20th December 2013

Channel Islands Securities Exchange founded

Finance and tourism have long been Guernsey’s two largest industries, so it’s barely any surprise that Guernsey set up its own stock exchange on 20 December 2013.

Officially called The Channel Islands Securities Exchange Authority Limited, but operating as The International Stock Exchange Authority, it is headquartered in St Peter Port and has offices in Jersey and the Isle of Man. It lists companies based in Guernsey, Jersey and jurisdictions beyond the Channel Islands.

The Exchange came about when the Royal Court of Guernsey authorised the rebranding and relaunch of the Channel Islands Stock Exchange, which had been founded in March 1998 and opened seven months later. It had been closed to new members in October 2013 after historical “defects” were discovered in its structure, by which time it had more than 5000 companies on its list.

It re-opened to new members a few days later, and in December the BBC reported that “[t]he Guernsey Financial Services Commission, which was investigating [the stock exchange], would not release details of the problems, but it did confirm they were historical and did not relate to its current work.”

When it relaunched as the Channel Islands Securities Exchange, it had split apart the two halves of its business so that they could operate without any potential conflicts of interest.

Within its first five years, the Securities Exchange had attracted listings of more than 2,000 securities with a market capitalisation in excess of £300bn. One of the securities that it listed was itself.

 

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Other events that occured in December

French fishing boats prepare to invade 1st
Two cargo ships collide on their way to Guernsey 2nd
Guernseyman Herbert Le Patourel wrongly thought killed 3rd
A Guernsey funeral takes place in Cornwall 4th
Guernsey steamship SS Rossgull is wrecked 5th
The Guernsey Tapestry is completed 6th
Air UK Fokker overshoots Guernsey runway 7th
Naftel’s paintings go on display 8th
Guernsey and Jersey newspapers agree to merge 9th
Sark holds its first election 10th
Beau Sejour opens for business 11th
Victor Hugo flees France and Napoleon 12th
Explorer Edmund Kennedy is speared to death 13th
Author Mary Ann Shaffer is born
Herm bribery case comes to court 14th
Alderney’s evacuees return to their island 15th
Guillaume de Beauvoir appointed dean of English Church in Geneva 16th
Castle Cornet surrenders to Guernsey 17th
Telex, phones and telegram cables go quiet 18th
Guernsey shipwreck results in starvation 19th
Channel Islands Securities Exchange founded 20th
G-COBO has a bumpy flight 21st
Guernsey struck by an earthquake 22nd
William Hedley Cliff buys Jethou 23rd
Wombles author Liza Beresford dies 24th
Asterix is discovered in St Peter Port harbour 25th
Guille and Alles lease the Assembly Rooms 26th
The Red Cross saves Guernsey from starvation 27th
Operation Hardtack targets the Channel Islands 28th
Ebenezer Le Page author GB Edwards dies 29th
Castle Cornet is struck by lightning 30th
Guernsey Police makes the world’s first underwater arrest 31st