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Ownership of the CISX lies in the hands of its
listing members, who have to be established in
the Channel Islands. Management and control are
vested in a board of directors who are elected.
Based in St Peter Port, Guernsey, the CISX provides
a listing facility and screen-based trading.
Although
the CISX is based in Guernsey, it is used both
by Jersey and Guernsey traders, brokerages and
companies.Trading members do not have to be established
in the Channel Islands, but must be licensed,
regulated or supervised by a regulatory body in
a jurisdiction recognised by the CISX.
The
CISX's screen-based trading platform is based
on Reuter's Triarch network installed at the Exchange's
St Peter Port offices. Reuters has been involved
with the financial markets in the Channel Islands
many years, with offices in Guernsey and Jersey
since 1984. Reuters was chosen by the CISX because
it offers a first class system for the delivery
and management of the Exchange's market data.
There is also the opportunity to access the considerable
communications network and range of information
services available from Reuters.
Trading
in the shares of local companies may be settled
via Crest or Crest Residual. International debt
issues, and other eligible issues, may be settled
through either Cedel Bank or EuroClear unless
otherwise agreed, by the parties to the transaction,
at the time of trade.
Since
commencing operations, the CISX has grown rapidly,
reaching a total of 3,500 listings in January
2010. The exchange prides itself on a personalised
approach and fast track processing of listing
applications within a highly regulated and innovative
marketplace.
In
2009, the exchange experienced trading volumes
in excess of 83 million trades alongside the admission
of 443 securities to the Official List. Five new
members also joined the Exchange during the year.
Business continued to be strong in niche markets,
in particular in alternative investment funds
and specialist debt and there was continuing interest
in listing structured funds.
Tamara
Menteshvili, Chief Executive of the CISX, said:
“2009 was an exciting year for the Exchange,
winning two Guernsey Enterprise Awards and also
hosting the inaugural International Business Summit
where the breadth and quality of the speakers
and delegates underscored the global reach of
the Exchange.”
“To
meet another milestone and list 500 securities
in just over a year is a tremendous achievement,
particularly during the challenging economic environment.
The benefits of listing on the CISX continue to
contribute to the Exchange’s growth, as
companies recognise the high standards of service,
choice and value for money we are able to offer.”
On
May 27, 2009, Max Property Group Plc was admitted
to the Daily Official List of the Channel Islands
Stock Exchange. The listing was on a primary basis
and the issue of shares constituted the largest
Initial Public Offering (IPO) in Europe to date
that year.
Max
Property Group, a Jersey-incorporated closed ended
property investment company, was also the first
IPO to have listed in the UK market since December
2008.
Max
Property Group is managed externally by Prestbury
Investments led by Nick Leslau and Mike Brown.
The company raised GBP220m (before the expenses
of the issue) and it had the backing of investors,
Och-Ziff, which had committed to invest GBP35m
at offer price. The management team, its partners
and affiliates, had also committed to invest GBP25m.
Aubrey
Adams, proposed Chairman of Max Property Group
Plc, commented: “We are delighted by the
level of interest in Max Property Group Plc and
the support that we have received from institutional
investors. The Board believes that difficult conditions
in the UK property market present a compelling
investment opportunity for those with in-depth
sector experience. The proceeds from the offering
should give us sufficient funds to take advantage
of this opportunity for the benefit of shareholders.”
CISX
chief executive, Tamara Menteshvili commented:
“We are naturally delighted that the issuer
has selected the CISX as their recognised stock
exchange. During these difficult trading conditions,
it is encouraging for the markets generally to
see such a significant listing in the UK property
market and the CISX is able to facilitate their
strategic aims through the admission to the CISX
Daily Official List.”
In
September, 2002, the US Securities and Exchange
Commission's awarded the Channel Islands Stock
Exchange (CISX) designated offshore securities
market status. In December, 2003, the CISX gained
approval by the UK Financial Services Authority
as a Designated Investment Exchange.
The
success of the exchange, and the substantial growth
this has meant for firms using it, has been due
in large part to its promotion of new product
areas, including eurobonds, floating property
funds, structured debt, warrants, specialist debt
securities, open and closed-ended investment funds,
special purpose vehicles and insurance related
instruments.
CISX
is a recognised stock exchange for HM Revenue
& Customs purposes and as such a REIT (Real
Estate Investment Trust) listed on CISX meets
the requirement for stock exchange listing. Eligible
REITs structured as Jersey companies can gain
approval as listed investment funds in just three
days, and can avoid the need for obligatory 3-year
audited accounts. If managed and controlled from
the UK, as is required under UK REIT legislation,
Jersey law permits CISX-listed REITs to be UK-resident,
and the use of a Jersey protected cell company
achieves the required isolation of REIT assets
from its liabilities. A CISX-listed and Jersey-registered
REIT will not be subject to stamp duty on share
transfers.
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