The Cayman Stock Exchange (CSX) first opened its doors in
1997 and hasn’t looked back
once. In 1999 the CSX was
admitted to the London Stock
Exchange’s list of approved
organizations. This was the
first offshore exchange to gain
this designation. Independent
review by KPMG in October of
2000 declared the CSX to meet
international standards in its
operations. CSX’s listing rules
have been designed to allow the
listing of specialist debt,
depositary receipts, derivative
warrants, mutual funds and
Eurobonds. The exchange also
provides a facility for domestic
companies to list trade, if they
satisfy the requirements. CSX
includes a secondary listing
facility for companies trading
on another recognized exchange.
To ensure the highest standards
are met the Cayman Stock
Exchange has partnered with
Bloomberg Financial Markets
providing global financial
information. Bloomberg and CSX
have developed a fully
electronic listing and trading
service as well as a dedicated
news wire service. Trading is
order driven, displaying a
buying and selling price
throughout the day. Listing
rules for Eurobonds are one of
the latest developments at the
Exchange. Designed for issues of
debt securities these bonds are
usually purchased and traded by
a limited number of investors
who are particularly well versed
in
Investment matters and Cover
‘plain vanilla’ Eurobonds,
Convertible debt securities by
supranational bodies, Securities
guaranteed by a company or a
government and Credit-linked
securities. Keeping with the
rules for specialist debt, there
are no requirements for a
listing agent to be appointed in
order to apply to list Eurobonds.
