It emerged this week that the Channel Islands Stock Exchange (CISX) has experienced significant interest from tax advisers and fund management companies in using the CISX for the listing of UK REITs when they are introduced next year.
The flow of enquiries about the potential for listing REITs was one of a number of recent developments at the CISX which Chief Executive, Tammy Menteshvili, highlighted when she delivered a presentation to finance professionals at a recent event organised in association with Jersey Finance.
The presentation was arranged to update Members of Jersey Finance about the growth and development of the CISX since its inception in 1998 and how it had contributed to the success of the finance industries in the Channel Islands.
The Channel Islands Stock Exchange already lists more than 40 offshore property funds on the Exchange and, with the requirement for REITs to be listed on an authorised Exchange, Ms Menteshvili believes that the CISX would be ideally placed.
“We are being inundated with enquiries from tax advisers and fund management groups and initial interest indicates that we are favoured over some other Exchanges,” she explained.
The CISX chief outlined a number of other developments including the Exchange’s intention to create an index of Channel Islands Stock Exchange listed securities by sector which would allow tracker funds to track securities on the Exchange.
She also revealed that negotiations are taking place to provide CREST settlement for Open Ended Investment Companies (OEICs) traded on the CISX, an enhancement to the facility introduced last year which permitted trading in OEICs for the first time.
Note:
The Channel Islands Stock Exchange (CISX) was a stock exchange operating in St. Peter Port, Guernsey, the business of which was acquired by the Channel Islands Securities Exchange on 20 December 2013.
It was founded in October 1998, as a company limited both by guarantee and by shares. It was an offshore stock exchange in the European time zone for the listing of investment funds, debt instruments and the shares of companies.
It provided listing facility and screen-based trading for local and international trading companies, investment companies – both open- and closed-ended funds – Channel Islands depository receipts (CIDRS) and specialist debt securities, including Eurobonds, Structured Debt, Warrants and SPVs.
The CISX closed down in December 2013 and all business was moved into the newly formed Channel Islands Securities Exchange.
Photo credit: Alex Fearn via Visual hunt / CC BY-NC-ND
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