The Cayman Islands Stock Exchange - The Official Website of The Cayman Islands

The CSX is a private limited company owned by the Cayman Islands Government but operating as an independent entity. The CSX was originally set up to provide a listing facility for the specialist products of the Cayman Islands: namely offshore mutual funds and specialist debt securities. More recently, the facility has been expanded to include global depositary receipts, derivative warrants and Eurobonds. The Cayman Islands Stock Exchange (the CSX) commenced operations in July 1997. Since then, business has been brisk with over 900 issues approved for listing. The Cayman Islands recognizes several holidays, Monday 1st January, New Year's Day, Monday 22nd January-National Heroes' Day, Wednesday 21st February-Ash Wednesday, Friday 6th April-Good Friday, Monday 9th April-Easter Monday, Monday 21st May-Discovery Day, Monday 18th June-Queen's Birthday, Monday 2nd July-Constitution Day, Monday 12th November-Remembrance Day, Tuesday 25th December-Christmas Day, Wednesday 26th December-Boxing Day. The Cayman Islands is the world leader in the offshore mutual funds industry. The CSX’s clear, concise listing rules and fast efficient service have underpinned its success as a listing venue for offshore mutual funds.

Schroders, Bank of Butterfield, CIBC and Scotiabank are just a few of the worlds leading asset managers attracted to a listing on the CSX. Several of the largest hedge funds in the world have also taken advantage of our facilities. A listing on the CSX brings multiple benefits to a mutual fund. Because certain types of investor may only invest in listed, rather than unlisted securities, a listing enhances the marketability of a mutual fund and gives it access to a wider investor base. For closed ended funds, where there is no facility to redeem, a listing on the CSX can provide a secondary market with a trading platform for both buyers and sellers. Specialist debt securities: the CSX specialist debt listing facility has attracted the attention of the major institutional arrangers for these types of issues. Merrill Lynch, Deutsche Bank, Chase Manhattan, Salomon Smith Barney, UBS and Lehman Brothers have all used the CSX for listing issues of asset-backed securities, credit-linked notes and collateralized debt offerings. The CSXs understanding of this highly specialized market has enabled it to develop sophisticated listing rules. These have been specifically tailored to meet the needs of debt issuers and to accommodate the latest sophisticated structures and products. The listing rules also reflect that such securities are usually purchased and traded by a limited number of institutional investors who are particularly knowledgeable in investment matters. Accordingly, the rules focus upon the disclosure of all relevant information without imposing unnecessarily onerous conditions upon the issuer. Unlike other stock exchanges, there is no requirement in the CSX’s listing rules for a local listing agent to be appointed in connection with an application to list specialist debt securities. The lead manager or the issuer’s legal advisors may deal directly with the CSX’s listing department. This helps to reduce costs and improve time efficiencies. Derivative warrants: listing rules which specifically facilitate the listing of derivative warrants were introduced in March 1999, and were met immediately with great interest from major international financial institutions. The CSX listing requirements, with their emphasis on disclosure of relevant information, are appropriate for the sophisticated investors who purchase and trade in these specialist products. Depositary receipts: the CSX has developed rules for Depositary receipts. The listing requirements for depositary receipts are less demanding than those for shares because the market is dominated by sophisticated investors, primarily financial institutions, who are particularly knowledgeable in investment matters. Eurobonds: The latest addition to the listing rules of the CSX is the facility to list Eurobonds: the Eurobond rules cover Eurobonds, convertible debt securities, securities issued by supranational bodies and securities guaranteed by a company or a government. Issues of such products may have to be listed to meet the investment requirements of institutional investors.