The International Stock Exchange (TISE), headquartered in Guernsey, has set new records for revenue, profit and earnings per share during the first half of 2021.
The Exchange's latest Interim Report confirmed record revenues of £4.7 million, a 45.4% increase in post-tax profit to £2.4 million and an increase in basic earnings per share to 84.8p in the six months to 30 June 2021.
There were 507 securities listed on TISE between the start of January and the end of June this year, a 30% increase on the previous record set in 2020 and took the total number of listed securities on TISE's Official List to 3,431 at 30 June 2021.
Charlie Geffen, Chair of The International Stock Exchange Group, said: "During the first six months of 2021 we have built on our strong performance in 2020 by delivering record listing volumes whilst making good progress in executing our strategy to diversify the business to sustain future growth. I am pleased therefore to report record turnover, profit and earnings per share for the first half of the year as well as the necessary investment in our strategy."
TISE's strategy includes a focus on growing its share of the European professional bond market and it has recently launched a new Qualified Investor Bond Market (QIBM) to strengthen its international bond listing proposition. The launch of the QIBM has been supported by the introduction of the TISE Guarantee, which builds on the previous '3+2' commitment by introducing '3+1' guaranteed review timelines. This industry competitive standard provides clients with additional confidence in TISE's service through a commitment to conduct a review of listing applications within three business days of initial submission and within one business day of subsequent submissions.
A key part of TISE's strategy for the development of its secondary markets and future growth is the implementation of a new price discovery and trading platform. It is designed to operate on an auction basis, but with the ability to scale up and accommodate continuous trading if desired. The system meets all functional requirements to deliver even greater value to TISE's current equity issuers, as well as offering new products and services to a whole new range of potential clients. At the same time, TISE continues to explore opportunities within the private markets and will be providing further updates on this initiative in due course.
TISE's offering has also been enhanced by a growing range of international recognitions and memberships. Official memberships have been extended through TISE joining the Association for Financial Markets in Europe (AFME), the International Capital Markets Association (ICMA), and the UN Sustainable Stock Exchanges Initiative (UN SSE). TISE's membership of the UN SSE complements and provides additional credibility to its launch of a comprehensive sustainable market segment, TISE Sustainable.
Cees Vermaas, CEO of TISEG, said: "I am pleased with the progress we have made in executing the strategy in the first half of 2021. Alongside servicing our core business streams, we continue to develop our proposition as a major European professional bond market by diversifying our products and markets and scaling up our operations and distribution. We have now laid the base for a more diversified and scalable business model which puts us in an excellent position to make the most of the opportunities which emerge in the coming years."
For more information about Guernsey's finance industry please visit www.weareguernsey.com.
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