vision)
  • TLX Market

Listed status of markets on the stock exchange

Stock exchange Listed Not listed
Italian Stock Exchange (Borsa Italiana) The Electronic Share Market (MTA)
(The STAR market is a market of the MTA)

MTAX Market

Expandi Market

Electronic Bond Market (MOT)

Electronic open-end funds and ETCs market (ETF- Plus)

Electronic securitised derivatives market (SeDex)

Italian derivatives market for the trading of the financial instruments referred to in Articles 1(2)(f) and 1(2)(i) of the Consolidated Law on Finance (IDEM)
Wholesale Italian and foreign government bond market (MTS) Entire market
Wholesale trading in non-government bonds and securities issued by international organisations with government participation (MTS Corporate) Entire market
Wholesale online trading in government bonds (Bond Vision)
TLX Market
Entire market

Japan

Date of recognition

The date of recognition for jurisdiction in Japan is 22 October 1970.

Recognised stock exchanges

The recognised stock exchanges in Japan are the:

  • Tokyo Stock Exchange
  • Nagoya Stock Exchange
  • Osaka Stock Exchange
  • Sapporo Securities Exchange
  • JASDAQ

Listed status of markets on the stock exchange

Stock exchange Listed Not listed
Tokyo Stock Exchange Main Board
The Mothers Market
Nagoya Stock Exchange Main market
Osaka Stock Exchange Main market — 1st and 2nd sections
The Sapporo Securities Exchange Main market
JASDAQ
(the JASDAQ qualified as an RSE from 3 December 2004 — prior to then it operated as an over the counter market and was not a RSE)
Main market

Luxembourg

Date of recognition

The date of recognition for jurisdiction in Luxembourg is 21 February 1972.

Recognised stock exchanges

The recognised stock exchange in Luxembourg is the Luxembourg Stock Exchange.

Listed status of markets on the stock exchange

Stock exchange Listed Not listed
Luxembourg Stock Exchange Bourse de Luxembourg

Euro MTF

Netherlands

Date of recognition

The date of recognition for jurisdiction in Netherlands is 22 October 1970.

Recognised stock exchanges

The recognised stock exchanges in Netherlands are:

  • NYSE Euronext Amsterdam
  • Endex
  • MTS Amsterdam

Listed status of markets on the stock exchange

Stock exchange Listed Not listed
NYSE Euronext Amsterdam
(Previously known as the Amsterdam Stock Exchange)
Euronext Amsterdam Cash Market

Euronext Amsterdam Derivatives Market
NYSE Alternext
Endex Endex
MTS Amsterdam MTS Amsterdam

Norway

Date of recognition

The date of recognition for jurisdiction in Norway is 22 October 1970.

Recognised stock exchanges

The recognised stock exchanges in Norway are:

  • Oslo Børs (Oslo Stock Exchange)
  • Nasdaq Oslo (formerly Nord Pool and formerly NASDAQ OMX Oslo) 
  • Fish Pool — derivatives market (commodity)

Listed status of markets on the stock exchange

Stock exchange Listed  Not listed
Oslo Børs (Oslo Stock Exchange) Oslo Børs


Euronext Expand Oslo (formerly Oslo Axess)

Nordic Alternative Bond Market (ABM)
Euronext Growth Oslo (formerly Merkur Market)
Fish Pool Fish Pool (Derivatives market)
Nasdaq Oslo (formerly Nord Pool and formerly NASDAQ OMX Oslo) Nasdaq Oslo (Derivatives market)

Portugal

Date of recognition

The date of recognition for jurisdiction in Portugal is 21 February 1972.

Recognised stock exchanges

The recognised stock exchanges in Portugal are:

  • NYSE Euronext Lisbon
  • Mercado de Futuros e Opcoes (Futures and options market)
  • MEDIP — Mercado Especial de Divida Publica (Special market for public debt)

Listed status of markets on the stock exchange

Stock exchange Listed Not listed
NYSE Euronext Lisbon
(Previously known as the Lisbon Stock Exchange)
Official listing market
Mercado de Futuros e Opcoes (Futures and options market) Entire market
MEDIP — Mercado Especial de Divida Publica (Special market for public debt) Entire market

Spain

Date of recognition

The date of recognition for jurisdiction in Spain is 5 August 1971.

Recognised stock exchanges

The recognised stock exchanges in Spain are:

  • Bolsa de Valores in Barcelona
  • Bolsa de Valores in Bilbao
  • Bolsa de Valores in Madrid
  • Bolsa de Valores in Valencia
  • Mercados oficiales de Productos Financieros Derivados
  • Mercado MFAO de Futuros del Aciete de Oliva
  • AIAF Mercado de Renta Fija
  • Mercados de Deuda Publica en Anotaciones
  • Portfolio Stock Exchange

Listed status of markets on the stock exchange

Stock exchange Listed Not listed
Bolsa de Valores in Barcelona Entire market
Bolsa de Valores in Bilbao Entire market
Bolsa de Valores in Madrid Entire market
Bolsa de Valores in Valencia Entire market
Mercados oficiales de Productos Financieros Derivados 1. MEFF Renta Fija
2. Renta Variable
Mercado MFAO de Futuros del Aciete de Oliva Entire market
AIAF Mercado de Renta Fija Entire market
Mercados de Deuda Publica en Anotaciones Entire market
Portfolio Stock Exchange Entire market

United States of America

Date of recognition

The date of recognition for jurisdiction in United States of America is 22 October 1970.

Recognised stock exchanges

A stock exchange in the USA is a recognised stock exchange for UK tax purposes if it meets the following: ‘Any exchange registered with the Securities and Exchange Commission of the United States (SEC) as a national securities exchange under section 6 of the Securities Exchange Act of 1934 is a recognised stock exchange for UK tax purposes’.

The recognised stock exchanges in United States of America are:

  • BATs Exchange Inc
  • Boston Stock Exchange
  • Chicago Board Options Exchange
  • Chicago Stock Exchange
  • International Securities Exchange
  • National Stock Exchange
  • New York Stock Exchange
  • NYSE MKT
  • NYSE Arca
  • NASDAQ OMX PHLX
  • NASDAQ

Listed status of markets on the stock exchange

Stock exchange Listed Not listed
BATs Exchange Inc Main markets
Boston Stock Exchange Main markets
Chicago Board Options Exchange Main markets
Chicago Stock Exchange Main markets
International Securities Exchange Main markets
National Stock Exchange Main markets
New York Stock Exchange Main markets
NYSE MKT Main markets
NYSE Arca
(Some Exchange Traded Funds previously traded on the American Stock Exchange have moved to this market)
Securities listed on the Main markets Over the counter transactions
NASDAQ OMX PHLX
(Formerly the Philadelphia Stock Exchange)
Main markets
NASDAQ NASDAQ Global

NASDAQ Global Select

NASDAQ Capital Market
Over the Counter Bulletin Board (OTCBB) is not a recognised stock exchange
Pink sheets is not a recognised stock exchange