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London Stock Exchange/SEDOL

Customers wishing to store, extract, download and or reproduce SEDOL codes are required to sign a license agreement with the London Stock Exchange. The following exceptions apply:

Where the customer has stored or archived off SEDOL codes for regulatory purposes, as long as the customer can demonstrate that there are controls in place to ensure SEDOL codes that only named individuals can access that data for regulatory or regulatory support purposes, then all SEDOL codes within this database can be discounted.

Where a vendor is unable to control or permission the level of codes provided to the customer, codes which are not being processed, as defined above, may be discounted. In such cases, the vendor is required to provide to the London Stock Exchange lists of all customers that have the ability to access SEDOL codes and the London Stock Exchange will contact such customers to ascertain whether they are processing SEDOL codes. However, the customer would be expected to technically demonstrate to the London Stock Exchange that these discounted codes are being discarded and/or archived for regulatory purposes.

Where SEDOL codes are being held, but are not being processed (as per the definition above) because trading has officially ceased (for example, delisting or maturity date expired) in the security to which they relate, they can be discounted.


  1. Some companies may outsource their transactions processing to a service bureau. Where the customer is passing transactions processing information to the service bureau that includes SEDOL codes, a usage license will be required based on the number of SEDOLs included. Where the service bureau holds the license for the SEDOL codes, and the customer cannot control the number of SEDOL codes that they access, only SEDOL codes being processed should be included in the count for banding purposes.
  2. Where a central office provides related group companies access to the SEDOL codes (e.g. maintaining a central database or distribution of internal data feeds), this will fall under the meaning of usage for banding purposes with each related company requiring its own User License. The central office or distributing office will not need a Distribution License, provided it agrees to report annually all related group companies that access the data in this way and for the Exchange to have the right to audit such report. If the central office or distributing office provides non-group companies or customers access to the data then a full Distribution License will be required.

For further information, please refer to the SEDOL Masterfile Pricing and Policy Guidelines, or contact the London Stock Exchange SEDOL team: info: sedol@londonstockexchange.com