Record Year For UK Crown Dependencies' Stock Exchange
by Jason Gorringe, Lowtax.net, London
14 January, 2019
The International Stock Exchange (TISE) – formerly the Channel Islands Stock Exchange – has announced there were a record 865 new listings during 2018, up 22.7 percent on 2017.
This took the total number of listed securities on TISE to 2,857 at the end of December 2018.
Announcing the annual statistics, TISE noted a number of important deals in 2018: TISE played a role in an innovative Insurance Linked Securities (ILS) transaction, believed to be the first ever listing on a regulated exchange of notes digitized on a blockchain; USD4.1bn of bonds were listed on TISE as part of the world's most expensive real estate transaction for a single building, The Center, which is Hong Kong's fifth largest skyscraper; and a GBP3.5bn debt issuance from sports betting and gaming giant GVC Group was the first listing on TISE to be sponsored by one of its Isle of Man-based member firms.
Exchange CEO Fiona Le Poidevin said: "Last year was characterised by some very notable listings, further development of niche product areas, such as ILS, and further diversification in terms of the geographical origin of business, such as the Far East. We've also continued to see growing numbers of US and European companies choosing to list high yield bonds on TISE and we have grown the number of UK tax resident Real Estate Investment Trusts listed on TISE to more than 25 percent of the total market."
"The continued growth in the number of new listings on the Exchange reflects the growing recognition from issuers and their advisers that TISE provides a sensibly regulated, convenient, and cost-effective listing venue for their securities. It is this demand from clients for TISE listings and the potential variety of ways in which a TISE listing can benefit their client base which is leading more businesses to add TISE membership as part of their offering."
A number of firms joined as Listing Members of the Exchange during 2018, including ILS specialist Solidum Re (Guernsey) ICC Limited, Isle of Man-based FIM Capital, Jersey-based Intertrust Securities, and international law firm Maples and Calder.
In the second half of the year, TISE introduced a new market segment, TISE GREEN, to enhance the visibility of those investments which make a positive impact on the environment and updated the Listing Rules, in particular to appeal to Small and Medium Sized Enterprises (SMEs).
Le Poidevin added: "There were a number of significant developments at the Exchange during 2018 of which our team should be very proud. A particular focus for us during this year will be showcasing how both UK SMEs, as well as companies from our 'home' jurisdictions of Guernsey, Jersey and the Isle of Man, can potentially benefit from listing on TISE. I look forward to working with all our stakeholders as we take further strides forward in 2019."
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