The Channel Islands Securities Exchange (CISE) today reported that there were 502 new listings on the exchange during 2016, representing an 18.7 percent increase on the previous year.
The total number of listings on the exchange now stands at 2,272 as of the end of December. During 2016, the market capitalisation of all listed securities on CISE increased by £36 billion ($44 billion), or 10 percent, to reach £393 billion ($479 billion) at the end of the year.
First Bitcoin Regulated Fund
During 2016, the CISE played a part in a world-first when Global Advisors Bitcoin Investment Fund plc (GABI) was admitted to the Official List in December, as reported by Finance Magnates, and in doing so became the first regulated bitcoin fund to be listed on any exchange globally.
Fiona Le Poidevin, CEO of the CISE, commented: “It’s great to see that we have built on our success in 2015 by substantially increasing new business again during 2016. What we have also seen is that the number of new listings has also increased markedly during the second half of the year, not least due to a number of REITs and high yield bonds choosing to list on the CISE.”
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The exchange has also seen a steady stream of high yield bond listings in the last few months following the introduction on 3 July 2016 of the EU’s Market Abuse Regulation (MAR). This applies to all securities listed on EU trading facilities but as it takes a blanket approach to all types of securities, it is disproportionately onerous for some products such as high yield bonds, which are held long term by sophisticated investors.
“The CISE is outside of the EU and therefore MAR does not apply to securities listed on our Exchange and we have maintained our robust market abuse rules which are applied proportionately to the type of listed product. This has created significant interest in the CISE as a listing venue for high yield bonds,” added Le Poidevin.
Other highlights from last year included the Exchange Group’s parent company, the Channel Islands Securities Exchange Ltd, being admitted to the Official List in June.
In addition, the rules for listing investment vehicles were modernised in September, while in October membership rules were amended to allow for listing sponsors to be based beyond just the Channel Islands.
Finally, November saw the signing of a cooperation agreement with the Bermuda Stock Exchange (BSX).