Wholesale Securities Market
The Wholesale Securities Market (WSM), is an innovative market for wholesale fixed-income debt securities, offering issuers and arrangers of those securities access to an EU regulated market that is supported by the expertise of a dedicated listing agency service.
It is a joint venture between the Malta Stock Exchange and the Irish Stock Exchange, combining the best of each partners processes and technical skills.
Founded in 2012, the platform allows for the admission of wholesale-denominated debt securities with a focus on niche product issuances such as insurance linked securities (ILS), fund-backed securities, shipping securitisations and project bonds. WSM also offers trading membership and distribute data and announcements in relation to securities listed with it.
Listing on WSM is regulated by the Maltese Financial Markets Act (2002), which was amended in 2007 to take into account EU reforms. The Malta Financial Services Authority (MFSA) is the competent Listing Authority, with a number of functions and powers for admissibility and monitoring of continuing obligations of issuers delegated to the WSM Listing Committee.
Why list on WSM?
The Wholesale Securities Market is aimed at arrangers and issuers of wholesale fixed income products in EU countries. The securities eligible for admission to trading on the newly established market will be debt securities which are deemed suitable for professional investors operating in wholesale markets only and will not be sold to retail customers.
Key advantages of listing on WSM
- guaranteed review turnaround times enabling easier planning of listing
- a seamless listing process that is responsive to market participants
- an EU ‘regulated market’ under the Markets in Financial Instruments Directive, enabling participants to reach a broad investor base
- a proactive regulatory environment
- a ‘recognised market’ for the purpose of exemptions on withholding tax (withholding tax exemption applies to securities listed on an EU-recognised stock exchange, whilst quoted Eurobonds benefit from an exemption from withholding tax on interest payments).
- a competitive and straight-forward pricing structure
- possibility to take advantage of local Maltese subsidiaries
- Irish Stock Exchange’s significant experience in debt capital markets listing.
Our role as a listing agent
The WSM guidelines provide for the appointment of a Listing Agent for the admission process to ensure smooth and timely interaction between issuers and arrangers on the one hand and the MFSA and WSM on the other with respect to regulatory requirements.
As your listing agent we would be responsible to ensure that your company achieves the right level of corporate governance and transparency. We will also assist with applying for admission to The Wholesale Securities Market and guide you throughout the whole process.
Our role is also that of carrying out the necessary due diligence processes on the applicant, as well as ensuring that proper compliance, transparency and accounting protocols are adhered to. As your listing advisor we will maintain independence, impartiality, objectivity, confidentiality and ethical standards all throughout our engagement.
The following Grant Thornton Malta team members are fully proficient with the WSM: