• UK Takeover (TO) Panel increase PTM levy rate to 150p per contract where the total consideration of the relevant trade is greater than £10,000 (or the equivalent in any other currency).
• On same day, CBOE EU published letter from UK TO Panel on the increased PTM levy.
• Confirmed the process of collecting the PTM quarterly in arrears, will be unchanged.
• Also that Guidance regarding the application of the PTM Levy is available on website.

PTO Levy

• UK TO Panel derives funding from PTM levy, which is payable on trades in securities by shareholders who benefit from the protections afforded by the Takeover Code, and from document charges, payable on offer documents and Rule 9 waiver documents.
• In recent years, lower levels of market activity meant the TO Panel operated at deficit.
• PTM levy rate last changed in 2002 from 25p to 100p per contract where consideration of the relevant trade is greater than £10k; means it has been frozen for over 22 years.
• During this time RPI increased by approximately 120%, CPI by approximately 80%.

Effectiveness

• Following discussions with trading venues and several member firms, this increase will be effective in respect of trades in securities from 2 December 2024 until further notice.