CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. Listing Growth Helps CSX Attain Self-Sufficiency

Listing Growth Helps CSX Attain Self-Sufficiency

by Amanda Banks, Tax-News.com, London

24 November 2006


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

To see today's news, click here.

 















Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »