The Channel Islands Stock Exchange (CISX) admitted nearly 498 new securities to its Official List in 2011, a 40 per cent increase on the number listed the previous year.
The predominant type of security listed in 2011 was specialist debt and within that category, Special Purpose Vehicles (SPVs) represented 58% of securities listed, with the majority domiciled either in the UK or Jersey.
The total number of securities admitted to the Official List as at the end of December stood at 4,333. In the closed ended sector, there were 50 securities admitted to the Official List and 13 of these were new funds domiciled predominantly within the Channel Islands.
The balance of the new admissions was in relation to new classes of existing structured funds. Additional capital raised through further issues by Listed Issuers of closed ended funds during the year amounted to £88.5 million, whilst SPVs raised a further £204.8 million of additional capital.
Despite the fact that there are only a small number of traded securities on the Exchange, the Market Authority also reported that trading volumes were solid. There was trading activity in 23 securities with a total volume of 33.5 million shares traded, representing turnover of £27.7 million.
Tamara Menteshvili, Chief Executive, CISX, commented:
‘Given the prevailing economic conditions, these figures are extremely encouraging for the Exchange, particularly as the year ended with a flourish with 117 securities admitted to the official list in December. The amount of additional capital raised during the 12 months of nearly £300 million is an impressive figure and clearly highlights one of the potential benefits of listing on the Exchange for Issuers.’
‘There continues to be an interest in the alternative funds sector and of note was a number of forestry and natural resource based funds in 2011. We also experienced renewed interest in the listing of funds targeting retail investors through the 139 open ended funds listed in 2011. This perhaps suggests a move by some fund groups towards a more stable operating environment than those within the Eurozone.’