The International Stock Exchange
A regulated international securities exchange headquartered in Guernsey.
Last updated August 25, 2026
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Overview
The International Stock Exchange (TISE) is a regulated securities exchange headquartered in St Peter Port, Guernsey. It provides a listing and trading venue for companies, investment funds, real estate investment trusts, structured products, specialist debt securities and other capital-markets instruments. Its proposition is built around giving issuers access to international investors from a European time zone while operating outside both the European Union and the United Kingdom. The exchange began operations on 20 December 2013 under the name Channel Islands Securities Exchange, or CISE. Its creation followed approval by the Royal Court of Guernsey of an arrangement under which the new exchange acquired the business of the Channel Islands Stock Exchange. The organization subsequently expanded its regional presence, opening an office in Jersey in February 2015 and another in the Isle of Man after its 2017 rebrand. TISE's market is designed to accommodate both conventional and specialized securities. Its listings include primary and secondary issues by Guernsey, Jersey and overseas companies; open-ended and closed-ended investment funds; real estate investment trusts; corporate debt; structured products; warrants; convertible bonds; intra-group financing instruments; and securities issued through special-purpose vehicles. The exchange also maintains tailored rules for equities and corporate debt connected with extractive industries. In November 2015, it introduced a framework for special-purpose acquisition companies, broadening the types of vehicles that could seek admission. The exchange attracted attention in December 2016 when it admitted a global bitcoin fund, described at the time as a first-of-its-kind listing for a global bitcoin investment vehicle. In February 2017, CISE announced that it would adopt the name The International Stock Exchange. The rebranding was completed in March 2017, alongside a change to its listing rules that enabled listing sponsors to be located outside the Channel Islands. These changes supported a more international business model and moved the organization beyond its original regional identity. TISE operates through The International Stock Exchange Group Limited, with The Channel Islands Securities Exchange Authority Limited operating as The International Stock Exchange Authority, or TISEA. TISEA is licensed by the Guernsey Financial Services Commission to operate an investment exchange under the Protection of Investors (Bailiwick of Guernsey) Law, 1987, as amended. The exchange has also received or held recognition and membership status from a number of international and national bodies, including recognition by UK HM Revenue and Customs as a recognized stock exchange, affiliate membership of the International Organization of Securities Commissions and the World Federation of Exchanges, recognition by the Australian Securities Exchange, designation by the United States Securities and Exchange Commission as an offshore securities market, and recognition by Germany's Federal Financial Supervisory Authority as an approved stock exchange. In addition to its public listing venue, TISE offers TISE Private Markets for private companies that want an electronic mechanism for trading shares without a public listing. The service supports auction-based trading, settlement and share-registry administration. Taken together, TISE's public and private-market services position it as a specialist exchange serving international issuers, investment managers, corporate finance advisers, listing sponsors and investors seeking a regulated venue within the Crown Dependencies' financial-services ecosystem.
History
The International Stock Exchange traces its origins to the restructuring of the Channel Islands' securities-market infrastructure in 2013. On 20 December of that year, the Channel Islands Securities Exchange, commonly abbreviated as CISE, was launched after the Royal Court of Guernsey approved an arrangement under which it acquired the business of the Channel Islands Stock Exchange. The new exchange was headquartered in Guernsey and was established to provide a regulated venue for securities issued by companies and investment vehicles connected with the Channel Islands and international markets. The exchange developed as part of the Crown Dependencies' financial-services ecosystem, offering issuers a regulated market within the European time zone but outside the regulatory and political jurisdictions of the European Union and the United Kingdom. Its market was intended to serve both local and international issuers, including companies, funds, real estate vehicles and entities using structured-finance arrangements. Expansion followed during the next several years. In February 2015, CISE opened an office in Jersey, strengthening its presence across the Channel Islands. In November of the same year, it introduced rules for special-purpose acquisition companies. This broadened the exchange's product scope beyond ordinary company and fund listings and gave sponsors a framework for admitting acquisition vehicles. In June 2016, the exchange listed its own shares. The securities were issued by Channel Islands Securities Exchange Authority Limited and had limited market liquidity. Later that year, in December, CISE admitted a global bitcoin fund. The listing was characterized at the time as a world first for a global bitcoin fund and demonstrated the exchange's willingness to accommodate emerging investment products within its regulated framework. A major strategic change came in 2017. In February, CISE announced that it would change its name to The International Stock Exchange. The rebrand was completed in March, at the same time as the organization opened an office in the Isle of Man. The exchange also changed its rules so that listing sponsors could be based outside the Channel Islands. These measures reflected an effort to attract a broader international issuer and adviser base rather than remain identified primarily with the local Channel Islands market. The exchange operates under The International Stock Exchange Group Limited. Its wholly owned regulatory subsidiary, The Channel Islands Securities Exchange Authority Limited, trades as The International Stock Exchange Authority, or TISEA. TISEA is authorized by the Guernsey Financial Services Commission to operate an investment exchange under Guernsey's Protection of Investors (Bailiwick of Guernsey) Law, 1987, as amended. TISE's market infrastructure supports primary and secondary listings for Guernsey, Jersey and overseas trading companies. It also accommodates open-ended and closed-ended funds, REITs, corporate debt, structured products, warrants, convertible bonds, intra-group financing and securities issued through special-purpose vehicles. Separate rules address equities and corporate debt issued by extractive-industry businesses. Alongside its listed market, the group offers TISE Private Markets, an electronic service intended to help private, unlisted companies conduct share auctions and manage settlement and registry functions. The exchange has obtained various forms of international recognition. These include UK HM Revenue and Customs recognition as a recognized stock exchange, affiliate membership of IOSCO and the World Federation of Exchanges, recognition by the Australian Securities Exchange, designation by the US Securities and Exchange Commission as a designated offshore securities market, and recognition by Germany's Federal Financial Supervisory Authority as an approved stock exchange. These statuses support TISE's role as a cross-border venue, although they do not make it equivalent to a universally accessible national exchange in every jurisdiction.
- 2017
Rebrand to The International Stock Exchange
[1]The CISE rebrand was completed in March, accompanied by wider sponsor eligibility and an Isle of Man office.
- 2016
Exchange shares listed
[1]The exchange listed its own shares on its market in June.
- 2016
Global bitcoin fund admitted
[1]CISE listed a global bitcoin fund in December, described as a first-of-its-kind transaction at the time.
- 2015
Jersey office opens
[1]CISE opened an office in Jersey as part of its regional expansion.
- 2015
SPAC framework introduced
[1]The exchange introduced listing provisions for special-purpose acquisition companies.
- 2013
Channel Islands Securities Exchange launches
[1]The Channel Islands Securities Exchange began operations on 20 December after Royal Court approval of its acquisition of the Channel Islands Stock Exchange business.
Products and positioning
A regulated, internationally oriented securities exchange offering access to capital markets from the European time zone while operating outside the EU and UK. TISE emphasizes specialist listings, flexible market infrastructure and the Channel Islands' established financial-services environment.
Securities exchange · 2013
TISE Listings
TISE provides primary and secondary listing facilities for securities issued by Guernsey, Jersey and overseas trading companies. The service is intended to connect issuers with international investors through a regulated exchange operating in the European time zone. Admission can cover ordinary corporate securities as well as specialized structures, subject to the exchange's rules and applicable regulatory requirements.
Investment vehicles
Funds and REITs
The exchange lists open-ended and closed-ended investment funds and real estate investment trusts. These listings provide investment vehicles with a regulated market presence and an established disclosure and admission framework for reaching professional and international investors.
Debt and structured finance
Specialist Debt and Structured Products
TISE supports specialist debt securities and structured-finance instruments, including securities issued through special-purpose vehicles, convertible bonds, intra-group financing, structured products and warrants. The offering is aimed particularly at sophisticated investors and corporate-finance transactions requiring a regulated listing venue.
Special-purpose acquisition companies · 2015
SPAC Listings
Introduced in 2015, TISE's SPAC framework enables special-purpose acquisition companies to seek admission to the exchange. Such vehicles raise capital before identifying or completing an acquisition, making the framework relevant to sponsors and investors using alternative public-market structures.
Private-market infrastructure
TISE Private Markets
TISE Private Markets is an electronic service for private, unlisted companies. It provides auction-based share trading together with settlement and registry-management functions, giving private businesses a structured mechanism for secondary transactions without requiring a conventional public listing.
Brand decisions
2017
Adopt an international identityStrategyBackground
The Channel Islands Securities Exchange wanted to broaden its appeal beyond its original regional identity and attract issuers and listing sponsors from a wider range of jurisdictions.
Action taken
It changed its name to The International Stock Exchange, amended its rules to allow listing sponsors outside the Channel Islands and expanded its physical presence with an Isle of Man office.
Aftermath
The organization established the TISE brand as its international-facing identity and positioned its market for cross-border listings.
2015
Introduce SPAC listing rulesProduct launchBackground
The exchange sought to expand its eligible product range beyond conventional company, fund and debt listings.
Action taken
CISE introduced rules permitting special-purpose acquisition companies to list on the exchange.
Aftermath
SPACs became an additional category of securities that could use the exchange's regulated listing infrastructure.
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