CSX Marks Ten Years Of Growth

by Amanda Banks, Tax-News.com, London

13 June 2007

Leaders and staff from the Cayman Islands Stock Exchange (CSX) gathered with members of the Cayman government last week to mark the tenth anniversary of the exchange's launch.

Speaking at the event, Anthony Travers, Chairman of the CSX, observed that the exchange has grown beyond all expectations since its inception, and now plays a central role in the Cayman financial services industry.

“The rise of the CSX in the past 10 years is a significant accomplishment and one that demonstrates why the Cayman Islands continues to be a successful international financial services centre,” observed Travers, adding: “The CSX exemplifies Cayman’s key attributes of high quality service, specialist knowledge, public-private partnership and an effective yet proportionate regulatory regime.”

The CSX was originally set up to provide a listing facility for the specialist products of the Cayman Islands – mutual funds and specialist debt securities. The CSX’s capabilities now extend to sophisticated vehicles and structures, including the listing of derivative warrants, depositary receipts, Eurobonds, preferred shares and international equity. The CSX currently has more than 1,400 listings and a market capitalisation of more than $123 billion.

CSX Chief Executive, Valia Theodoraki described how the Exchange has been able to make a major impact on the offshore marketplace in a relatively short time. “This is a testament to the excellent leadership provided by our board, the hard work of our high quality staff, as well as the support of the Cayman Islands Government and private sector in our first phase of development,” she announced. “Looking back on the past 10 years, it has truly been a collaborative effort.”

Some of the milestones and recognitions that the CSX has achieved in its first 10 years include:

• In 2006, surpassing more than 1,000 listings before the 10-year mark, posting on average, double-digit listings growth each year since its inception.
• In 2005, reaching break-even status a full two years before planned, allowing the CSX to become a positive contributor to Government’s finances.
• In 2004, being granted ‘recognised stock exchange’ status by the UK Inland Revenue in March 2004, greatly enhancing the CSX’s commercial appeal to UK investors.
• In 2003, being admitted as an affiliate member of the International Organisation of Securities Commissions.
• In 2001, being the first (and still only) offshore exchange to become a member of the Intermarket Surveillance Group, a self-governing association of exchanges and exchange regulators from around the world committed to information sharing, and the enhancement of market surveillance procedures.
• In 1999, becoming the first offshore stock exchange to be registered with the London Stock Exchange.

The CSX is a private limited company owned by the Cayman Islands Government, and operates as an independent entity.

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