In this Q&A, we speak to Carolyn Gelling, Head of Equity Markets and lead in the Isle of Man for The International Stock Exchange (TISE), about listing on the Exchange through the Isle of Man.

Q: Hello Carolyn, can you provide us with a quick overview of TISE?

TISE is a regulated market where a culture of responsiveness and innovation enables the efficient and cost-effective listing of bonds and equities. With staff operating across five leading international finance centres, including the Isle of Man, our regulated market is uniquely positioned within the European time zone but outside both the UK and the EU.

TISE is a major European professional bond market, specialising in listing debt which finances private equity-backed transactions and we are one of the leading markets for listing high yield bonds. It also has an equity market with a small pool of ‘domestic’ equities, as well as a larger group of investment vehicles, including open and closed ended funds and it is the second largest venue for listed UK Real Estate Investment Trusts (REITs). In addition, the Exchange is home to Europe’s most comprehensive sustainable market segment, TISE Sustainable.

With a business established in 1998, TISE now has more than 3,000 listed securities on its Official List with a total market value of more than £450 billion. TISE has listings from entities domiciled in more than 35 jurisdictions globally and it is the listing venue of choice for several Isle of Man incorporated issuers of bonds and equities.

Q: What are some of the recent developments at TISE?

In August 2021, we launched our Qualified Investor Bond Market (QIBM), which represents a dedicated exchange offering for the listing of bonds marketed to ‘qualified investors’. Whilst helping to maintain our strong position in our core markets, these enhancements to our offering ensure we are well positioned to attract a broader and deeper universe of bonds such as other corporate bonds and securitisations.

At the same time, we have also updated our Listing Rules for the Equity Market, for example to allow for the listing of dual share class structures (and founder shares). These have principally been made to align with developing market trends in both the US and Europe in respect of listing Special Purpose Acquisition Companies (SPACs) and notably, where there may be an institutional investor base.

Q: What are some of the unique selling points of TISE compared to other markets?

TISE offers the certainty of flat rate fees, rather than varying by market capitalisation, and we have recently introduced the option of a ‘Lifetime Fee’ within the QIBM. These fees are competitive to other similar markets, and extremely good value in comparison with larger stock exchanges.

Complementing these competitive fees, we have introduced an enhanced level of service in the form of the TISE Guarantee. This provides a commitment to conduct a review of listing applications within three business days of initial submission and within one business day of subsequent submissions. ‘3+1’ is an industry competitive standard which provides clients with certainty and confidence in our service provision.

Q: So, what role does the Isle of Man play in facilitating TISE listings?

As well as our own presence on the Isle of Man, TISE also has several Isle of Man-based Members who can facilitate the listing of bonds and equities on the Exchange. The professional advisory network on the island further supports this work, where the wider ecosystem of corporate service providers, law firms, accountancy firms and tax advisers may also act on a transaction which is brought to TISE, especially where the issuer or related vehicles are locally domiciled.

Q: What are some of the other developments at TISE?

TISE continues to grow its number of international recognitions, which not only provide it with credibility around the world, but often they also provide other benefits, such as widening the potential investor base for TISE-listed products. We are also an increasingly active participant within the international securities industry through an extended range of official memberships.

The latter has included becoming a Partner Exchange of the UN Sustainable Stock Exchanges Initiative (UN SSE). It puts us at the heart of global efforts to encourage sustainable investment and provides additional credibility to the launch in July of our comprehensive sustainable market segment, TISE Sustainable. It represents an evolution from TISE GREEN, which was originally launched at the end of 2018, and in providing visibility to both sustainable securities and sustainable issuers it enables investment into environmental, social and sustainable activities.  

The launch of TISE Sustainable and our membership of the UN SSE reflect and enhance our commitment to being part of the sustainable capital markets ecosystem, both in terms of how we manage our business and through our role as a facilitator of global capital flows. 

Find out more about why the Isle of Man is the natural choice for Excellence in Finance.