TISE offers a regulated marketplace from within the European time zone, but outside the European Union. Currently, there are more than 3,500 securities listed on TISE, with a total market value of more than £500 billion. The majority of listings on TISE are for specialist debt securities, and TISE also aims to list other types of securities in an effort to diversify its business. Products listed on TISE include specialist debt securities, convertible bonds, eurobonds, corporate bonds, high yield bonds, sovereign bonds, green bonds, programmes, trading companies (especially SMEs), REIT's, funds and other investment vehicles and Special Purpose Acquisition Companies (“SPACs”).
The principle benefits and advantages of listings are:
- TISE is a “Recognised Stock Exchange” for the purposes of the Quoted Eurobond Exemption (''QEE'') as applicable in both the UK and Ireland. Debt securities listed on TISE benefit from the QEE, which allows an issuer liable to pay tax to make payments of interest on the listed securities gross, without deduction of withholding tax. A listing is regarded as an efficient, certain, inexpensive, familiar, well-used and reliable fast track means of qualifying for an exemption from withholding tax. As such, and depending on circumstances, it is often regarded as preferable to other available options.
- The establishment of a dedicated Qualified Investor Bond Market (QIBM), which is a familiar concept within European debt capital markets and whereby listing is only eligible for bonds being marketed to ‘qualified investors’.
- As TISE operates outside the EU, the regulatory burden is less onerous than on other major exchanges. For example, the Market Abuse Regulation (''MAR'') does not apply to issuers listing on TISE.
- TISE Passport Programme, a pan-European fast track listing service available for those bond programmes already approved by a national competent authority within the EEA or UK. TISE will accept a pre-vetted bond programme where it has been ‘wrapped’ with their template TISE Passport Letter.
- Timing - TISE guarantees to complete their initial review and deal with further comments in their '3 +1’ day review turnaround timeline.
- The Channel Islands are in the premier league of international financial centres and continue to demonstrate their commitment to the highest of regulatory standards.
- Attractive Fee Scales - TISE aims to charge listing fees which are less than other major exchanges, with fewer delays.
- Less onerous – Listing Rules and requirements for application and less onerous continuing obligations.
- Lifetime Fee Option for corporate bonds, derivative bonds, securitisation & collateralised loan obligations and sovereign, quasi sovereign, local authority & public international body bonds. This may in certain circumstances be preferable to an application fee and annual fees.
- TISE 1 Form - QIBM applications are made by completing a single, composite application form
- Innovative and entrepreneurial - TISE has demonstrated a willingness to work with the issuer and its advisers to accommodate innovative structures.
- Listing Rules which meet international standards and which are easy to understand.
- Recognised by HMRC, as well as the US Securities and Exchange Commission (''US SEC''), Irish Revenue Commissioners and the German regulator BaFin.]
- Memberships - TISE is an active participant in the international securities industry through its status as an Associate Member of the International Organisation of Securities Commissions (''IOSCO'') and the World Federation of Exchanges (''WFE''). Other official memberships include to the Association for Financial Markets in Europe (''AFME''), the International Capital Markets Association (''ICMA''), and the UN Sustainable Stock Exchanges Initiative (''UN SSE'').