Channel Islands Exchange To Acquire Danish Bourse
by Jason Gorringe, Lowtax.net, London
27 July, 2015
The Channel Islands Securities Exchange Limited (CISE) is set to acquire Danish-based GXG Markets A/S (GXG), a European marketplace for SMEs.
GXG Markets was established in 1998 as a Danish authorized marketplace aimed at providing SMEs with a more competitive environment for raising capital and for the trading of shares.
GXG announced on June 29, 2015, that it had suspended new admissions to its markets. On July 6, 2015, GXG announced that from August 18, 2015, it would be relinquishing its operating licenses issued by the Danish Financial Supervisory Authority, Finanstilsynet.
The deal means that CISE will acquire the assets of GXG, including use of its trading system, its London offices, and three London-based members of staff.
Current listings on GXG marketplaces that meet CISEA's listings and disclosure rules will have the opportunity for seamless migration to CISE by August 18, 2015. GXG is currently communicating with the board of directors of each relevant company regarding the terms of the proposed transaction and its implications.
Jon Moulton, Chairman of CISE, said: "We are very pleased to have this deal in place. The acquisition of GXG will mean that we're able to quickly and cost-effectively grow the business of CISE. The potential new listings stream and infrastructure enhancements represent a huge stride forward in the continued development of CISE."
Carl-Johan Högbom, Chairman of the GXG Markets, said: "We feel confident that CISE will take great care of the SME marketplaces and our London employees. We will work closely together to make the transfer as smooth as possible for our clients."
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