The International Stock Exchange (TISE)
From its presence in the Isle of Man and through its Isle of Man-based Members, it offers access to a regulated marketplace from within the European timezone but outside of the EU.
TISE provides a convenient and cost-effective service for listing and trading a wide range of products, including:
- Bonds via TISE’s dedicated Qualified Investor Bond Market (QIBM);
- Equities, including trading companies and investment vehicles, such as open and closed ended funds and Real Estate Investment Trusts (REITs); and
- Sustainable investments courtesy of Europe’s most comprehensive market segment, TISE Sustainable.
TISE Listed securities can be traded on-market through our bespoke auction system, NOVA, as well as on an order driven matched bargain basis or by a market maker.
With a business established since 1998, today companies ranging from UK corporates through to multinational organisations and governments have more than 3,500 securities, with a total market value of more than £500 billion, listed on TISE.
Why TISE?
Issuers are attracted to TISE by the fact that it is a listing and trading venue with sensible rules and providing speedy turnaround of applications at a competitive price.
TISE has a service delivery framework which means responses to initial applications are made within 3 business days from submission and subsequent reviews will be carried out within 1 business day. This provides issuers with speed and certainty, while the Exchange is also able to consider more innovative transactions and move quickly to introduce new products. (Also see ‘How to List’ below)
TISE’s initial and annual fees are set according to product type, rather than varying by market capitalisation like some other markets, which again provides issuers with certainty. For example, to list an investment vehicle with one security class, the year 1 combined initial and annual fee is £8,500 and the recurring annual fee is £2,500. This is extremely competitive with other similar markets and more reasonable than larger exchanges, considerably so in some cases.
TISE’s Listing Rules, which are split out for equities and bonds, have conditions for listing, disclosure requirements and continuing obligations which are proportionate to the type of product and the targeted investor base. This sensible approach to the application of regulation is appreciated by issuers, especially those whose investor based comprises institutional and professional investors seeking to hold securities for the long term.
Issuers can also rely on the fact that TISE is a Member of the Quoted Companies Alliance (QCA), the Association for Financial Markets in Europe (AFME), the International Capital Market Association (ICMA) and the United Nations’ Sustainable Stock Exchanges Initiative (UN SSE), and its market authority is an Affiliate Member of the International Organisation of Securities Commissions (IOSCO) and an Affiliate Member of the World Federation of Exchanges (WFE).
In addition, TISE has several international recognitions which not only enhance its credibility but often also provide other benefits to issuers, such as widening the eligible investor base of TISE-listed products. For example, the UK tax authority, HMRC, deems TISE to be a Recognised Stock Exchange for the purposes of being an applicable listing venue for UK REITs, an eligible market for investments from SIPPs and ISAs and issuers being able to avail of the Quoted Eurobond Exemption. Other recognitions include the Irish Revenue Commissioners, the US Securities and Exchange Commission, the Australian Securities Exchange and the German regulator, BaFin.
How to list on TISE
An issuer must have a TISE Listing Member appointed as a Sponsor (equities) or Listing Agent (bonds) while it is an applicant for listing or is listed. The Sponsor/Listing Agent acts as an intermediary between the issuer and the Exchange and responsibilities include preparing and lodging the formal listing application via the online member services portal, MyTISE.
To start, the issuer, via the Sponsor/Listing Agent, files an initial submission with documents in draft. Once the submission meets the minimum information requirements then an analyst is assigned to the application. The application is reviewed and a recommendation is made on the issuer’s suitability for listing which is considered by the market authority’s Listing and Membership Committee (LMC).
Within three business days from submission of the initial application a comments letter is released which outlines the LMC’s determination in respect of suitably for listing, any remedial work which is required to the application or additional information which is required to be submitted. For each subsequent review of the application, TISE will respond within one business day.
Final applications which are received before 12:00 can be considered and approved by LMC for admission at either 18:00 that evening or 08:00 the following morning. Once approved, a grant of listing letter is released and the security is admitted to listing and trading at the relevant time, at which point it will be added the Official List that is maintained on the TISE website.
For more information visit: www.tisegroup.com
Legal and regulatory information: www.tisegroup.com/legal/regulatory
Disclaimer: This material is intended to provide general information regarding The International Stock Exchange (TISE) and is not intended to, nor does it, constitute investment or other professional advice or a recommendation to buy, sell, hold or solicit any investment, security or other financial instrument or product. Suitably qualified professional advisers should be consulted before making any investment decision or taking, or omitting to take, any action which might affect your personal finances or business affairs. This material is provided without any representation or warranty being given by TISE as to the accuracy, completeness or otherwise of its content and to the extent permitted by law, no responsibility or liability of any kind or nature, howsoever arising (including in negligence), is accepted by TISE, its officers, employees and/or agents for any errors contained in, or for any loss or damage arising to any person from use of, or reliance on, the contents. This material and information is intended only to be viewed by persons who fall outside the scope of any law, order or regulation that regulates financial advertisements in any country to which it has been communicated and is not intended for distribution in or into, or for use by any person or entity in, any jurisdiction where any such distribution or use would be contrary to any local law, order or regulation.