The CSX: ‘Listing @ its Best’
|
|
|---|---|
| Launched in January 1998, the CSX specialist debt listing facility has attracted the attention of the major institutional arrangers for these types of issue, who have listed a variety of asset-backed securities, credit-linked notes and collateralised debt offerings on the CSX . | |
| The issuance and listing of debt under CSX - approved debt issuance programmes has also proven very successful, with 19 such programmes approved by mid 2001. Approval of debt issuance programmes is valid for five years with no annual updates required. The listing rules reflect the market: such securities are usually purchased and traded by a limited number of institutional investors who are particularly knowledgeable in investment matters. 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 advisers may deal directly with the CSX ’s listing department. This helps reduce costs and improve time efficiencies. Additionally, again unlike other stock exchanges, the CSX is not bound by the European Union Listing Directives and as a result can be considerably more flexible in its approach. |
Specialist Debt
|
| Language is further advantage to listing on the CSX compared to listing on other exchanges : English, the common language of international finance, is the language for all listing documentation. | |
| The CSX, alert to market developments, demonstrated again its hallmark flexibility by introducing in 2001 special listing requirements for preferred shares issued by special purpose vehicles (SPV ’s). Due to the nature of preferred shares, these requirements are a combination of those for specialist debt and equity, and emphasize disclosure of relevant information to enable an investor to assess the value of the securities. | |
