channel islands stock exchange. presenation to the jersey funds association continuing obligations...
TRANSCRIPT
PRESENATION TO THE JERSEY FUNDS ASSOCIATION
• Continuing Obligations Regime
• Competitiveness in Current Market Conditions
• Business Trends
• Strategic Developments - Update
1998-2008
CORPORATE GOVERNANCE FOR DIRECTORS OF LISTED COMPANIES
• Continuing Obligations Regime
• Directors’ Dealings• Communications• Disclosure
CISX LISTING RULES REQUIREMENTS
Listing Docum entD isc lo sure R e q u ire m e n ts
O p in io nsF in an c ia l S ta te m e n ts
DeclarationsIs su er
D ire c to rsS p on sor
Continuing O bligationsM a rke t D a ta
C o rp ora te A c tio nsM o d e l C o de
Conditions for ListingS u ita b ility
T ra n s fe ra b ilityM in im u m M a rke t C a p ita lisa tion
ISSUER’S DECLARATIONS
• (Appendix I)“We (the Issuer) acknowledge the obligation to comply with the continuing obligations contained in these Listing Rules.”
• (Appendix III)“The Issuer hereby undertakes and agrees to comply with the continuing obligations set out in the Exchange’s Listing Rules.”
LISTING PROCESS
• Sponsorship
• Application (routine or abridged)
• Documentation
• Market Authority
• Listing Fee
• Continuing Obligations
CONTINUING OBLIGATIONS
• Notification- Corporate Actions
- AGM/EGM Resolutions
- Annual Reports
- Financial Statements
• Clearance- Listing Document
- Articles of Association
- Directors
NOTIFICATION REQUIREMENTS
• Market Data• Certain Board Intended/Impending Corporate Actions• AGM/EGM Notices, Resolutions• Annual Report and Accounts/Financial Statements• Suspensions
“CLEARANCE” EVENTS
Proposed Changes:• Listing Document• Memorandum and Articles of Association• Directors• Intention to De-List
DIRECTORS’ DEALINGS
Model Code - Minimum Standard of Good Practice
• Disclosure of Director’s Interests• Reporting requirements• Restriction on dealing during “close” periods• Prohibition on Insider Dealing
ANNOUNCEMENTS
• Price Sensitive Information (PSI)• General Market Data• General Statements and Corporate Actions• Directors’ Interest• Changes in Relation to Issued Share Capital
MARKET DATA MANAGEMENT SYSTEM (“MDMS”)Features
– Announcements– Net Asset Values– Background Information
• Benefits– Control of Data– Better flow of data– Accuracy– Information displayed on CISX
website– Further product development
CHANGES TO SHARE CAPITAL
• Company purchases of own shares and provisions in relation to Treasury Shares;
• Redemptions (in the case of investment funds Listed under Chapter VII);
• Further share issues (by any method including public offers and rights issues);
• Mergers/De-Mergers/Takeovers• De-listing securities
FINANCIAL INFORMATION
• Preliminary Statement of Annual Results and Dividends
• Annual Report and Accounts
• Interim (Half-Yearly) Reports
CANCELLATION OF LISTING
• 20 Business Days Notice• May require Circular• Copy of Minutes authorising cancellation• Circumstances surrounding cancellation• Written request from Issuer via Sponsor
COMPETITIVE POSITION
• Internationally Recognised
• Level Playing Field
• Credible Track Record
• High Level of Service
• Full Listing & Trading Facility
• Established Local Market
• Support of Members
NUMBER OF LISTINGS APPROVED
As at 31 December 2008
0
1000
2000
3000
4000
1998 2000 2002 2004 2006 2008
Equity
Warrant
SPV
Specialist Debt
Closed Ended
Open Ended
COMPOSITION OF SECURITIES APPROVED
As at 31 December 2008
0
200
400
600
800
1998 2000 2002 2004 2006 2008
Equity
Warrant
SPV
Specialist Debt
Closed Ended
Open Ended
CISX LISTED INVESTMENT FUNDS BY CATEGORY
As at 31 December 2008
Property 13%
Structured32%
Other7%
Derivative3%Feeder Funds
5%Hedge Funds
5%Money Markets
5%
Special Sector
4% Fund of Hedge Funds
7%Equity7%
Emerging 2%
Country1%
Regional1%
Fund of Funds
8%
CISX TRADING STATISTICS
As at 31 December 20080
50
100
150
200
Millio
ns
2000 2002 2004 2006 2008
Volume
Turnover
STRATEGIC DEVELOPMENTS
• Active trading in Investment Funds and Trading Companies (with full CREST Settlement)
• CREST Settlement for OEICs
• New Markets
• New Products and Services
• Market Data Management System (MDMS)