IN164 - The Channel Islands Stock Exchange

The Channel Islands Stock Exchange (CISX) which is located in Guernsey, has experienced considerable growth since it was established in 1998 and now lists more than 2,000 securities. Guernsey is a jurisdiction with a high reputation and the Exchange enhances the international financial facilities available through Guernsey and Jersey, offering a unique structure and service within the European time zone.

Dixcart Trust Corporation Limited, one of the original CISX shareholders, is delighted that the Exchange’s growth reflects the increasing level of business being experienced in Guernsey.

Facilities and CISX Listing

A listing facility and screen-based trading are provided for local and international trading companies as well as investment companies. The securities listed cover every type of legal structure, including protected cell companies, limited partnerships and a wide variety of investment vehicles.

Applicants for listing can apply for a primary or secondary listing. Uniquely, the CISX Market Authority meets daily to consider listing applications. Members sponsoring listing applications include banks, fund managers, fund administrators, law firms and trust companies.

International Recognition

The CISX is licensed to operate under The Protection of Investors (Bailiwick of Guernsey) Law, 1987 as amended and is regulated by the Guernsey Financial Services Commission.

The Exchange attracts international recognition as detailed below:

• Designated by the US Securities and Exchange Commission as a Designated Offshore Securities Market
  Designated by the UK Inland Revenue (now HM Revenue & Customs) and the UK Financial Services Authority respectively as a Recognised Stock Exchange and as a Designated Investment Exchange
• Recognised by the Australian Stock Exchange
• The Exchange is an Affiliate member of the International Organisation of Securities Commission (IOSCO) and an Associate Member of the International Capital Market Services Association (ICMSA)

The Advantages of a Listing on CISX

The key strengths of the Exchange are detailed below:

• The application process is very straightforward and response to an application is provided quickly if not immediately
• Potential cost savings exist in selecting a sponsor already providing professional services to the issuer
• The Listing Rules are easy to understand and are fully compliant with international standards
• Practical assistance is provided to help issuers fulfil the disclosure requirements
• The administrative arm of the Exchange, the Market Authority is approachable and responsive
• The Channel Islands are international financial centres with an excellent reputation and continue to demonstrate their commitment to the highest regulatory standards

Why is Dixcart Trust Corporation Limited a Member of CISX?

Membership of CISX enables Dixcart to offer a broad range of corporate services to existing and potential clients. Investment funds which are locally domiciled can take advantage of a “one stop shop”, with the potential to save time, regulatory and legal fees when compared to having funds administered, safeguarded and listed in a number of different locations.

Summary

CISX is a well recognised and highly regarded Stock Exchange. It offers a number of advantages, in particular to organisations already using a corporate service provider in Guernsey, such as Dixcart Trust Corporation Limited.

Additional Information

For further information regarding the Channel Islands Stock Exchange please speak to Alan Corlett or John Nelson at the Dixcart office in Guernsey or contact us.