Stock Exchange Notice N25/00

London Stock Exchange
5 May 2000


For the attention of the
chairman/senior partner/compliance officer,
all member firms                                                    N25/00

STOCK EXCHANGE NOTICE

LENDING ARRANGEMENTS
PRESCRIBED STANDARD FORM OF AGREEMENT

1.   Member firms are advised that, for the purposes of Exchange rule 11.3,
the Exchange will prescribe the International Securities Lending Association's
new Global Master Securities Lending Agreement, as an accepted standard form
of agreement for on Exchange lending arrangements. The new agreement will be
effective from 8 May 2000.

2.   The Exchange will continue to recognise the existing Master Equity and
Fixed Interest Stock Lending Agreement as a standard form of agreement.

3.   A copy of the new Global Master Securities Lending Agreement will be made
available on the London Stock Exchange web site.


Andrew McStravick
Head of Market Regulation

Any comments or queries on this Notice should be addressed to Regulatory
Development, telephone [phone] (STX 33310) or 
Email: [e-mail]

This Stock Exchange Notice will be available on the website at
www.londonstockexchange.com/techlib/notices/