The Channel Islands Stock Exchange ("CISX"), which is
based in Guernsey, commenced operations in October 1998, since when
it has approved over 4,000 securities for listing with a total
market capitalisation of over US$50 billion.
Some of the strengths of the CISX are competitive pricing,
responsive and approachable market authority that meets daily to
consider its applications for listings, a highly personalised
approach, international standards of issuer regulation, enhanced
marketability and added value service, as well as a premier
The first exchange to list a Eurobond was the Luxembourg Stock
Exchange (Bourse de Luxembourg) Regulated Market
("LuxSE") back in 1963. Since then, the listing of such
debt securities has continued to increase in popularity
(particularly for intra-group loan arrangements), with exchanges
such as the LuxSE and the Cayman Islands Stock Exchange
("CSX") being some of the more favoured facilities.
Although relatively new to the marketplace when compared to
other exchanges, the CISX is quickly growing in popularity. It
concentrates on specific core products, including specialist
securities such as Eurobonds, it is therefore able to provide a
highly focused and responsive service. As such, not only is the
CISX comparable to the likes of the LuxSE and CSX for the listing
of Eurobonds, but it is quickly becoming the preferred exchange for
Below is a summary of some of the important factors when
considering listing Eurobonds on the CISX, CSX or LuxSE.
*Collas Crill Corporate Finance Limited, a member of the
Collas Crill group, is a full listing member of the CISX and is
able to act as sponsor for all listing purposes.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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On 11 November 2014 the State Bank of Vietnam (SBV) issued amendments to its anti-money laundering regulations. Circular No. 31/2014/TT-NHNN ("Circular 31"), which became effective on 26 December 2014, amends Circular 35/2013/TT-NHNN issued by the SBV on 31 December 2013 ("Circular 35").
UCITS may invest in financial derivative instruments for investment purposes subject to a variety of conditions as outlined below relating to the nature of the exposures taken, the leverage generated through such positions, the process employed by the UCITS to manage the risks arising from derivatives investment as well as rules relating to OTC counterparty exposure and to the valuation of derivatives positions.
Statistics published by the Cayman
Islands Monetary Authority show that the Cayman jurisdiction
remains the preferred jurisdiction for managers looking to
establish offshore alternative investment funds.
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