Welcome to the fourth edition of the International Capital Markets Glossary for 2025, prepared by the Forum for US Securities Lawyers in London (‘Forum’) with support from our partners at Datasite.

The Forum is a trade association representing over 1,500 members including US-qualified lawyers practicing at law firms and financial institutions in the London capital markets, as well as market participants including securitied exchanges, settlement systems, and registrars. Founded in 2006, the Forum is an independent, self-funded organization dedicated to addressing issues surrounding the application of and compliance with US securities laws in the London and international capital markets.

This Glossary is the product of many years of hard work, with contributions from various lawyers and market participants. Based on feedback from law firms and market participants, we saw a gap in the market and decided to create the Glossary, which is intended to act as an essential reference tool for every lawyer, client and market participant, especially those at more junior levels.

This Glossary is available in a limited-edition hard copy, an interactive PDF, or here on our website – so it will be easily accessible no matter where you go!

We would like to thank Mark Bergman, Jennifer Poon, Connie Milonakis, Despoina Arslanidi, Annie Dulka, Mark Chalmers, Laura Sizemore, and Jonathan Leonhart for their hard work and contributions to this and the previous version of the Glossary.

We always welcome ideas for new projects for the Forum and welcome any comments, suggestions or additions to the Glossary. This Glossary is intended to be a living document which will be modified on an ongoing basis. Kindly send any suggestions to info@tffuslil.com.

To view or download the Glossary, please see here.