Markets FAQs

Markets FAQs

09/01/2017
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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

Recently Added:
Why? Source: Gibraltar Stock Exchange
 

GSX Main Market

GSX Global Market

Members
See above for Member Firm details.