This update provides a summary of Appleby listing agent services in the Channel Islands, and also offers an introduction to the new bespoke auction trading system, NOVA, at The International Stock Exchange (TISE).
Appleby Securities (Channel Islands) Ltd (Appleby) advises a range of clients on a significant number of listings of securities on TISE.
One recent development is that TISE has just launched its new trading system, NOVA.
The first auctions on NOVA have been held, with a Trading Member of TISE facilitating the order book entries for auctions in the TISE listed securities of a number of issuers.
The auction model is designed to benefit market participants through the concentration of liquidity into specific events. Auctions can be held at an issuer's discretion, e.g. daily, weekly, monthly, providing maximum flexibility.
Transparency is provided to the market through full visibility of the order-book build with the TISE website displaying buy and sell orders and the indicative price and volume, as well as full trade history.
NOVA's underlying algorithm operates on the principle of best execution and trades are output for onward settlement processing, through Euroclear (CREST and CREST Residual), Clearstream or otherwise as agreed by TISE, streamlining the process and maximising efficiencies, and providing necessary trade reporting for TISE Trading Members.
Individuals wishing to deal in a TISE listed security should contact a Trading Member of TISE to undertake a transaction on NOVA.
Whilst offering a "Recognised Stock Exchange" for the purposes of UK HM Revenue & Customs, TISE's robust but proportionate listing rules, combined with TISE's pragmatic and commercial approach to listings, often appeals to issuers from the United Kingdom, Europe, the United States and Asia.
For more information: www.tisegroup.com/nova
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.
