Listed Products

Mutual funds	The Cayman Islands is the world leader in the offshore mutual funds industry. The CSX’s clear, concise listing rules and fast efficient service have underpinned its success as a listing venue for offshore mutual funds. Schroders, Royal Bank of Scotland, Butterfield Bank, CIBC and Scotiabank are just a few of the world’s leading asset managers attracted to a listing on the CSX. Many of the largest hedge funds in the world have also taken advantage of our facilities. A listing on the CSX brings multiple benefits to a fund. Because certain types of investor may only invest in listed rather than unlisted securities, a listing enhances the marketability of a fund and gives it access to a wider investor base. A listing also provides a greater level of transparency and third party oversight to a fund, a marketing advantage over funds that are not listed. For closed–ended funds, where there is no facility to redeem, a listing on the CSX can provide a secondary market with a trading platform for both buyers and sellers. Top of page
Specialist debt securities	The CSX specialist debt listing facility has been used extensively by the major institutional arrangers for these types of issues. Bank of America, Deutsche Bank, JP Morgan Chase, Goldman Sachs, Morgan Stanley, UBS and Nomura have all used the CSX for listing issues of asset-backed securities and other forms of specialist debt. The CSX’s understanding of this highly specialized market has enabled it to develop sophisticated listing rules. These have been specifically tailored to meet the needs of debt issuers and to accommodate the latest sophisticated structures and products. The listing rules also reflect that such securities are usually purchased and traded by a limited number of institutional investors who are particularly knowledgeable in investment matters. Accordingly, the rules focus upon the disclosure of all relevant information without imposing unnecessarily onerous conditions upon the issuer Unlike other stock exchanges, there is no requirement in the CSX’s listing rules for a local listing agent to be appointed in connection with an application to list specialist debt securities. The lead manager or the issuer’s legal advisors may deal directly with the CSX’s listing department. This helps to reduce costs and improve time efficiencies. Top of page
Eurobonds	The CSX is a very popular facility on which to list Eurobonds. The Eurobond rules cover ‘plain vanilla’ eurobonds, convertible debt securities, securities issued by supranational bodies and securities guaranteed by a company or a government. Issuers of such products often list to meet the investment requirements of institutional investors. As the CSX has UK HMRC recognised status, no UK withholding tax is deducted on interest payments to investors. Top of page
Derivative warrants	Listing rules which specifically facilitate the listing of derivative warrants were introduced in March 1999, and were met immediately with great interest from major international financial institutions. The CSX listing requirements, with their emphasis on disclosure of relevant information, are appropriate for the sophisticated investors who purchase and trade in these specialist products. Top of page
Depositary receipts	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 the market is dominated by sophisticated investors, primarily financial institutions, who are particularly knowledgeable in investment matters. Top of page