Guernsey Press

TISE reports profits up 15.8% despite ‘economic headwinds’

THE International Stock Exchange, based in Guernsey, has revealed record turnover for the first six months of the year and profits up 15.8% at £2.4m.

TISE chief executive Cees Vermaas. (32533092)

The exchange’s interim report revealed a 7% increase in turnover to a record £5.2m. for the six months to the end of June. Profits rose back towards the results of 2021.

Chairman Anderson Whamond said he was ‘extremely pleased’ to report record turnover ‘despite the unsettled macro-economic conditions’.

New listings fell 23% on the same period for 2022 at 375 securities, but year-on-year there was an 8.5% rise in the total number of securities on TISE’s official list, which reached a record 4,140.

Diversification of geographical origin and product type continued across TISE’s Qualified Investor Bond Market. The UK remained the largest single source of new business, but 25% of all securities listed on QIBM originated in the EU and business was also drawn from countries including

Australia, Colombia and the US.

Private equity debt securities, high-yield bonds and securitisations remained the core products listed, although TISE also saw growth in collateralised loan obligations.

‘Delivering further growth in the size and value of our market in the face of continued macro-economic headwinds demonstrates the strength of the business during what is our 25th anniversary year,’ said group CEO Cees Vermaas.

‘With a market-leading bond listing proposition, we maintained our market leader position in specific segments, diversified our product base and expanded our geographical reach.