I noticed that some ETFs listed on the London Stock Exchange trade in both GBP and USD. For example:

The trading volume of GBP tickers is typically much higher than that of the equivalent USD ticker.

The term used by the London Stock Exchange is "multi-currency lines". According to the London Stock Exchange's 2020 ETF Listing and Admissions Guide:

5.2 Multi-currency lines

It is possible to trade an ETF in Sterling (GBP and GBX), Euros and US dollars through the SETS trading service. It is also possible in addition to the previous currencies to trade an ETF in Chinese Renminbi and Hong Kong dollars through Trading Service ETPs – ICSD settlement model. The same ETF may be traded in all trading service specific currencies, utilising multiple segments for multiple currency lines within that trading service.

Multiple currency lines require unique TIDMs and SEDOL codes, however the ISIN of the multi-currency line will be identical to that of the original line within the trading service. The ISIN will not be cross compatible between the two trading services.


Why do ETFs list in both GBP and USD on the London Stock Exchange when the additional ticker would probably increase administrative costs? Was this set up with a particular group of people/institutions in mind? If so, whom?

  • I misread the question. Sorry. However, World does contain US stocks, where Ireland-US tax treaty applies.
    – base64
    Jun 28, 2021 at 7:06


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