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The International Stock Exchange (TISE)

Name The International Stock Exchange (TISE)
Country Guernsey
Number of listed companies 1942
Domestic market capitalization 623520 million US$
SSE Partner Exchange Yes
Has annual sustainability report Yes

  • The TISE Group publishes a statement of compliance with the Quoted Companies Alliance (QCA) Code of Corporate Governance and produces a standalone Corporate Sustainability Statement.

ESG reporting required as a listing rule No

  • However, in order to qualify for inclusion on TISE Sustainable, issuers must demonstrate (both at admission and on an ongoing basis) their compliance with at least one internationally recognized sustainable finance standard. Further information here

Has written guidance on ESG reporting No

Offers ESG related training No

  • According to the stock exchange information, TISE proactively engages with regulators and industry associations to promote and support the development of environmental, social and sustainable finance products and initiatives. TISE also adds that their employees regularly contribute articles to industry publications and participate in panel discussions, both locally and internationally, discussing a variety of topics connected with the financing of a sustainable future.

Market covered by sustainability-related index No

Has sustainability bond listing segment Yes

  • TISE Sustainable is available to all TISE-listed issuers – including both bond and equity issuers and investment vehicles – who demonstrate (both at admission and on an ongoing basis) their qualifying credentials through an independent assessment of compliance with at least one internationally recognized sustainable finance standard. Further information here

Has SME listing platform Yes

  • The TISE equity market for trading companies is aimed at SMEs

Women on boards mandatory minimum rule No

Additional information
  • More information about the Group’s governance and sustainability credentials here
  • More information about TISE Sustainable market segment here and here.

 

Organizational model of stock exchange
Listed. The International Stock Exchange Group Limited, is listed on TISE. Further information here

Regulatory bodies

Regulatory model
Strong exchange SRO.

The International Stock Exchange Authority Limited (a wholly-owned subsidiary of The International Stock Exchange Group Limited) is licensed to operate an investment exchange by the Guernsey Financial Services Commission (GFSC). The GFSC is only permitted to oversee the operation of TISE itself and is not responsible for regulating the conduct of TISE’s members or acting as Market Authority. Therefore, The International Stock Exchange Authority Limited is required to establish, supervise and enforce its own Listing Rules and Membership Rules to regulate the conduct of TISE’s members and issuers.

About the stock exchange
Built on a culture of responsiveness and innovation, The International Stock Exchange (TISE) is a regulated market specialising in listing bond issuances aimed at professional investors.

Headquartered in Guernsey and with staff operating across Dublin, Guernsey, the Isle of Man, Jersey and London, TISE’s regulated market is uniquely positioned within the European time zone but outside both the UK and the EU.

As well as being a major European professional bond market, where it is among the leading venues in Europe for listing high yield bonds and is experiencing strong growth in structured finance and securitisation transactions, TISE also has a small pool of ‘domestic’ equities, as well as a larger group of investment vehicles, including a significant share of UK Real Estate Investment Trusts (REITs).

Issuers choose TISE because the products are provided through an efficient and cost-effective service from a venue which is internationally recognised and operates to global standards.

With a business established in 1998, the Exchange now has more than 3,500 listed securities on its Official List with a total market value of more than £500 billion.

TISE is committed to being part of the sustainable capital markets ecosystem, both in terms of how we conduct and manage our business and through our role as a facilitator of global capital flows. Our dedicated market segment, TISE Sustainable, connects international investors with global issuers who are promoting environment, social or sustainable activities.

Criteria for Stock Exchange Database

The SSE maintains a database of sustainability activities for all stock exchanges that are either members of the SSE initiative and/or members of the World Federation of Exchanges. This database is the most comprehensive database of stock exchanges worldwide and contains data on all main stock exchanges. The information in this database is intended to inform investors and other stakeholders on the work stock exchanges are undertaking to advance sustainability in their respective markets.

The information provided in this database is based on publicly available information prepared by the SSE Secretariat with input from stock exchanges in most instances. Sources and explanatory notes on sustainability information have been included in individual Stock Exchange Fact Sheets. The criteria for each category can be found below.

While every effort is made to keep the information in this database up to date, please be aware that certain factors change frequently and therefore may not be exact, such as the number of listed companies or market cap.

Field

Criteria Considered

Country Country of primary residence or registration
Has signed the SSE Commitment Letter? To be considered an SSE Partner Exchange, the CEO or Chairperson of the exchange must sign an SSE commitment letter. Contact the SSE for more information if your exchange would like to join.
Has annual sustainability report? For a yes, stock exchanges must report, either in a stand alone report or integrated into their financial report, on their environmental and social impact and corporate governance.
ESG reporting required as a listing rule? For a yes, all three factors have been considered (environmental, social and governance) within the listing rules for some or all listed companies. This requirement may come from the regulatory authority or the exchange, depending on the market.
Offers written guidance on ESG reporting? For a yes, all three factors have been considered (environmental, social and governance). The SSE has developed a model guidance that all exchanges can use to develop their own guidance to issuers. For more details, click here.
Offers ESG related training? For a yes, training must have taken place in the previous 12 months, and must be interactive. The topic of the training must be on some area of sustainability.
Market covered by sustainability-related index? Sustainability-related indices may include environmental or social  indices, or ESG indices. This could include specific themes, such as low carbon indices, or general sustainability indices. The index must be specific to the market the exchange operates in (a region or world index is not included).
Has sustainability bond listing segment? For a yes, the exchange has developed the rules and regulations allowing for sustainability bonds to be listed, and provides a separate segment for listing making the bonds easy to find and identify.
Has an SME listing platform? For a yes, the exchange offers a listing platform specifically for Small-and-Medium sized enterprises.
Additional Information Additional Information captures exchanges’: sustainability section of websites,  sustainability products not captured under indices; information on future sustainability commitments and other information on the exchange
Organizational model of stock exchange Whether the exchange is listed or not, and when it was demutualized
Regulatory bodies The regulatory authority that sets listing requirements and capital market regulation for the exchange's market
Regulatory model

The extent to which exchanges have regulatory authority in their market. This may include:

  • Limited exchange SRO
  • Strong exchange SRO
  • Independent member SRO
  • Government (Statutory)
  • Non-SRO
About the stock exchange The location of the headquarters of the exchange, and any additional details about the stock exchange.