The Channel Islands Securities Exchange has revealed that it plans to re-brand as The International Stock Exchange, from early March, and establish a presence as well on the Isle of Man, a fellow UK Crown Dependency.
The Exchange is headquartered in Guernsey, and opened an office in Jersey in 2015.
CISE chairman Jon Moulton said the re-branding and the opening of another office reflected the exchange’s “longer term strategy for growth”, which he said was based on “continuing to expand our international footprint”.
“We already have business coming to us from many different parts of the world,” Moulton, a well-known figure in UK venture capital and private equity circles and most recently founder of the London-based Better Capital venture capital firm, added.
“Also, last year we made changes so that listing sponsors no longer have to be based in the Channel Islands, but can be from further afield, and we signed a memorandum of understanding with the Bermuda Stock Exchange to explore opportunities for working together.”
There was “real enthusiasm” on the Isle of Man for local access to an international exchange, Moulton, a resident of Guernsey, noted.
Fiona Le Poidevin, chief executive of what will now be referred to as the TISE, added that she’d made several visits to the Isle of Man in the past year and saw numerous business entities, including many in the technology sector, that would benefit from being able to use the new link with the exchange to “raise capital to help them grow”. Other firms, she added, stood to benefit from it by becoming listing sponsors, or by providing legal and administrative services to those companies being listed.
“Ultimately, we hope that our presence in the Isle of Man will directly and indirectly boost employment and growth in the Manx economy, and generate positive revenues for the local exchequer,” Le Poidevin said.
The Channel Islands Securities Exchange currently lists more than 2,000 securities, with a combined market capitalisation of more than £300bn ($375bn, €352bn). It had its origins in an earlier exchange known as the Chanel Islands Stock Exchange, or CISX, which had been founded in 1998, but which ran into some difficulties around 2013, which saw its founder and then-chief executive, Tamara Menteshvili, resign, and the exchange itself restructured and rebranded as the CISE.
As reported here in November, the Channel Islands Securities Exchange’s agreement to explore ways of joining forces with the Bermuda Stock Exchange was seen as timely, and in line with a global trend for stock exchanges to form alliances. (Other examples have included the London and Frankfurt exchanges, and the Hong Kong and Shenzhen stock exchanges.)
The CISE, it was noted, is known for listing investment vehicles, including open- and closed-ended fund structures, as well as international debt securities, while the BSX provides what it calls “a fully electronic stock exchange platform to Bermuda’s domestic capital market”, and is known as well for supporting the global reinsurance and capital markets through the listing of a variety of investment vehicles, such as fund structures and insurance linked securities.
To read the CISE announcement on its website, click here.