The Bank of New York has become a “listing sponsor” for the Channel Islands Stock Exchange (CISX). This means it will sponsor listings for all types of debt securities on the CISX from its London office. The bank already services the stock exchanges in Luxembourg and Ireland, but says it is the first corporate trust provider to offer listing services in the Channel Islands.
“Having The Bank of New York as a listing sponsor enhances the international profile of the CISX,” says Tamara Menteshvili, chief executive of the Channel Islands Stock Exchange. “The listing services provided by The Bank of New York will help attract issuers of specialist debt securities and quality names to the CISX Official List.”
Steven Hodgetts, managing director of global trust services at The Bank of New York, says that CISX attracted a lot of structured finance business. “The CISX has the potential to become a premier offshore stock exchange for the international capital markets, and our clients will benefit from having access to this attractive listing alternative,” he says.
For the first nine months of 2003, The Bank of New York was ranked as the leading overall trustee provider for issues new to the US taxable and long-term municipal debt markets, according to data compiled by Thomson Financial. The Bank of New York’s top ranking was based on the amount of capital raised in the transactions in each of the two debt categories, which, on a combined basis, aggregated 1,076 issues, representing nearly $270 billion in principal, that were brought to market during this period.