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.’
Notes to Editors
Target market: Collective Investment Schemes
A GSX listing promotes investor awareness of the financial standing and credibility of the issuer due to their obligations to meet the standards of the listing rules. The issuer’s willingness to be transparent inspires greater confidence. Listing also increases awareness and interest by the financial community in the issuer and its products. This widens the potential investor base.
GSX has been marketing actively over the last 18 months making trips to Europe, Asia and the US and there is demand for an exchange that offers a reliable, fast to market, and cost effective service for collective investment schemes that wish to make themselves available to investors looking for greater transparency and visibility through an EU listing, themes which play to Gibraltar’s strengths.
Marcus Killick was CEO of the Gibraltar Financial Services Commission until February 2014 having served nearly eleven years in the role. He is an English Barrister and member of the New York State Bar as well as a Chartered Fellow of the Chartered Institute for Securities and Investments and a member of the Chartered Management Institute (Diploma in Management and Leadership) and the Chartered Insurance Institute, Marcus was awarded the OBE in the 2014 New Years Honours List. Prior roles include Deputy Chief Executive of the Isle of Man Financial Supervision Commission, Head of Banking and Investments at the Cayman Island Monetary Authority and Director in KPMG’s Financial International Regulatory Services Team. He is also CEO of ISOLAS, the legal advisors to GSX.
Nick Cowan – Managing Director
Nick Cowan has over 30 years investment industry experience in Developed and Emerging Markets including five years as the Global Head of Equities for ING Barings serving as a Member of Executive Committee. Responsible for 2,500 employees in 43 countries, including 40 stock exchange memberships as well as numerous restructurings, turnarounds, acquisitions and divestments.
Marcus Wohlrab – Marketing Director
Marcus Wohlrab has over 26 years investment industry experience working for Paine Webber, UBS, Director for Europe and the Middle East for NASDAQ and Executive Vice President, EASDAQ running the exchange and reporting directly to the board.
Philip Young – Finance Director
Philip Young has over 26 years investment industry experience. Mr Young began his career in investment banking before moving to investment management where he spent 5 years with a start-up hedge fund and latterly, 5 years with a principal emerging market private equity firm. Mr Young is a CFA Charterholder.
Adrian Hogg (non-executive director)
Adrian Hogg is a Fellow of the Institute of Chartered Accountants in England and Wales (“ICAEW”). He is a former Chairman of the Gibraltar Funds and Investments Association, is a former member of the Gibraltar Finance Centre Council and is a former member of the Gibraltar Society of Accountants Finance Faculty. He sits on the Gibraltar Financial Services Commission’s (“FSC”) Funds Panel and AIFMD Working Group. He has a Practicing Certificate issued by the ICAEW and the FSC. He is licensed by the FSC to act as a Company Manager under the Financial Services (Investment and Fiduciary Services) Act and a Statutory Auditor under the Financial Services (Auditors) Act. Born in England, Mr Hogg has been involved in the accountancy profession since his graduation in 1994. Prior to joining Grant Thornton Gibraltar in 2005 he lived and worked for six years in the British Virgin Islands, during which time he worked for a Big Four audit firm and a Hong Kong offshore bank. He is a specialist in funds, investment business and wealth management structures with over a decades of experience involving investment business structures in the EU and the Caribbean.