Can I say on behalf of the Jersey government how delighted we are that the Channel Islands Securities Exchange has taken the important symbolic and real step of opening a physical presence here in St Helier, home to most of our International Financial Services businesses.
I understand that around fifty per cent of the Exchange’s business comes from here in St Helier, so it’s really good news the Exchange has responded to this demand by setting up a branch here.
Financial services
All the indications are that there is a welcome increase in exchange listed investment funds, and that these will be more widely used in future. We are extremely positive about the future growth of our Financial Services industry and there is an important requirement for those structures to be listed, which the CISE fulfils.
Throughout the centuries, exchanges have played a vital role in the development of economies around the world. The strategic plan initiatives that the Chief Minister launched last week put economic growth at the very top of the agenda.
Economic growth
We in government are determined to do everything we can to foster an environment which supports growth and expansion of existing businesses and the setting up of new ones.
We are determined to position Jersey as the most helpful, welcoming, responsive business environment which encourages enterprise, innovation and competition.
That’s what will raise the standard of living for all, as well as producing the income government needs to meet the growing financial demands of our Health Service, which will need to manage our ageing demographics.
Capital
One of the topics we are concentrating on is whether access to capital and finance is a barrier for expansion or new startups. The exchange could in future be a place where companies look to raise capital for expansion.
I remember when there were many listed Channel Island Companies. Today there are only a handful.
I’d like to explore the opportunity of the branch becoming not only an important part of the Finance Industries Funds listing, but also the capital raising and trading place for domestic companies operating in C.I. markets and overseas.
I see both these roles as vital for the Exchange in promoting economic growth and jobs in Jersey.
Channel Islands
The Exchange has begun a new journey and now has the support of a strong and diverse board of Jersey, Guernsey and UK resident directors. Last night I spoke at the launch of Digital Jersey's plans for this year. Perhaps it’s fitting that the Exchange’s offices are one floor above the Digital Jersey Hub. I’m always excited to be there, as it's full of animated and enthusiastic entrepreneurs building the businesses of the future.
May I finally say something about the Channel Islands. We enjoy excellent relations with many Guernsey politicians. and our Chief Minister enjoys an excellent relationship with his counterpart.
As for inter island rivalry - Murattis are one thing but outside these shores we are known as the British Channel Islands. I’m a proud and committed Jerseyman, but I also value being a Channel Islander.
May I express the hope the the Exchange becomes is a true symbol of what can be achieved by the Channel Islands working together. We wish the Exchange and its members all the very best for what I believe will be a bright future both here in Jersey and across the Channel Islands.
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