Corporate Debt Securities
The CSX is well suited for listing all types of corporate debt, including private equity and capital markets transactions, as well as corporate and sovereign debt securities.
Corporate and Sovereign Debt Securities
Specialist Debt Securities
From Cayman-domiciled SPVs to other types of specialist debt, including structured finance, securitizations, sukuk and loan participating notes, the CSX has specific listing rules to meet the needs of these issuers.
1) Guide: CLO Listings on the CSX
Retail Debt Securities
The Exchange’s capabilities to list retail debt are targeted to emerging companies seeking an efficient, transparent market for debt listing targeted to retail investors.
Emerging companies with strong growth potential and a desire to efficiently position themselves to global investors are ideally suited to listing shares on the CSX. The CSX recently launched a new equity market – ‘XCAY’ – which operates on Deutsche Boerse’s XETRA® trading platform and provides connectivity to up to 400 banks and brokers worldwide, as well as easy access to markets on both sides of the Atlantic.
The CSX has tailor-made rules for derivative warrants, which are linked directly or indirectly to specified equity or debt securities, indices, currencies, interest rates, swap rates, exchange rates and certain commodities such as oil, gold and silver may be admitted to listing.
The CSX is a leading, global listing venue for investment funds, underscored by the experience and expertise of the Cayman Islands’ status as home to the largest proportion of the world’s hedge funds.
Building on the Exchange’s institutional fund experience, the CSX maintains a distinct set of listing rules and requirements for funds focused on retail investors. These include more detailed disclosure and reporting needs congruent with the expectations for investments targeted to individual retail investors.
1) Guide: Investment Funds listing on the CSX
2) Guide: Continuing Obligations for Funds listed under Chapter 9
The CSX has developed rules for depositary receipts, both sponsored and unsponsored. The listing requirements for depositary receipts are less demanding than those for shares as sophisticated investors, primarily financial institutions, who are particularly knowledgeable in investment matters, dominate the market.
The CSX offers an ideal option for companies seeking a secondary listing. As a full exchange focused on being an efficient gateway to global markets, a secondary listing on the CSX can provide issuers an opportunity to extend their global investor reach or extend their daily trading activities across geographies and time zones. Issuers’ existing listing and reporting requirements make the set up process for a secondary listing on the CSX quick and easy.
The CSX offers a fast-track secondary listing to companies which have a primary listing on a recognised exchange. At the time of listing on the CSX an issuer must confirm that the primary regulation of its securities will be provided by such other exchange. It is not required for an issuer of secondary listings to appoint the CSX’s listing agent.
As part of the continuing obligation requirements every issuer with secondary listing must make any information notified to the primary exchange simultaneously available to the CSX.
Industry Specific Listing Products
As a specialist Exchange, the CSX has developed specific offerings to meet the unique financing and capital markets needs of specific industry sectors:
Equities for Specialist Companies and Sophisticated Investors
The CSX has a specific offering for specialist companies (identified as those without a three year operating history or audited financial statements), looking to issue securities to qualified investors (defined as those who subscribe for at least $100,000 of securities in issuers and represent that they are knowledgeable in investment matters). This specialist company-sophisticated investor offering allows companies to achieve a full listing on a main market while providing access to a wider base of institutional investors.
The CSX can accommodate listings of shipping companies, including those owning anything from luxury yachts to a fleet of supertankers. The Exchange’s capabilities are underscored by the Cayman Islands having one of the world’s foremost shipping registries. Overseen by the Cayman Islands Shipping Registry, the jurisdiction’s capabilities in serving the global shipping sector are also enhanced by the presence and extensive maritime expertise of a number of Cayman-based service providers.
Our established links to global markets and geographical proximity to some of the world’s major mineral producing regions make us a valuable and convenient listing centre for mining and exploration companies.
Clean Technology Companies
Recognising the commercial and environmental benefits of the Clean Tech and the Exchange’s ability to provide an efficient gateway to capital markets, the CSX has devised special listing rules for this sector. These listing rules take into consideration how the technology, products and services of Clean Tech companies can generate superior commercial benefits to customers, while addressing environmental concerns such as global warming, sustainability of natural resources and energy security.
Insurance Linked Securities
The CSX’s specialist listing experience combined with jurisdictional expertise in reinsurance have helped solidify the Exchange’s capabilities in listing insurance linked securities and catastrophe bonds.
Exchange Traded Funds
The CSX has developed dedicated listing rules for ETFs. The rules are an extension of the general requirements for investment funds and facilitate listings of passively or actively managed exchange traded products linked to specific equity or debt securities, indices, currencies and commodities such as oil, gold and silver.
The CSX has developed specific listing requirements for property funds, acknowledging the unique needs of this sector. As typically closed-end funds with a limited number of shares, issuers benefit from the CSX’s well-established profile with global institutional investors.
The CSX has developed a set of listing rules suited to the requirements of forestry funds investing in projects at various stages.
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