The Cayman Islands Stock Exchange (CSX) has celebrated its tenth anniversary and its role as an important part of the Cayman Islands financial services industry.
CSX leadership and staff were joined by senior officials from the government and members of the business community at a special 10-year tribute at Grand Old House restaurant.
The event looked back at the Exchange's milestones and looked forward to its future.
"The rise of the CSX in the past 10 years is a significant accomplishment and one that demonstrates why the Cayman Islands continues to be a successful international financial services centre," said Anthony Travers, the chairman of CSX and an architect of its development.
"The CSX exemplifies Cayman's key attributes of high quality service, specialist knowledge, public-private partnership and an effective yet proportionate regulatory regime."
As part of the evening's celebrations, Travers also made a special announcement regarding the formation of a $20,000 CSX scholarship to be awarded to a Caymanian student enrolled in the four-year Bachelor of Science in Business Administration programme at the University College of the Cayman Islands.
The CSX was originally set up to provide a listing facility for the specialist products of the Cayman Islands - mutual funds and specialist debt securities.
The CSX's capabilities now extend to sophisticated vehicles and structures including the listing of derivative warrants, depositary receipts, eurobonds, preferred shares and international equity. The CSX currently has more than 1,400 listings and a market capitalisation of more than $123 billion.
CSX chief executive Valia Theodoraki described how the Exchange has been able to make a major impact on the offshore marketplace in a relatively short time.
"This is a testament to the excellent leadership provided by our board, the hard work of our high quality staff, as well as the support of the Cayman Islands government and private sector in our first phase of development," she said. "Looking back on the past 10 years, it has truly been a collaborative effort."
A CSX press release listed some of the milestones and recognitions that the Exchange has achieved in its first 10 years:
- In 2006, surpassing more than 1,000 listings before the 10-year mark, posting on average, double-digit listings growth each year since its inception;
- In 2005, reaching break-even status a full two years before planned, allowing the CSX to become a positive contributor to the government's finances;
- In 2004, being granted 'recognised stock exchange' status by the UK Inland Revenue in March 2004, greatly enhancing the CSX's commercial appeal to UK investors;
- In 2003, being admitted as an affiliate member of the International Organisation of Securities Commissions;
- In 2001, being the first (and still only) offshore exchange to become a member of the Intermarket Surveillance Group, a self governing association of exchanges and exchange regulators from around the world committed to information sharing and the enhancement of market surveillance procedures;
- In 1999, becoming the first offshore stock exchange to be registered with the London Stock Exchange.
The CSX is a private limited company owned by the Cayman Islands government and operating as an independent entity.