The International Stock Exchange Looks Ahead to a Bright Future

The acquisition of The International Stock Exchange (TISE) by Miami International Holdings (MIH) represents another milestone in the evolution of the Guernsey-headquartered exchange, and an indication of its potential for future growth.

The fact that the Chairman and CEO of MIH described TISE as ‘an attractive international expansion opportunity’ should give international businesses and investors confidence in TISE’s capabilities.
But TISE’s success did not come overnight – today it has earned a reputation as a key player in the European professional bond market. Over recent years, TISE has transformed from being a local stock and bond market to becoming an established operator of public markets with a significant portfolio of financial markets and securities services for both public and private companies.

According to its annual results, at the end of 2024 TISE was home to more than 4,400 securities on its Official List, with a total market value of more than £750 billion.

It’s a story that is the fruit of both a well-executed strategy to grow and diversify, and of the support offered through Guernsey as a leading international finance centre.

There are good reasons as to why TISE provides – and will continue to provide – a good option for companies and investment vehicles seeking a flexible and cost-effective platform.

The benefits offered by listing on TISE include location, cost, flexibility, speed to market and – critically – the fact that it is a Recognised Exchange.

Strategic Location

As far as location is concerned, Guernsey and Jersey offer a unique blend of access to international markets from well-regulated, highly experienced, but flexible jurisdictions – with both Channel Islands having received highly positive reports from Moneyval in the past year that position them both in the top tier of jurisdictions globally in terms of their capabilities in fighting financial crime.

Their close ties with the UK and their access to EU markets mean that the Channel Islands provide TISE with an attractive home for issuers aiming to access both European and UK investors without the complexity of aligning strictly with the EU or the UK.

Competitive Costs

On cost, TISE listing fees and ongoing costs are competitively priced, making it a financially attractive option compared to other international exchanges. This affordability can be particularly advantageous for smaller firms and investment vehicles looking to optimise operational expenditure without compromising on the quality of the listing service.

Exceptional Flexibility

Flexibility is also increasingly important in the rapidly evolving investment environment, and TISE has proven to be highly flexible. As a listing member of TISE, JTC frequently supports companies wishing to list securities on the exchange – and those companies have listed a wide range of securities, including Eurobonds, loan notes, payment in kind (PIK) notes and other debt instruments, investment vehicles including funds and UK REITS, as well as High Yield Bonds and equity listings – without excessive bureaucracy and with a pragmatic approach to disclosure.

This allows for tailored solutions that meet specific capital-raising needs and strategic financial objectives. TISE also remains receptive to further innovative product structures.

Broad Investor Access

In a similar vein, speed to market is also increasingly important – and TISE’s approval process is typically faster than many other exchanges. This is not, however, at the expense of regulatory excellence – but it does reflect a commitment to agility and issuer support whilst maintaining consistency of response.

While the liquidity is not on a par with the London Stock Exchange or Euronext, for example, TISE still offers issuers access to a wide range of international investors, including institutional investors, private wealth vehicles, and retail investors.

Recognised Exchange Status

A further boost to liquidity stems from the fact that TISE listings are recognised by various international regulatory and tax regimes – including HMRC – offering potential regulatory and tax benefits to issuers and investors, whilst its Listings Rules meet international standards and are easy to understand.

With many institutional investors being restricted to investing only in securities on a Recognised Exchange, TISE can provide a highly attractive option.

As TISE embarks on a new era, the indications for its ongoing growth and success as a major European securities listing platform are highly positive, with its core benefits set to continue to appeal to a diverse range of issuers.

JTC is a publicly listed, global professional services business with deep expertise in fund, corporate and private client services and has a wealth of experience of providing listing member services and administering listed structures including companies and funds listed on TISE as well as the London Stock Exchange (LSE), the Alternative Investment Market (AIM), Euronext and Irish Stock Exchange (ISE).

To learn more about JTC’s listed services, contact Simon Gordon directly.