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Maples Listing Services

17 October 2013

Maples and Calder provides debt listing agent services in Ireland, Cayman and Luxembourg for the following markets:

Regulated Market 
Main Securities Market – Ireland 
Bourse de Luxembourg Market – Luxembourg

Alternative Market
Global Exchange Market – Ireland
Euro MTF – Luxembourg
Cayman Islands Stock Exchange

Each of the aforementioned markets is a "recognised stock exchange" for quoted Eurobond exemption purposes in respect of Irish and UK withholding tax.  Each market specialises in listing both asset backed debt and corporate debt and derivative securities. 

Listings on a regulated market, as defined by the Markets in Financial Instruments Directive ("MiFID") are subject to the Prospectus Directive, Transparency Directive and Market Abuse Directive.  Such a listing may be a requirement for certain issuers.  If not, however, then a listing on one of these alternative markets is an option. 

The Global Exchange Market and Euro MTF are both multi-lateral trading facilities, as defined by MiFID, but are not subject to the Prospectus and Transparency Directives.

There has been a noticeable move to these alternative markets in the last 18 months as amendments to the Prospectus Directive have impacted on the disclosure requirements in listing documents. The alternative markets have greater flexibility regarding disclosure and format of their listing documents and do not require online publication of the listing document. 

It should be noted that the alternative markets are only intended for issuances that are to be sold to knowledgeable investors and not to retail investors.

If for any reason there is a need to move to or seek a secondary listing on another exchange, each of these exchanges is familiar with migrating and admitting platforms and programs. Similarly, if there is a tight timeline on an inaugural listing, they are all adept at dealing with such timing issues.

Maples also provides investment fund listing services for the Main Securities Market of the Irish Stock Exchange, the Cayman Islands Stock Exchange and the Bourse de Luxembourg Market.  We can also facilitate the admittance of ETFs and ETCs on a number of European stock exchanges.

We are happy to provide individual guidance on listing securities on any of these markets. For further information relating to the above, please contact your usual Maples and Calder or MaplesFS contact.


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