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Dual listed stocks and Brexit
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16-12-2020 11:55am#1
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MrMusician18 wrote: »I didn't do anything. I would prefer to continue to trade on the LSE as it is more liquid so am going to continue to hold. Hopefully this will be ok.
Yeah, I know what exactly you mean. While I'm leaning the same way, I did sell out of one of my smaller LSE positions and bought it right back on ISE. I also chose ISE over LSE when creating some other recent new positions. In the past, I would have gone straight to LSE.
I gave up trying to read about this. I'm not sure if this is relevant: https://www.esma.europa.eu/press-news/esma-news/esma-recognise-euroclear-uk-ireland-limited-eui-after-brexit-transition-period
I just want to focus on pricing and not administrative issues
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Bugger.... this hasn't gone away :mad:
Just got a big long notification from DeGiro.
I love the 3rd option... "do nothing.... hard to say what could happen.... wait and see"!!! :eek:
Looks like I better get off the LSE
We are contacting you as you currently have a position on the London Stock Exchange (LSE) with a European Union (EU) ISIN that is dual-listed on another European exchange, which will be impacted when the EU trading obligation for shares (STO) takes effect as of 1 January 2021 as a result of Brexit.
We have previously informed you of this trading obligation, but with this e-mail, we wish to remind you of the details of the STO and your options in regards to your position(s).
Share Trading obligation for dual-listed shares
Due to EU regulations, specifically the Markets in Financial Instruments Regulation (MiFIR), some products that are listed on an EU/EEA trading venue cannot be traded on a non-European (“third-country”) trading venue. As it stands, the European Commission has not yet granted the LSE an equivalence status. The STO will therefore take effect as of 1 January 2021.
The European Securities and Markets Authority (ESMA) has published a statement, which goes into more detail about the STO and the products that are impacted. The list of affected products that our clients, including you, have one or more positions can be found here. Please be aware that we have closed all products within the scope of the obligation, so you can close your position until 1 January 2021 but you cannot increase it.
Options for your dual-listed shares in the scope of the STO
As mentioned, the trading obligation will take effect as of 1 January 2021. Below are your options for your investment(s) that are in the scope of the obligation:
-Sell before 1 January 2021:Sell your shares prior to the trading obligation taking effect. The regular transaction fee as per our Fee Schedule for selling on the LSE would be incurred.
-Transfer:Transfer your shares to the European equivalent exchange. If you choose this option and send an e-mail to ca@degiro.ie before 15 January 2020 requesting to transfer your shares to an EU listing, we will process the transfer free of charge. Please keep in mind that we cannot guarantee that the transfer will be successful. Additionally, a transfer can take a few days to a few weeks to complete. After 15 January 2020, it will still be possible for you to request a transfer of your shares to a European Exchange. In this case, the fees would be around €25. Depending on the product, a stamp duty of 1.5% could be applicable.
-Do nothing:You are able to hold onto your shares. Due to the uncertainty around this matter, it is hard to say what could happen in the future. However, you do have the option to wait and see.
If you are unsure which position(s) you have that are in the scope of the STO, you can check your portfolio within the platform while referencing the list of impacted products. If you would like to find out the European equivalent exchange that the product trades on, the best way to find out is by entering the product’s ISIN code in the search bar in the platform.
As an investor, what you choose to do with your investments is entirely up to your discretion. We are an execution-only broker and therefore we are not allowed to provide advisory services of any kind. However, if you have any general questions pertaining to this matter, please feel free to contact our Service Desk. We are always happy to assist you.0 -
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sector_000 wrote: »Bugger.... this hasn't gone away :mad:
Just got a big long notification from DeGiro.
I love the 3rd option... "do nothing.... hard to say what could happen.... wait and see"!!! :eek:
Looks like I better get off the LSE
We are contacting you as you currently have a position on the London Stock Exchange (LSE) with a European Union (EU) ISIN that is dual-listed on another European exchange, which will be impacted when the EU trading obligation for shares (STO) takes effect as of 1 January 2021 as a result of Brexit.
We have previously informed you of this trading obligation, but with this e-mail, we wish to remind you of the details of the STO and your options in regards to your position(s).
Share Trading obligation for dual-listed shares
Due to EU regulations, specifically the Markets in Financial Instruments Regulation (MiFIR), some products that are listed on an EU/EEA trading venue cannot be traded on a non-European (“third-country”) trading venue. As it stands, the European Commission has not yet granted the LSE an equivalence status. The STO will therefore take effect as of 1 January 2021.
The European Securities and Markets Authority (ESMA) has published a statement, which goes into more detail about the STO and the products that are impacted. The list of affected products that our clients, including you, have one or more positions can be found here. Please be aware that we have closed all products within the scope of the obligation, so you can close your position until 1 January 2021 but you cannot increase it.
Options for your dual-listed shares in the scope of the STO
As mentioned, the trading obligation will take effect as of 1 January 2021. Below are your options for your investment(s) that are in the scope of the obligation:
-Sell before 1 January 2021:Sell your shares prior to the trading obligation taking effect. The regular transaction fee as per our Fee Schedule for selling on the LSE would be incurred.
-Transfer:Transfer your shares to the European equivalent exchange. If you choose this option and send an e-mail to ca@degiro.ie before 15 January 2020 requesting to transfer your shares to an EU listing, we will process the transfer free of charge. Please keep in mind that we cannot guarantee that the transfer will be successful. Additionally, a transfer can take a few days to a few weeks to complete. After 15 January 2020, it will still be possible for you to request a transfer of your shares to a European Exchange. In this case, the fees would be around €25. Depending on the product, a stamp duty of 1.5% could be applicable.
-Do nothing:You are able to hold onto your shares. Due to the uncertainty around this matter, it is hard to say what could happen in the future. However, you do have the option to wait and see.
If you are unsure which position(s) you have that are in the scope of the STO, you can check your portfolio within the platform while referencing the list of impacted products. If you would like to find out the European equivalent exchange that the product trades on, the best way to find out is by entering the product’s ISIN code in the search bar in the platform.
As an investor, what you choose to do with your investments is entirely up to your discretion. We are an execution-only broker and therefore we are not allowed to provide advisory services of any kind. However, if you have any general questions pertaining to this matter, please feel free to contact our Service Desk. We are always happy to assist you.
Just got that same email myself. Might just close my positions tomorrow...0 -
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bcklschaps wrote: »There was a bigger list posted by Degiro a while back.... which included all dual listed shares
..ie. Shares listed in all European exchanges. IAG is on that list.
Looks like you will need to switch your IAG from LSE to IBEX
Anyone got a copy of that list??
I can only see the list with the LSE / Irish dual-listed companies 0 -
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sector_000 wrote: »
Unfortunately not.
But its fairly easy to work out for yourself. In Degiro just enter the stock name (like you are about to trade it) and you'll see a list of the exchanges where its available. If its available in EU and UK ...and you hold the UK version, then you potentially need to take action
**On a side note. Just to add to the confusion, there are quite a few US stocks listed in Frankfurt. Doesn't seem to be an issue holding US listed versions. It may be that USA and EU have an "equivalence" aggreement??
I would never touch the FF exchange for US listed stocks..... poor liquidity/high charges are laughable.0 -
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