What Markets does GSX operate?
GSX operates two markets, the Main Market and the Global Market, providing access to capital for funds and debt issuers of all sizes and at all stages of development, and whatever their objectives in coming to market.
What is the Main Market?
The Main Market is the Gibraltar Stock Exchange’s EU regulated market as defined in the Markets in Financial Instruments Directive (MiFID).
The Main Market is recognised by ESMA and HMRC (UK tax authority).
Issuers (except for Open-Ended Collective Investment Schemes) must publish a prospectus in accordance with the Prospectus Directive.
What is the Global Market?
The Global Market is the Gibraltar Stock Exchange’s self-regulated market. It is a Multilateral Trading Facility (MTF) as defined in the Markets in Financial Instruments Directive (MiFID).
What are the differences between the Main Market and the Global Market?
The following table summarises the key features of each market:
|
Main Market |
Global Market |
Products |
Debt securities, Collective Investment Schemes |
Debt securities, Collective Investment Schemes |
Market status under MiFID |
Regulated market |
Multilateral Trade Facility (self-regulated market) |
Prospectus Directive |
Yes: debt securities and closed-ended collective investment schemes
No: open-ended collective investment schemes |
No |
Eligible for EU passport |
Yes: debt securities and closed-ended collective investment schemes
No: open-ended collective investment schemes |
No |
Transparency Directive |
Yes: debt securities and closed-ended collective investment schemes
No: open-ended collective investment schemes |
No |
Statutory Audit Directive |
Yes |
No |
Market Abuse Directive |
Yes |
Yes |
Are the listing codes in accordance with provisions corresponding to those generally applicable in EEA states |
Yes |
Yes |
Listing particulars/prospectus approvals |
GFSC |
Gibraltar Stock Exchange |
Maintenance of the Official List |
GFSC |
Gibraltar Stock Exchange |
Admissions |
GFSC |
Gibraltar Stock Exchange |
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