Guernsey Expands On CISX Closure

By Editorial 21 October, 2013

The Channel Islands Stock Exchange (CISX) has published an operational statement providing more detail on the shock closure of the exchange to new listings announced earlier in the week.

Fiona Le Poidevin, Chief Executive of Guernsey Finance – the promotional agency for the Island's finance industry internationally, said: "We welcome this operational statement as importantly it provides clients with greater certainty about the current and future direction of the exchange.

"Firstly, it is important to recognise that the CISX is still accepting certain listings applications from existing debt issuers, existing trading companies and existing open and closed ended funds. In addition, the exchange has clarified that whilst it is not currently processing any new applications for issuers that are not already listed on the exchange, it has sole and absolute discretion to consider applications on a case by case basis.

Kevin Stewart, Guernsey's Commerce and Employment Minister, said: "Following constructive discussions today, I would like to reiterate that there remains active dialogue with a range of stakeholders, including engagement with the Chairman of CISX in his efforts to review the structure of the exchange. The GFSC has also given a commitment to work closely with the CISX. In the immediate term, I have been assured that personnel at the CISX are committed to continuing to work closely with trading partners in order to assess and manage the ongoing business needs of existing clients."

Vic Holmes, Chairman of the Guernsey Investment Fund Association (GIFA), said: "Clearly the initial news concerning the CISX has been extremely disappointing for the local investment community and also our client base. However, I am pleased to see the way in which the CISX is working with government, the regulator and industry now to provide greater clarity to our clients. This operational statement is very much welcomed and we now look forward to news about the structure of a new exchange."

Gregg Le Tissier, Chairman of the Guernsey Investment Managers and Stockbrokers Association (GIMSA), said: "The last few days have been an extremely challenging time for our members, many of whom have a very close relationship with the CISX as market makers and sponsors. Hopefully the release of this operational statement means that we have begun to turn the corner and can transition speedily to the new exchange."

Miss Le Poidevin added: "The CISX has been an important part of the fabric of the funds and wider investment management industry in the Channel Islands for the last 15 years and we are now also working closely with our colleagues in Jersey to ensure that this will remain the case in the future. The operational statement issued by the exchange allows advisers to give their clients greater clarity and we look forward to receiving further information regarding a newly structured exchange which will play its part in ensuring the ongoing success of the Channel Islands as premier investment centres for many years to come."

Tags: Expatriates | Tax | Investment | International Financial Centres (IFC) | Offshore | Alternative Investment |


News Archive