to renewables than meets the eye - Channel Islands Stock Exchange

the CISX admitted nearly 498 new
securities to its Official List in
2011, a 40 per cent increase on
the number listed the previous year. The
year ended with a particular flourish with
117 securities admitted to the official
list in December alone. The amount of
additional capital raised by listed issuers
during the 12 months of nearly £300
million is an impressive figure and clearly
highlights one of the potential benefits of
listing on the Exchange for Issuers.
The predominant type of security listed in
2011 was specialist debt, and within that
category Special Purpose Vehicles (SPVs)
represented 58% of securities listed, with
the majority domiciled either in the UK
or Jersey. The total number of securities
admitted to the Official List as at the end
of December stood at 4,333.
In the closed-ended sector, there were 50
securities admitted to the Official List and
13 of these were new funds domiciled
predominantly within the Channel Islands.
The balance of the new admissions was
in relation to new classes of existing
structured funds. There was continued
interest in the alternative funds sector and
of note a number of forestry and natural
resources-backed funds in 2011.
Additional capital raised through further
issues by Listed Issuers of closed-ended
funds during the year amounted to £88.5
million, whilst SPVs raised a further
£204.8 million of additional capital.
Despite the fact that there are only a
small number of traded securities on
the Exchange, the Market Authority
also reported that trading volumes were
solid. There was trading activity in 23
securities with a total volume of 33.5
million shares traded, representing
turnover of £27.7 million.
Another milestone for the Exchange during
2011 was the admission of the 4,000th
security to the official list in May. London
Mining (Jersey) plc, a special purpose
vehicle, listed a US$110 million 8%
guaranteed convertible debt bond which
was sponsored by Walkers Capital Markets.
cHANNEL ISLANDS
SuppORTING THE cITy
A major event for the CISX in 2011 was
the International Business Summit, which
was held at Mansion House in London for
the first time. Taking the event outside
the Channel Islands, the CISX aimed to
help consolidate the Channel Islands’
relationship with the City. Alderman
Sir John Stuttard, a former Lord Mayor
of London, was extremely gracious in
his reflections on the important role
Guernsey and Jersey’s finance industries
have to play within the City of London.
Once again, the Summit provided lively
and topical debate on some of the key
issues affecting the financial services
industry with the overarching theme
of remembering how to grow your
business – a pertinent message in
difficult economic times.
LOOkING AHEAD
35 BULLETIN BOARD ISSUE 21 SPRING 2012
CISX Business update
The CISX will continue to build on its
reputation as the Exchange of choice
for a growing number of international
issuers and consolidate its key strengths,
which is underpinned by internationally
recognised high standards of regulations.
Further investments in infrastructure will
be made to ensure the Exchange remains
competitive and offers the products and
services that help Members to meet their
customers’ requirements.
The CISX is in a strong position to carve
for itself a strong and secure presence in
the global marketplace, bringing benefits
for the Jersey and Guernsey’s finance
industries, and continue to provide an
unrivalled service.
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