Institutional Securities Market (ISM)
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:
Insurance linked notes
Convertible debt securities,
and Derivative securities
The IFSM is regulated by the MFSA under the Wholesale Securities Market (WSM) Capital Market 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 MFSA 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 MFSA 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.
Click here to view all authorised Listing Agents by the Malta Financial Services Authority.