Gibraltar: Stock Exchange Approved and Ready
GSX Limited (“GSX”), Gibraltar’s first ever regulated stock exchange has announced that it has now been granted authorisation by the Financial Services Commission of Gibraltar to commence its operations.
The opening will be in two distinctive phases. In the initial “soft launch” phase from the start of next month (1 November 2014), GSX will be inviting firms to apply for membership as Listing Members, with a number of applicants having expressed their keen interest already.
The full opening for listings themselves will then be during the first quarter of 2015
Nick Cowan, Managing Director of GSX comments:
“This is an exciting moment for all of us here at GSX as we go live as well as for the financial community in Gibraltar and the world-wide fund market. We have been working closely with the FSC and undergoing intensive scrutiny from them as we have developed to ensure that we have an attractive exchange that meets their high standards. We are grateful for their approval and look forward to welcoming our first Listing Members in the coming weeks. There has been a lot of preparation over a long period to make our offering both robust and competitive. Many have helped us with advice and input of so many sorts. Thanks to them, we are set to open with confidence and support”
Adrian Hogg, non-executive director of GSX believes that the opening of a stock exchange will provide Gibraltar with an additional pillar and product offering to its expanding financial services sector and will provide infrastructure in further establishing Gibraltar as a leading EU finance centre.
Albert Isola, Minister for Financial Services, says ‘I am delighted that GSX has successfully completed its regulatory process and believe the Exchange will further assist in the continued development of our financial services sector. This is an important step forward for our well-regulated, transparent and internationally cooperative jurisdiction.’
Joey Garcia, Funds and Investment Services Partner at ISOLAS, the legal advisor to the exchange, believes that the establishment of the exchange is hugely positive. ‘GSX will commence its business as a streamlined listing exchange for collective investment schemes which makes it an exciting European fund distribution platform, but the ambitions for the exchange go well beyond this which can only be positive for Gibraltar.’
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