Knowledge

Introduction

The International Stock Exchange ("TISE") provides for the listing of a broad range of debt securities including: asset-back securities, high yield bonds, unsecured loan notes, profit participation notes, convertible bonds and MTN programmes. 

A variety of legal structures and products are available for listing and TISE's listing authority, The International Stock Exchange Authority Limited ("TISEA"), is open to new structures and innovative product lines.

International recognition

TISE is:

• designated by HM Revenue & Customs as a "recognised stock exchange", allowing qualifying debt securities to benefit from the 'Quoted Eurobond Exemption' (as discussed further below);
• a member of the International Capital Market Association (ICMA);
• a member of the International Organization of Securities Commissions (IOSCO);
• an associate member of the Association for Financial Markets in Europe (AFME);
• officially recognised by the Australian Securities Exchange (ASX);
• officially recognised by the Irish Revenue Commissioners;
• officially recognised by the German regulator, BaFin; and
• officially recognised by the US Securities and Exchange Commission (SEC) as a Designated Offshore Securities Market.

Advantages 

The advantages of listing on TISE are:

• TISE is licensed, regulated and supervised by the Guernsey Financial Services Commission;
• a highly streamlined listing process with a responsive Listing and Membership Committee;
• competitive pricing and cost effectiveness including the availability of one-off lifetime listing fee options for certain product types;
• a pragmatic approach to disclosure requirements while maintaining international standards of issuer regulation;
• TISE is a non-EU exchange where EU directives do not apply; and
• TISE is located in a European time zone and an OECD (Organisation for Economic Development and Co-operation) compliant jurisdiction.

Quoted Eurobond Exemption

Due to the designation by the HM Revenue & Customs of TISE as a "recognised stock exchange", qualifying debt securities are eligible for the Quoted Eurobond Exemption. This designation allows an issuer to make payments of interest on TISE listed notes without withholding for UK tax. Equivalent exemptions are available in other jurisdictions such as Ireland. TISEA is flexible in its requirements for a paying agent. Unlike other stock exchanges, TISEA does not insist on the appointment of a local paying agent and, in fact, many listings are achieved without any paying agent being appointed. In comparison with other competitor European stock exchanges, the ongoing disclosure requirements to TISEA on an annual basis are not onerous.

Listing agent requirement

Each Issuer is required to appoint a listing agent. The listing agent is responsible for preparing and submitting the listing application and liaising with TISEA directly throughout the listing process and for the duration of the debt listing. 

Bedell Channel Islands Limited ("BCIL") is a leading listing agent and has been a listing member of TISE since 1999. BCIL has considerable experience of acting as listing agent to a significant number of TISE-listed debt securities – particularly asset-backed securities, high yield bonds, convertible bonds notes and loan notes.

Listing process

The listing application process is straightforward and involves two stages:

• Stage 1: Initial application (response within three business days); and
• Stage 2: Subsequent review and final application (response within one business day).

Depending on the availability of information and the complexity of the listing, the whole process can be completed in two to three weeks. More information on the listing process can be found on TISE's website here.

Fees

The primary TISE listing application fees (as at Jan 2026) are as follows*:

* Indicative fees based on one class of securities.

Depending on the structure of the securities being listed, some additional fees may be necessary and/or appropriate. More information can be found in TISE's current fee schedule here.