In a three day visit to the Isle of Man earlier this week, officials from the Channel Islands Stock Exchange (CISX) told around 150 of the Island's accountants, lawyers, bankers, stockbrokers and corporate service providers about the advantages of listing on the offshore exchange, which is attracting increasing interest from alternative investment funds.
Whilst the CISX, based in St Peter Port, Guernsey, is in direct competition with the London Stock Exchange, Tamara Menteshvili, its chief executive, explained 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," explained Mrs Menteshvili, according to the Isle of Man Online. "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 CISX commenced operations in October 1998 and has grown rapidly with over 900 securities having been approved by the Market Authority since inception, for a total market capitalisation of US$17 billion. The exchange has also been approved by the US Securities and Exchange Commission (SEC) and the UK's Inland Revenue and Financial Services Authority (FSA).
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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