Continued growth for stock exchange

The Cayman Islands Stock Exchange’s continuing growth in recent years has resulted in it achieving financial self-sufficiency since the end of the 2004/5 fiscal year on 30 June.

According to a Government Information Services release, listings on the CSX numbered 1,157 on 1 November 2006, with a total market capitalisation of US$99.6 billion.

The Financial Secretary, Kenneth Jefferson, tabled the CSX’s annual report for the year ending 30 June 2005 recently. He stated that at that time there were 907 listings at the exchange including 197 new issues, with a total market capitalisation of US$63.71 billion. Of this, US$56.41 was said to relate to mutual funds.

Factors said to have contributed to the CSX’s healthy fiscal position, were said to include the UK Inland Revenue recognition for the exchange.

Following that, Mr. Jefferson he said, the exchange had grown significantly in debt securities listings, with the first Eurobond being registered during the 2004/2005 financial year. Since the financial year ending on 30 June 2005, four new Eurobonds have been listed, he added.

Additionally, on 30 June 2005, surpassing forecasts, the CSX was said to have increased its earnings to $1,128,164, attaining both self-sufficiency and a net operating profit of $139,828 after operating expenses of $988,336.

The release added that government grants decreased from CI$270,746 in the previous financial year to CI$70,213 in 2004/2005, continuing a steady decline, he noted, to the current situation in which contributions have ceased.

The exchange’s total shareholder equity increased to $710,041 on 30 June 2005. Payment was made to shareholders on 19 April 2006, the Financial Secretary said, the CSX Board having authorised dividends to be paid from the $139,828 profit.

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