How to List
The process for listing on TISE is straightforward, timely and cost-effective.
Appointing a Sponsor/Listing Agent
An issuer must have a Listing Agent (bonds) or Sponsor (equity) appointed at all times while it is an applicant for listing or is listed. The Listing Agent or Sponsor acts as an intermediary between the issuer and the Exchange and responsibilities include preparing and lodging the formal listing application.
A Listing Agent or Sponsor must be a Listing Member of the Exchange which has met the eligibility criteria to act in respect of a particular product. A full list of current Members and their category of eligibility are available below.
Stage 1 - Initial applications
Response within 3 business days
The issuer, via the Listing Agent or Sponsor, files an initial submission with documents in draft.
- Once a submission is received which meets minimum information requirements then an analyst is assigned to the application
- The application is reviewed and a recommendation is made on the issuer's suitability for listing which is considered by the Listing and Membership Committee (LMC)
- Within 3 business days from submission of the initial application, a Comments Letter is then released
Stage 2 - Subsequent reviews
Response within 1 business day
For each subsequent review we will respond within 1 business day.
- The LMC can consider and approve final applications received before 12 noon GMT on the intended day of listing, or with the intention of listing the following morning
- The relevant Listing Fees must be paid by 12 noon GMT that day in order for a Grant of Listing Letter to be released and the securities admitted to the Official List
- Bond issues & open ended investment vehicles can elect to list at either 18:00 GMT the same day or 08:00 GMT the following morning. Listing takes place at 08:00 GMT the next day for trading companies & closed ended investment vehicles
Rules and documents
The Exchange’s market authority has Listing Rules for bonds and equity which set out the conditions for listing, the application procedure and Listing Document disclosure obligations and the required initial and final application documents.
The initial application documents required for the market authority to start its review include:
- Letter of derogation, if applicable
- Executed deed or other instrument constituting the securities
- Structure chart