The Institutional Financial Securities Market (IFSM)

The Institutional Financial Securities Market (IFSM) is the third Market launched by the Malta Stock Exchange. This market is specifically designed for the institutional investors. The minimum denomination of financial instruments quoted on IFSM is €100,000 or the equivalent in any other currency.

The types of instruments that are admissible to the IFSM are:

  • Debt securities
  • Asset-backed securities
  • Insurance linked notes
  • Convertible debt securities,
  • and Derivative securities

 

The IFSM is regulated by the Listing Authority under the Wholesale Securities Market (WSM) Listing Rules and is recognised by HMRC as a Market under the Malta Stock Exchange Recognised Investment Exchange recognition.

An issuer seeking admissibility to listing must appoint a Listing Agent authorised by the Malta Financial Services Authority. The Listing Agent will guide the issuer on the compilation of the Application for Listing and the drafting of the Prospectus. Once these are finalised they are submitted to the Listing Authority for consideration and approval. At this stage the Listing Agent will also submit an application for Admission to Listing on IFSM to the Malta Stock Exchange.

Following the approval of the Prospectus, the Listing Authority will communicate to the Listing Agent and the Malta Stock Exchange that it has approved the Prospectus for listing and that the financial instrument is admissible for Listing and Trading on IFSM. Upon receipt of such communication, the Malta Stock Exchange will issue a Notice announcing the Admission to Listing and Trading of the financial instrument to the IFSM.


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Securities admitted to the Prospects MTF are issued by small and medium sized enterprises (SMEs). Investment in smaller companies can involve greater risk than is generally associated with investment in larger more established companies and can result in significant capital losses. Securities issued by SMEs tend to be illiquid and investors should therefore seek appropriate advice before making any investment.

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