CI Stock Exchange secures a first with Euroclear deal
Wednesday 7th October 2009, 2:30PM BST.
THE Channel Islands Stock Exchange has become the first such facility to provide open-ended investment companies settlement with Euroclear UK & Ireland.
The exchange has been trading OEICs since March 2005 and will now be able to offer listed issuers in UK-domiciled OEICs, including those in Guernsey and Jersey, with transaction settlement at Euroclear UK & Ireland on or outside dealing days.
Euroclear UK & Ireland is the central securities depository for UK, Irish and Channel Island securities and already provides settlement and related services for a wide range of securities traded on the CISX.
Its extended coverage to include open-ended investment companies is hugely significant, according to CISX chief executive Tamara Menteshvili (pictured).
She said it would add to the exchange’s appeal to fund managers and investors alike.
‘Extending settlement of OEIC transactions to the proven capabilities of Euroclear UK & Ireland will revolutionise the open-ended funds sector by enabling investors to redeem and subscribe to shares electronically on or outside normal dealing days.
‘The move enhances the efficiency of the settlement process for investors and brings new opportunities, both for the exchange and the investment business sector within the Channel Islands. It will have particular significance for securities with monthly or less-frequent dealing days, such as in the open-ended property funds market.
‘It is a further example of the exchange’s innovative approach to exchange services.’
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More PR spin and revenue for our ‘ local stock exchange’
How about a headline that isn’t about the fine art of making rich people richer for a change, and some details of a company that is actually doing something worthy for our island, not just lining their pockets and taking us further down the road to capitalist ruin?
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Scarlett, I couldn’t disagree with you more. The CISX is primarily of benefit to Guernsey. It is a business magnet. The business it attracts provides employment for our people. Everyone in Guernsey should bless the day the CEO of the Stock Exchange chose to live in Guernsey. Like an expert fisherman she continually throws juicy bait, like this initiative, on the water and will be rewarded with plenty of fish for supper. To say the CISX is not doing something worthy for our Island brings tears to my eyes!
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Dear Horace.
Wipe your tears, my dear, they’re stopping you from reading betwixt the PR spin lines, and besides, you’ve got your nice job at the CISX to console you, so really, cheer up!
The CISX provide a few paltry jobs to locals, and in return makes itself incredibly rich off the back of money that it continually encourages to flow into the island on the basis that it’s for ‘the greater good’.
We all know what this company and it’s fellows in finance is about, namely MONEY, in particular, THEIRS, and what irritates me is their careful cultivation of their media coverage to ensure we believe their ‘mission to help the island’ verges on the saintly, which it is not!
They are not Oxfam, Unicef or the UN, they are a wealth generating entity that is based here to take advantage of Tax benefits and make lots of money making the rich richer, with no care for much else.
They and their greedy bed fellows will continue to ply their wares from the CI’s whether we like it or not, but purleez, stop insulting our intelligence with false notions of some selfless, noble cause.
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Hi Scarlett,
An interesting post. My view is and always will be that the purpose of the financial sector is to provide employment for the indigenous population. It has its agenda and I have mine. When I see it no longer providing those jobs but purely benefiting from the position hard won by our forebears then I will probably move a little closer to your view.
The CISX creates jobs throughout the finance industry by attracting business here. It does the same for Jersey (shame!). I like the fact that all my family are here and have good jobs. In my day (I am getting older) most of us had to leave because the jobs were not available. A lot of my friends have been able to return to the Island as well to take up jobs in finance.
I have worked in all of Guernsey’s main industries. I have milked cows, grown tomatoes, run a small guest house and worked in finance. Luckily for me as one business declined another took its place.
As long as finance creates jobs for us I will support it.
PS I do not and never have worked for the CISX but was a supporter before, during and after it launched for the reasons I have outlined above.
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Dear Horace.
Ah, I have a mental picture now of wellies, a pin stripe suit, briefcase in one hand, milking bucket in the other…an interesting combination!
I come from an equally diverse background, and I guess you would say fall into the more ‘mature’ category, but, as we know, I have a very different opinion about the finance industry.
It may well be great that so many have jobs because of the benevolence of the finance industry, which, not that long ago, made it clear through one of their major ‘voices’ that if we didn’t dance to their tune, that they would all up sticks and leave, but to focus on this one, short sighted, selfish positive not only oversimplifies the situation, but fails to acknowledge the reality of the many downsides which we are all aware of, and the real danger that the island faces through the regulation of other jurisdictions (see today’s headline regarding Funds) who are tired of us flouting the rules that others have to abide by.
The knock-on effect this has on an island that has so foolishly put all it’s golden eggs in one basket may, ironically, bring about the days you well remember, of locals having to leave the island because of lack of employment. Sad, but true.
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Horace
You must be really old mate:) because i`ve been working here for 30+ years now and i never had to leave because there was no work. I don`t know of any friends that had to leave either. One thing i have noticed though is that we made do with what we could afford unlike now with this false wealth we have, it`s all on credit. So what do we really own?. I think if all the debts were called in then we would see just how wealthy we realy are.
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Did anyone else read in the Sunday Times about an alleged tax fraud against the UK tax authorities using a company set up on CISX whose value of shares has apparently turned out to be worthless?
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