The International Stock Exchange (TISE) has launched its new bespoke auction trading system, NOVA
This update provides an introduction to the new bespoke auction trading system, NOVA, at The International Stock Exchange (TISE) and a summary of Appleby listing agent services in the Channel Islands.
Appleby Securities (Channel Islands) Ltd (Appleby) advises a range of clients on a significant number of listings of securities on TISE.
One recent development is that TISE has just launched its new trading system, NOVA.
NOVA trading system
The first auctions on NOVA have been held, with a Trading Member of TISE facilitating the order book entries for auctions in the TISE listed securities of a number of issuers.
The auction model is designed to benefit market participants through the concentration of liquidity into specific events. Auctions can be held at an issuer’s discretion, e.g. daily, weekly, monthly, providing maximum flexibility.
Transparency is provided to the market through full visibility of the order-book build with the TISE website displaying buy and sell orders and the indicative price and volume, as well as full trade history.
NOVA’s underlying algorithm operates on the principle of best execution and trades are output for onward settlement processing, through Euroclear (CREST and CREST Residual), Clearstream or otherwise as agreed by TISE, streamlining the process and maximising efficiencies, and providing necessary trade reporting for TISE Trading Members.
Individuals wishing to deal in a TISE listed security should contact a Trading Member of TISE to undertake a transaction on NOVA.
Whilst offering a “Recognised Stock Exchange” for the purposes of UK HM Revenue & Customs, TISE’s robust but proportionate listing rules, combined with TISE’s pragmatic and commercial approach to listings, often appeals to issuers from the United Kingdom, Europe, the United States and Asia.
Listing Sponsor Services
Appleby is a leading listing agent with TISE, which listed 1,111 securities during 2021 against the backdrop of the coronavirus (COVID-19) global pandemic. This is the highest annual total of new listings since the inception of TISE, and Appleby acted as listing agent on an increasing number of these listings, representing a 93% increase on 2020.
Appleby assists domestic and international entities looking for a primary or secondary listing on TISE. Our listings team is committed to delivering a highly professional and integrated service, coordinating the listing process, and supporting the issuer through their application. We also act as our client’s ongoing listing agent and assist them in meeting their continuing obligations as a listed issuer on TISE.
The International Stock Exchange
TISE is a regulated marketplace from within the European time zone but outside the European Union. TISE is a “Recognised Stock Exchange” by UK HM Revenue & Customs. Today there are more than 3,500 securities listed on TISE with a total market value of more than £500 billion. The majority of listings on TISE are for debt securities (including High Yield Bonds and Quoted Eurobonds) but TISE can also list other types of securities, such as REITs, Sustainable Bonds, Securitization Bonds, SPACs, other investment vehicles and equity listings.
