Listing Growth Helps CSX Attain Self-Sufficiency
After several years of strong growth, the Cayman Islands Stock Exchange has
now attained financial self-sufficiency, Financial Secretary Keith Jefferson
has announced. According to Jefferson, as of 30 June 2005, the exchange increased its earnings
to $1,128,164, attaining both self-sufficiency and a net operating profit of
$139,828 after operating expenses of $988,336. Meanwhile, government grants decreased from CI$270,746 in the previous financial
year to CI$70,213 in 2004/2005, and have now ceased altogether. The exchange's total shareholder equity increased to $710,041 on 30 June 2005. The CSX's finances have improved as the exchange attracted significant numbers
of new listings. By 1 November 2006, listings numbered 1,157, with a total market
capitalisation of US$99.6 billion. This was up from 907 listings and a market
capitalisation of US$63.71 billion at the end of June 2005, of which US$56.41
related to mutual funds. Jefferson observed that other important factors have also contributed to the
CSX's improved situation, notably recognition by the UK Inland Revenue after
which the exchange grew significantly in debt securities listings, with the
first Eurobond being registered during the 2004/2005 financial year. Since the
financial year ending on 30 June 2005, four new Eurobonds have been listed,
he said. A comprehensive report in our Intelligence Report series examining offshore investment, offshore stock exchanges, and hedge funds is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report9.asp
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