Explain briefly the Professional Securities Market and the provisions relating to listing of Depository Receipts thereon.

Professional Securities Market (PSM): The Professional Securities Market is an innovative, specialised market designed to suit the specific needs of issuers. It facilitates the raising of capital through the issue of specialist debt securities or depositary receipts (DRs) to professional investors. Companies wishing to raise capital may do so without the additional cost of following a retail or equity regime. As a listed, exchange-regulated market, the Professional Securities Market enables issuers to enjoy the benefits of a flexible and pragmatic approach to regulatory requirements. Issuers of debt or DRs are not required to report historical financial information to IFRS or an equivalent standard, either in listing documents or as a continuing obligation. Instead, issuers can use their domestic accounting standards. Listing of Depository Receipts on the Professional Security Market: DRs are typically held in US dollars and issued by a depository bank. Several forms of DRs can be listed and traded in London, including Global Depositary Receipts (GDRs) and American Depository Receipts (ADRs). Admitting DRs to the PSM involves a two-step, simultaneous process. A company submits its 'Listing Particulars' to the UKLA, while also applying to the Exchange for admission of its DRs to trading on the PSM. Trading platform: All DRs admitted to the PSM are traded on the International Order Book (IOB), the world's leading electronic order book for DRs.