Unlisted Securities Market
- Unlisted Securities Market
The Unlisted Securities Market (USM), which ran from 1980 to 1996, was a stock exchange set up by the London Stock Exchange. It served a market for shares of companies too small to qualify for a full listing; or which did not have the full three year trading history required by the main market; or which wished to float less than 25 percent of their share capital (required by the main market while the USM allowed as little as 10 percent free float).
The Alternative Investment Market (AIM) was set up in June 1995. The USM no longer accepted new introductions, and companies which were already quoted on the USM had twelve months to decide either to move the quotation to AIM, or to delist.
References
cite journal
title = Her Majesty's Revenue & Customs
journal = Capital Gains Manual
volume = Definitions: stock exchange: quoted/unquoted: unlisted securities market
issue = CG50256
url = http://www.hmrc.gov.uk/manuals/cg3manual/CG50256.htm
accessdate =
cite book
last = Buckland
first = Roger
coauthors = Davis, Edward W
title = The Unlisted Securities Market
publisher = Oxford University Press
date = 12 October 1989
location = USA
pages = 192
isbn = 978-0198285267
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