Cayman Islands Financial Services

According to the Cayman Islands Financial Services Association (CIFSA), the Cayman Islands Stock Exchange (CSX), which in June celebrated its 10th anniversary, has made a major contribution to the Cayman financial services industry.

CIFSA suggests that the 1st decade of achievements of the Cayman Islands Stock Exchange is a great contribution to the strength of the financial sector in the Cayman Islands. CIFSA director Eduardo Silva said that “the growth of the Cayman Islands Stock Exchange over the past decade has underpinned the growth across the financial services sector, increasing the attractiveness of the various industry segments to international clients, while ensuring that participating investors can rely on the jurisdiction meeting the highest standards of compliance”.

He also added that the development of hedge funds and structured finance in the Cayman market was a result of the quality of the listing services and growing international reputation of the CSX.

The CSX was initially established to provide a listing facility for the mutual funds and specialist debt products in the Cayman Islands, however, now it covers a great variety of complicated vehicles and structures including Eurobonds, depository receipts, derivative warrants, preferred shares and international equity. Currently there are more than 1 400 listings on the Exchange.

The growth in listings was stimulated by the international recognitions received by the CSX.

Particularly, in March 2004 the UK’s Inland Revenue named the CSX as a “Recognised Stock Exchange”, which made it more commercially attractive to UK investors. Also, in 2003, the CSX was also admitted as an affiliate member of the International Organisation of Securities Commissions (IOSCO). In 2001, the Cayman Islands Stock Exchange became the 1st (and is still the only) offshore exchange that joined the Intermarket Surveillance Group dealing with information sharing and enhancing market surveillance. In 1999, the CSX became the 1st offshore stock exchange registered with the London Stock Exchange.

This entry was posted on Wednesday, July 11th, 2007 at 7:43 am and is filed under Cayman Organizations, Cayman Services General Information. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.