The Channel Islands Stock Exchange (CISX) this week announced the admission of its 1,000th security to listing. The listing is for Man Global Strategies Investment Strategies Ltd.
CISX Chairman, Harry Taylor, CBE, said:“Achieving the one thousandth listed security is a significant event for the CISX and is also an indication of the many benefits that a vibrant stock exchange brings to the business community in the Channel Islands.”
Tamara Menteshvili, CISX Chief Executive, commented “It is seems fitting that this milestone should be set by Man Investments, as it was two Man open-ended hedge funds which were listed at the CISX launch.”
CISX Member, Man Fund Management (Guernsey) Ltd, sponsored the listings. Man Investments CEO, John Morrison, said Man was proud to be associated with such an historic event at the Exchange. “Since that first listing, Man Investments has grown from relatively modest proportions to become a world leader in alternative investments,” he said.
Tamara Menteshvili added, “All our Members have contributed towards making
2005 an excellent year for business growth. It is apparent that the Exchange
is benefiting from wider international recognition and increased awareness by
issuers and professionals of the Market Authority’s responsible yet flexible
and pragmatic approach to listing securities. We will continue to work with
our Members to develop business opportunities and to further strengthen the
CISX’s competitive position in the marketplace.”
Whilst the CISX, based in St Peter Port, Guernsey, is in direct competition
with the London Stock Exchange, Tamara Menteshvili explains that the exchange
has developed specialist niches in floating property funds, open and closed-ended
investment funds, debt, securities and special purpose vehicles.
"We have a mixture of core products," says Mrs Menteshvili. "We list traditional funds, alternative investment funds and open and closed ended funds. We also list international trading companies, not just those based in Guernsey," she added.
According to Mrs Menteshvili, the CISX has a growing market in specialised debt, securities, eurobonds and special purpose vehicles, and is attracting increasing interest from hedge funds and funds of hedge funds. She went on to add that the exchange should also be very attractive to investment funds or issuers of debt, as the listing opens up a bigger market.
"Institutional investors such as pension funds, have a limitation on what they can invest in, that is unlisted. It is about 10 per cent of the portfolio. Listing can help grow market value and attract investment," Mrs Menteshvili observed.
She added that the CISX has the bonus of more flexible listing rules compared to other markets, such as the LSE.
"Not all exchanges may accept the product, their listing rules might have conditions which are rather onerous. For example the London Stock Exchange wouldn't place an open ended investment company," Mrs Menteshvili stated.
The exchange has been approved by the US Securities and Exchange Commission (SEC) and the UK's Inland Revenue and Financial Services Authority (FSA).
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