Equities

TISE is a regulated stock exchange home to a range of innovative equity listings

Responsive. Innovative.

Innovative

In addition to being a well known venue for listing bonds, TISE is also a listing venue for investment vehicles, including funds, REITs and ILS. We are always open to discussing new product lines while also monitoring trends and developments globally to ensure it has an offering which is reflective of the marketplace.

We accept vehicles from the plain vanilla to those investing into more alternative and esoteric asset classes.

Investment vehicles and trading companies can be traded on exchange through our auction system NOVA, by market marker or order driven matched bargain basis.

We were the first to provide transaction settlement for OEICs at Euroclear UK & Ireland, and have more recently worked alongside issuers with blockchain enabled settlement processes.

We have invested in technologies that provide an intuitive member services portal, MyTISE, for an expedient turnaround of listing applications.

TISE Guarantee (3+1)

Our market facing listing team guarantees review timelines (3+1) in order that issuers might plan their equity launch with certainty.

We commit to conduct an initial review of listing applications within 3 business days of first submission and within 1 business day of subsequent submission(s).

We will return comments immediately on completion rather than waiting for a day 3 close of business.

TISE’s market authority can consider and approve final applications received before 12:00 on the intended day of listing, or with the intention of listing the morning of the following business day.

Open ended investment vehicles can elect to list at either 18:00 the same business day or 08:00 the following business day. Listing takes place at 08:00 the next business day for trading companies and closed ended investment vehicles.

Global Recognition

TISE is a Recognised Stock Exchange under S.1005 of the UK’s Income Tax Act 2007 for the purposes of investment by Self-Invested Personal Pensions (SIPPs) and Individual Savings Accounts (ISAs), as well as UK REIT requirements, where applicable.

Global recognition also includes the US SEC (Designated Offshore Securities Market) & German regulator BaFin (approved stock exchange).

We are an actively engaged participant of the wider securities industry with official memberships extending to AFME, ICMA, QCA, IOSCO & WFE.

The International Stock Exchange Authority Limited is licensed by the Guernsey Financial Services Commission to operate an investment exchange under the Protection of Investors (Bailiwick of Guernsey) Law, 2020 and holds MoUs with regulators in other jurisdictions. Our regulated market status has enabled our issuers to attract significant institutional and sophisticated investor groups from jurisdictions across the globe.

For a full list of our recognitions and memberships view our website.

Why TISE?

Competitive Fees

Initial and annual fees are fixed, rather than applied according to market capitalisation, and are competitive compared to other similar stock exchanges.

We are more reasonable than the larger stock exchanges and can save issuers significant sums on both listing and on-going administrative costs. The overall cost, including adviser fees, is less in comparison to traditional exchanges and therefore attractive for a wider range of companies and funds because it allows an earlier point of listing.

Investment Vehicles
Initial Application Fee
Issuer Fee - £5,000 | Class Fee - £1,000
If a class falls under a Sub-Fund or Programme there is an additional £750

Annual Fees
Issuer Fee - £2,000 | Class Fee - £500
If a class falls under a Sub-Fund or Programme there is an additional £500

Trading Companies
Initial Application Fee
Issuer Fee - £5,000 | Class Fee - £1,000

Annual Fees
Issuer Fee - £5,000 | Class Fee - £1,000

Location

Headquartered in Guernsey and with staff operating across the international finance centres of Dublin, Guernsey, the Isle of Man, Jersey and London, TISE offers a convenient and pragmatic marketplace from within the European time zone but outside the EU.

We bring the expertise available in these financial centres to the growing number of international issuers requiring first class services.

We are not bound by any EU directives and, as a result, we are able to be considerably more nimble and flexible in our approach.

Trading

TISE listed securities can be traded on-market through our auction system NOVA, by market marker or order driven matched bargain basis.

NOVA is a bespoke auction-based trading system which enables Trading Members of the TISE to input trade orders for any TISE listed security. The system offers a choice of auction frequencies and the ability to carry out ad-hoc auctions if required. NOVA is geared towards finding the most equitable solution for all market participants involved.

Liquidity

Designed to benefit market participants through the concentration of liquidity into specific events.

Choice

Auctions can be held at an issuer’s discretion, for example weekly, monthly, or ad hoc, providing maximum flexibility.

Access

Global access to TISE listed securities and investors, GMT Trading from 09:00 to 16:30, Multi-currency in accordance with security denomination.

Transparency

Full visual exposure to the order book build, with buy and sell orders displaying on the TISE website, and resulting publication of trade history provides market transparency and information.

Service

A fully automated system, overseen by the market surveillance and with activity set by trading rules.

Competitive Fees

Low Exchange fees for trading activity, currently set at £2.50 per transaction for both buyer and seller.

 

 

Case Studies

How to List Equities on TISE

The submission process

The procedure for listing comprises four stages

Satisfying Listing Conditions

Before an application to list a security is considered for submission on TISE, the appointed Sponsor is required to vet the application against certain conditions for listing prescribed within the Equity Market Listing Rules.

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Application for Listing

The applicant, through its appointed Sponsor, must submit certain documents as required by the Equity Market Listing Rules. Documentation requirements include a Listing Document (which can also take the form of an existing published prospectus, offering memorandum or equivalent document) together with supporting documentation such as accounts and certain material contracts (where applicable) as well as the application for admission, Sponsor’s Declaration and Directors Declaration.

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Approval

All applications for listing will be processed by the staff in our Listing Department. Once satisfied with an application they will submit a report, including their recommendations to TISE’s Listing and Membership Committee (LMC) for the LMC’s consideration.

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Listing

If the LMC approves the application, the Listing Document is then filed and the securities are admitted to the Official List with effect from a mutually agreed date. 

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Key reference points

The key points of reference for the listing process:

Appoint a Sponsor 

A listing application must be made via one of our dedicated listing members

View our Sponsors

Listing Rules 

We provide a dedicated all-inclusive rule book which sets out a proportionate disclosure regime for all equity products

View our Equity Market Listing Rules

Listing Fees 

Our fees are extremely competitive when compared with other venues

View our Equity Market Listing Fees

Continuing Obligations 

Post listing continuing obligations can be located at chapter 4 of the Equity Market Listing Rules

View our Equity Market Listing Rules

TISE Equity Market Data

A comprehensive list of securities listed on our Equity Market

Equity Market Documents

NOVA - TISE Trading System

TISE operates a bespoke auction-based trading system called NOVA which enables our Trading Members to input trade orders for all traded securities listed on TISE

Latest Equity News