Background

The Channel Islands Stock Exchange ("CISX"/"Exchange") was formed as a company limited both by guarantee and by shares. Management and control are vested in the Board of Directors.  Based in St Peter Port, Guernsey, the CISX provides a listing facility and screen-based trading.  The CISX's mission is to be the premier offshore stock exchange in the European time zone and the Exchange of choice for the listing of investment funds, debt instruments and the shares of companies.

The CISX has concentrated on the following core products:

• Specialist Securities, including, Eurobonds, Structured Debt, Warrants and SPVs;
• Investment funds;
• Primary and secondary listings of securities and shares issued by Channel Islands' companies;
• Primary and secondary listings of securities and shares issued by overseas companies; and
• Channel Islands Depository Receipts (CIDRS).

In the fullness of time, the CISX plans to expand its products and services to include, for example, the listing and trading of products such as insurance related instruments.

The CISX commenced operations in October 1998 and has grown rapidly with over 3,000 securities having been approved by the Market Authority since inception, for a total market capitalisation of US$ 17billion. The CISX offers a personalised approach and fast track processing of listing applications within a highly regulated and innovative marketplace.

The key strengths of the Exchange are as follows:

• competitive pricing;
• responsive and approachable Market Authority that meets daily to consider applications for listings;
• international standards of issuer regulation;
• enhanced marketability and added value service; and
• premier location.

The CISX provides high visibility for its listed securities and sponsors through its web-site www.cisx.com. This service is in addition to the market data and price quotations distributed world-wide through the CISX's Reuters pages.