New TSE listings up 45 per cent
There were 331 new listings on The International Stock Exchange (TISE) during the first half of 2017. This represents a 45 per cent increase year on year and took the total number of listed securities on TISE to 2,411 at the end of June.
During the first six months of the year, the total value of all listed securities on TISE increased by GBP6 billion (1.7 per cent) to reach GBP399 billion at the end of June.Listings during the first half of 2017 included financial services business PraxisIFM Group Limited. It listed in April to widen the group’s visibility internationally, provide access to the capital markets and to give shareholders a market for their holdings. It features on the Channel Islands segment of TISE’s Official List.
Other listings during the period have included convertible bonds and high yield bonds, while there have also been applications for UK Real Estate Investment Trusts (REITs) which have subsequently listed.
Fiona Le Poidevin (pictured), CEO of The International Stock Exchange Group Limited (TISEG), says: “Being based across the three Crown Dependencies of Guernsey, Jersey and the Isle of Man means that we have an offering which sits outside the European Union. This allows us to provide a regulatory regime which is robust but also proportionate to the needs of our issuers and this has proved particularly important, for instance, in the case of high yield bonds.
“At the same time, Brexit has played a part in increasing investment into UK property through the REIT regime and we are seeing an increase in these listings. Indeed, while Brexit is creating huge uncertainty in the UK, we have certainty and stability which we believe puts us in an ideal position to help support the UK economy by offering a venue for companies to raise finance and grow their businesses.”
The first half of the year also included the renaming of the business – from the Channel Islands Securities Exchange (CISE) – and the opening of an office in the Isle of Man. Since then, IQE Securities Sponsor Services has become the first Isle of Man-based company to become a member of TISE. The Exchange has also received recognition from the German regulator, BaFin, which means that German mutual funds can invest into TISE-listed securities.
Le Poidevin says: “It has been an extremely busy first half of the year, not least with rebranding and also opening the office in the Isle of Man but, in addition, we have seen strong growth in the number of new listings. It is an exciting time to be part of this growing business.”