New business growth, award win for CISE

Wednesday 25 May 2016

The Channel Islands Securities Exchange (CISE) has seen further growth in new business and been named as the leading offshore stock exchange by a trade publication.

There were 104 new listings on the CISE during the first quarter of the year, which was a rise of 13% on the same period last year. The market capitalisation of all listings on the Exchange grew by 3% during the first three months of the year to reach £367 billion at the end of March.

In addition, the CISE has been named Best Independent Stock Exchange by Acquisition International. The accolade was part of the publication’s Offshore Excellence Awards 2016.

The CISE’s submission for the award included its growth in new business last year, the role its equity and debt listings play in facilitating acquisition activity and the introduction of new rules for Special Purpose Acquisition Companies (SPACs) in November 2015.

Fiona Le Poidevin, CEO of the CISE, said: “We’re really pleased to have received this recognition, which comes after a successful 2015 and a very positive start to 2016 where new business is up 13% compared to a year ago.

“We are continuing to see increased diversification within our new business as a growing number of companies with equity quoted on the markets of the London Stock Exchange choose to list convertible bonds on the CISE due to our convenient and cost effective offering.

“We are also seeing greater interest from Guernsey and Jersey domiciled investment vehicles wishing to utilise a CISE listing to add substance to their local arrangements as well as more enquiries into niche products, such as Insurance Linked Securities (ILS) and Islamic finance.

“There has also been greater diversification in the geographical origin of our business, with an increasing proportion of our new listings coming from further afield. We are expecting that to continue as we raise the profile and visibility of our offering globally.”

The CISE was sponsor at the Jersey Annual Funds Conference in March and this month’s Guernsey Funds Forum, both of which are held in London.

It is also supporting Guernsey Finance’s ILS Insight event in Zurich on 7 July where Mrs Le Poidevin will moderate a panel session on servicing ILS funds, including structures, administration, domicile and stock exchange listings.