The International Stock Exchange (TISE)

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The International Stock Exchange
Founded 2013
Headquarters St. Peter Port, Channel islands
Key People Cees Vermaas, Chairman, CEO;

Charlie Geffen, Chairman, TISEG;

Rob Trefny, Chairman, TISEA;

Products Trading Companies, Debt, Investment Vehicles, SPACs TISE GREEN, ILS, Convertibles, High Yield Bonds, REITs
Twitter @tisegroup
LinkedIn Profile Profile
Website www.tisegroup.com

The International Stock Exchange (TISE) is a stock exchange company, formerly known as Channel Island Securities Exchange, that offers a regulated marketplace and a growing product range from within the European time zone but outside the EU. The company is headquartered in St. Peter Port, Guernsey, with staff operating in the international finance centers of Dublin, Guernsey, the Isle of Man, Jersey and London.[1]

The Exchange has more than 3,000 listed securities on its official list with a total market capitalization of more than £400 billion. Specific market segments within the TISE are TISE GREEN, which focuses on green investments with positive environmental impact, and Channel Islands, which focuses on trading companies from the Channel Islands and the Isle of Man.[2]


History

The Channel Island Securities Exchange was incorporated in Guernsey on November 14, 2013 [3] and acquired the Channel Islands Stock Exchange (Est. 1998) later that month on December 20, 2013 through a Scheme of Arrangement as approved by the Royal Court of Guernsey.[4] On the same day, Her Majesty's Revenue and Customs (HMRC) designated the company as a recognized stock exchange.

Fiona Le Poidevin joined TISE as CEO at the start of 2015.[5] TISE opened an office in St. Helier, Jersey on February 3, 2015 as its first branch outside of the Channel islands.[6]

On February 24, 2017, the company registered in the Isle of Man as a foreign company under the Foreign Companies Act 2014.[7] The company changed its name from The Channel Islands Securities Exchange Limited to The International Stock Exchange Group Limited (TISEG) on March 6, 2017. The subsidiary adopted the trading name The International Stock Exchange Authority (TISEA) as of March 6, 2017. Stephan Lansdown stepped down as deputy chairman in June 2017.[8] Towards the end of 2017, the company’s subsidiary also launched a new administration service to help financial services businesses obtain a Legal Entity Identifier (LEI) from the London Stock Exchange Group.[9]

In 2018, TISE was recognized by the U.S. Securities and Exchange Commission (SEC) as a Designated Offshore Securities Market (DOSM). They also launched their green finance market segment, TISE GREEN.[10]

Cees Vermaas was appointed to the role of CEO in November 2020. The longtime chairman of the company, Jon Moulton, stepped down from his role and was replaced by former Chair of Authority Charlie Geffen on January 1, 2021. Geffen's position was filled by Rob Trefny, a debt capitol markets lawyer. Also on January 1, 2021, Gill Morris, a Chartered Accountant and Chartered Tax Adviser, was appointed to the board.[11]

Products and Services

Trading Companies: TISE enables business owners to grow a company by raising its profile and accessing capital through listings on a stock exchange designed to cater for SMEs. TISE offers certainty of its listing requirements, including freedom from EU legislation and regulations, to adopt a proportionate approach tailored for SMEs (Small and Medium Sized Enterprises).

The main requirements for listing are as follows:

• The company must be worth at least £1 million, although the exchange may permit a lower value

• At least 25% of shares must be in "public hands" (i.e., not those of directors and therefore creating a market), unless otherwise agreed by the exchange

• Three years’ audited annual accounts, although this does not apply if the company has been operating for a shorter period and there may also be other exceptions

• Directors must provide a statement certifying that the company has sufficient working capital for at least 12 months or otherwise, how they propose to provide such capital to ensure its continued ability to trade.

Debt: TISE caters for retail and non-retail debt securities and has a large market in specialist debt, with in excess of 2,000 listed debt securities.

Investment Vehicles: TISE's The Channel Islands and the Isle of Man branches are established international investment fund centers with experience in listing open- and closed-ended funds.

SPACs (Special Purpose Acquisition Companies): TISE has designed rules for a regime that is both commercially attractive for management teams and offers integrity for investors.[12]

TISE GREEN: TISE GREEN has been established to enable those seeking investment into environmentally beneficial initiatives to highlight their green credentials. At the same time it provides access for investors who are looking to allocate towards those investments which have been verified as meeting globally recognized standards in green finance.[13]

Key features of TISE GREEN:

• Open to any type of green investment, including bonds, funds and trading companies

• Open to issuers from any jurisdiction

• The investment’s green credentials need to be verified by an appropriate third party against a globally recognized standard

• The investment must first be admitted to TISE’s Official List before being eligible for entry to TISE GREEN

• Beyond the usual fees for listing on TISE’s Official List, there is no additional charge for entry to, or an ongoing presence on, TISE GREEN

Insurance Linked Securities (ILS): The ILS investment firm underwrites a reinsurance program on a fully collateralized basis. It then transforms this through a Special Purpose Vehicle (SPV), the Guernsey Incorporated Cell (IC), fronting for their ILS investment funds and a partnering co-investor, into a private cat bond with transferable features.[14]

Convertibles: Convertible bonds are debt securities, typically convertible loan notes or loans with warrants, which can be converted into a predetermined amount of the underlying company’s equity at certain defined times during their lifespan.[15]

High Yield Bonds: Issuers on TISE have included a mix of public and private European and US headquartered companies, including some of the most internationally recognized brands and/or global leaders in their industries. The listings have included both new issuances and migrations from EU exchanges.[16]

Real Estate Investment Trust (REIT): REITs are globally recognized tax efficient structures for investment in real estate. There are more than 35 countries worldwide that have REIT or REIT-like regimes in place. The UK REIT regime was launched on January 1, 2007, although there have been a series of changes in subsequent years.[17]

Key People[18]

Cees Vermaas: Acting CEO of TISE as of November. Vermaas was also the former CEO of CME Europe Ltd, CEO of Euronext Amsterdam and former Head of European Cash Markets for NYSE Euronext.

• Charlie Geffen: Independent Non-Executive Chair of the Board at TISE appointed in January of 2021. Geffen is also a member of TISE's Audit Committee, Nominations Committee and Remuneration Committee. He previously held the position of Chair of The International Stock Exchange Authority Limited. Geffen also serves as a Senior Advisor at European consulting business Flint Global, a Non-Executive Director at Kentech Corporate Holdings Limited, a Deputy Chair of The Institute of Cancer Research, and a member of Council at Surrey University.

• Guy Coltman: Independent Non-Executive Chair of the Board at TISE appointed in February of 2014. He serves on the Group's Remuneration Committee, Risk Committee, and Nominations Committee. He is a corporate partner of Carey Olsen's Jersey practice and worked in the London office of international law firm Skadden Arps, Slate, Meagher & Flom (UK) LLP.

• Stuart Turner: Independent Non-Executive Chair of the Board at TISE appointed in April of 2014. He, along with Coltman, serves on the Group's Remuneration Committee, Risk Committee, and Nominations Committee. He is also the director of Avenir Limited.

• Anderson Whamond: Independent Non-Executive Chair of the Board at TISE appointed in March of 2017. He is Chair of the Group’s Nominations Committee and a member of both the Audit Committee and Remuneration Committee. He serves on the Group's Nominations Committee, Audit Committee, and Remuneration Committee. He is currently an Executive Director of Fiera Capital (IOM) Limited (formerly Charlemagne Capital (IOM) Limited. Anderson has held a career at multiple organizations: White Weld Securities (part of the CSFB group), Salomon Brothers International, Morgan Stanley International, Peregrine Securities International (UK) Limited, Peregrine Investment Holdings Limited, Regent Pacific Group (as head of corporate investments), Charlemagne Group, and Charlemagne Capital Limited (as a director).

• Gill Morris: Independent Non-Executive Chair of the Board at TISE appointed in January of 2021. She is also Chair of the Group’s Audit Committee. Morris is a Chartered Accountant and a Chartered Tax Advisor who is a Panel Member of the Guernsey Tax Tribunal and is an Affiliate Member of the Institute of Risk Management. Morris also holds the Financial Planning Certificate.

References

  1. TISE About Us: Overview. TISE.
  2. TISE: Segments. TISE.
  3. TISE 2014 Annual Report and Consolidated Financial Statements. TISE.
  4. Launch of The Channel Islands Securities Exchange Limited. CISE.
  5. TISE 2015 Annual Report and Consolidated Financial Statements. TISE.
  6. CISE opens Jersey office. BLGlobal.
  7. TISE 2018 Annual Report and Consolidated Financial Statements. TISE.
  8. TISE 2016 Annual Report and Consolidated Financial Statements. TISE.
  9. TISE 2017 Annual Report and Consolidated Financial Statements. TISE.
  10. TISE 2018 Annual Report and Consolidated Financial Statements. TISE.
  11. TISE 2020 Annual Report and Consolidated Financial Statements. TISE.
  12. TISE: TISE GREEN. TISE.
  13. TISE: TISE GREEN. TISE.
  14. TISE: Insurance Linked Securities. TISE.
  15. TISE: Convertables. TISE.
  16. TISE: High Yield Bonds. TISE.
  17. TISE: REITs. TISE.
  18. TISE: Board of Directors. TISE.