TISE

What TISE does

The International Stock Exchange (TISE) is a regulated stock exchange headquartered in Guernsey, providing listing and trading services for international bond issuances, equities, sustainable investments, and private company securities. The exchange operates three core market segments: the Qualified Investor Bond Market (QIBM) for professional bond products including high yield bonds, private equity debt, securitisations, CLOs, aviation finance, and sukuks; an Equities Market for UK REITs, trading companies, specialist companies, and funds; and TISE Sustainable for green, social, and sustainability-linked instruments. TISE generates revenue through initial application fees, annual listing fees, lifetime fee options, per-trade fees of £2.50 on its NOVA auction-based trading system, and administrative service charges, with all fees denominated in GBP and no membership fees for its three-tier member network (Listing Agents, Sponsors, Trading Members). The exchange holds Recognised Stock Exchange status with HMRC, Irish Revenue Commissioners, US SEC (DOSM under Reg S), BaFin, and ASX, enabling listed securities to qualify for UK REIT regime treatment, UK/Irish Quoted Eurobond Exemption, German UCITS eligibility, and Reg S offshore issuance.

TISE serves enterprise clients including international banks, private equity houses, sovereign issuers, and corporate issuers across 38 territories, with a named customer base spanning telecommunications (VMED O2, Virgin Media, Ziggo), automotive (Aston Martin), beverages (Bacardi), cruise lines (Carnival Corporation), streaming (Netflix), real estate (Canary Wharf Group, 41 UK REITs), manufacturing (Novelis), energy (ContourGlobal), and healthcare (Nidda Healthcare). The exchange operates via an indirect sales channel through appointed Members and direct business development teams across offices in Guernsey (headquarters), Jersey, Dublin, Isle of Man, and London. TISE is a wholly-owned subsidiary of Miami International Holdings, Inc. (MIAX), a NYSE-listed company that completed the acquisition in June 2025, with TISE having reported record listing results of 1,140 new securities (a 19.7% YoY increase) and £32.2 billion in sustainable finance listings (a 25.3% YoY increase) for the full year 2025.

Name

TISE

Legal name

The International Stock Exchange Group Limited

Website

https://tisegroup.com

Company type

Private

Founded year

2020

Operating status

Operating

Headcount range

11–50 employees

Short description

TISE is a Guernsey-headquartered regulated stock exchange providing listing and trading services for international bonds, equities, sustainable investments, and private company securities across 38 territories, generating revenue through listing fees, lifetime fee options, and trading fees on its proprietary NOVA auction system.

Ownership category

akta.pro rank

Product category

Securities Exchange / Stock Exchange Services

NAICS

Securities and Commodity Exchanges (5232), Securities and Commodity Exchanges (52321)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Equities Trade Execution Platforms (ATS/MTF/ECN) (FSAFANAA)

akta.pro secondary industry

Private Placements (144A/Reg S/MTN) (FSACABAK)

Keywords

• Bond listing exchange
• Professional bond market
• Securities trading platform
• Sustainable finance listings
• Equity market services

Headquarters

HQ city

St. Peter Port

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Infrastructure, Marketing or Sales

Revenue model

1. Bond Listing Fees: Initial application fees and annual fees charged per issuer and per class/series/tranche of bonds listed on the Qualified Investor Bond Market (QIBM). Fee structures vary by product type including High Yield Bonds, Private Equity Debt, Securitisations, CLOs, Investment Grade Corporate Bonds, Sovereign Bonds, and Aviation Finance. Lifetime fee options are available for certain product types.
2. Equity Listing Fees: Initial application and annual fees for equity listings including Investment Vehicles, Specialist Companies, Trading Companies, and SPACs. Fees vary by product type rather than market capitalisation.
3. Trading Fees: £2.50 per transaction charged to both buyer and seller for trades executed on NOVA or executed off-market by a Trading Member and reported to the Exchange. Late trade reporting fee of £10 per transaction.
4. Administrative Fees: Fees for TISE Express fast-track service, further issues, partial redemptions, early delistings, increase of headroom, eligibility applications, bulk issuer applications, and appeals.
5. Membership Fees: No fees for membership applications. TISE offers three membership options: Category 1 (Listing Agent for QIBM), Category 2 (Sponsor for Equity Market), and Category 3 (Trading Member).

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels5 records

Core offering

TISE is a regulated international stock exchange that provides listing and trading services for professional bond issuances (high yield bonds, private equity debt, securitisations, CLOs, aviation finance, sukuks, ILS), equity listings (REITs, trading companies, specialist companies, funds), and sustainable finance products. Issuers access qualified institutional investors via the Qualified Investor Bond Market (QIBM), the Equities Market, and TISE Sustainable segments, while trading occurs through NOVA, TISE's proprietary auction-based trading system, with MyTISE serving as the online member services portal.

Product overview

The International Stock Exchange (TISE) is a leading European stock exchange providing international capital markets participants with a high-quality product and service offering for listing and trading securities. TISE operates as a multi-product exchange with three core segments: QIBM (Qualified Investor Bond Market) for professional bond listings including high yield bonds, private equity debt, securitisations, CLOs, and aviation finance; an Equities Market for REITs, trading companies, funds, and specialist companies; and TISE Sustainable for green, social, and sustainable financial products. The exchange also operates NOVA, a bespoke auction-based trading system, and provides the MyTISE online portal for member services. TISE is headquartered in Guernsey with offices in Dublin, Jersey, Isle of Man, and London, and became a wholly-owned subsidiary of Miami International Holdings, Inc. (MIAX) in June 2025 following MIAX's acquisition of TISE.

Differentiator

Problem solved

Functional benefit

Brands

• QIBM: Qualified Investor Bond Market - TISE's bond listing segment for professional investors
• NOVA
• TISE Sustainable
• TISE Express
• MyTISE

Products and services

• QIBM (Qualified Investor Bond Market) One of Europe's leading stock exchanges for international bond listings, serving as the primary venue for high yield bonds, private equity debt, securitisations, CLOs, investment grade corporate bonds, sovereign bonds, sukuks, aviation finance bonds, convertible bonds, and other professional bond products offered to qualified investors.
• Equities Market A regulated stock exchange venue for a range of innovative equity listings across trading companies and investment vehicles, including UK REITs, funds, and specialist companies such as SPV holding companies and closely held REITs.
• TISE Sustainable Europe's most comprehensive sustainable market segment enabling the flow of capital into investments that promote environmental, social or sustainable activities, including green bonds, social bonds, sustainability-linked bonds, transition bonds, green funds, natural capital funds, and ESG-rated companies. Admission is free of additional fees.
• NOVA Trading System Bespoke auction-based trading system that provides choice and transparency to facilitate concentrated liquidity events. Allows Trading Members to input trade orders with full visibility to the order book build; auctions can be scheduled at the issuer's discretion (daily, weekly, monthly, quarterly, biannual, annual). The website displays buy & sell orders, indicative price & volume, and publicised trade history for market transparency. Trades are output via FIX standard to Euroclear (CREST/CREST Residual) or Clearstream for settlement.
• REITs Listing Service Listing service for UK Real Estate Investment Trusts under TISE's Equities Market, offering a Recognised Stock Exchange with a pragmatic and cost-effective admissions process that enables REIT structures to qualify for the UK REIT regime.
• High Yield Bonds Listing Europe's leading listing venue for high yield bonds, with more than 500 issues admitted to the Official List, offering proportionate disclosure requirements, competitive product-type-based pricing, and Recognised Stock Exchange status.
• Private Equity Debt Securities Listing Cost-effective and efficient venue for listing private equity debt securities, with more than 2,000 listed on QIBM. Enables loan notes to be classified as Quoted Eurobonds benefiting from the Quoted Eurobond Exemption.
• Securitisation Listings Securitisation bond listings on QIBM without requiring adherence to UK and EU Securitisation Regulation or CSDR, covering asset classes including auto loans, credit card receivables, SME loans, and mortgage-backed securities. Lifetime fee options available.
• CLO (Collateralised Loan Obligation) Listings Collateralised Loan Obligation listings with a streamlined lifecycle fee structure covering warehouse, transaction, and refinancing stages. Standalone CLO transaction and refinancing fees of £10,000 and £5,000 all-in respectively.
• Aviation Finance Bond Listings Bond listings for the aviation sector including aircraft financing, leasing platforms, and aviation infrastructure, with TISE seeing growing aviation-linked bond listings.
• Sukuks (Islamic Finance) Listings Islamic finance product listings on QIBM, supporting sharia-compliant bond structures and enabling issuers to access Islamic capital markets.
• Insurance Linked Securities (ILS) Listings Innovative Insurance Linked Securities listings including catastrophe bonds, with notable world-firsts such as the first exchange-listed cat bond, the first Islamic insurance bond securitisation, and the first blockchain-settled insurance note.
• Bond Programmes (TISE Approved / Passport Programme) Programme structures for repeated bond issuances including TISE Approved Programme and TISE Passport Programme options with streamlined ongoing documentation requirements.
• Investment Grade Corporate Bonds Listing Cost-effective listing solutions for investment grade corporate bonds including plain vanilla bank and company bonds, with lifetime fee options available (£12,000–£15,000 all-in).
• Sovereign Bonds Listing Listings for sovereign, local authority and public international body issuers, with bespoke arrangements and lifetime fee options available.
• Convertible Bonds Listing Listings for convertible bonds fulfilling Recognised Stock Exchange requirements with a pragmatic admissions process for speedy and cost-effective listings.
• Specialist Companies Listing Streamlined equity listing service for Specialist Companies including SPV holding companies and closely held REITs intended for qualified investors, under the dedicated Specialist Companies Listing Rules launched November 2024.
• Trading Companies Equity Listing Equity listings for trading companies under TISE's Equity Market Listing Rules, with product-type-based initial and annual fees rather than market capitalisation-based pricing.
• Funds Listing Service Open and closed-ended fund listings under TISE's Equity Market Listing Rules, with JFSC recognition facilitating streamlined authorisation for closed-ended Listed Funds and Unregulated Collective Investment Funds.
• MyTISE Member Services Portal TISE's online member services portal where Listing Agents and Sponsors complete listing applications and Trading Members access the NOVA trading system using individual user credentials. Listing applications, trade reporting, and issuer services are all processed through the portal.
• TISE Express 24-Hour Fast-Track Service Premium 24-hour fast-track service for eligible initial bond listing applications, offering guaranteed turnaround for qualifying submissions ahead of the standard 3+1 TISE Guarantee.
• TISE Guarantee Service (3+1 / 2+1) Guaranteed review turnaround service: (3+1) for standard listings — initial reviews within 3 business days and subsequent reviews within 1 business day; and (2+1) for CLOs — initial reviews within 2 business days and subsequent reviews within 1 business day.

Quantifiable outcome

• £797 billion total market value of listed securities (12.6% YoY increase)
• +4 more outcomes

Named customers16 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

Feature4 records

Partnerships

14 partnerships are on record, tiered core and minor.

• Boursa KuwaitcoreStrategic or Co-development Partner · 23 December 2025TISE signed a Memorandum of Understanding with Boursa Kuwait to explore collaboration opportunities in facilitating specialised listings and expanding Middle Eastern investment channels. The agreement aims to enhance technical and knowledge-based cooperation, explore opportunities for financial market development, innovation of new financial products, and support for sustainable finance initiatives. This follows a similar MoU signed in August 2025 between Guernsey Financial Services Commission and Capital Markets Authority of Kuwait.
• Guernsey Financial Services Commission (GFSC)coreOthersGFSC licenses TISE to operate an investment exchange under the Protection of Investors (Bailiwick of Guernsey) Law, 2020. Securities listed on TISE qualify as 'approved security' for GFSC rules enabling best execution on-exchange.
• His Majesty's Revenue & Customs (HMRC)coreOthersTISE is a Recognised Stock Exchange under Section 1005 of the Income Tax Act 2007. Securities listed on TISE can avail of UK Quoted Eurobond Exemption, qualify for UK REIT regime, and are eligible for investment by SIPPs and ISAs.
• US Securities and Exchange Commission (SEC)coreOthersTISE is a Designated Offshore Securities Market (DOSM) under Rule 902(b) of Regulation S. Securities listed on TISE can be issued outside the US without SEC registration.
• International Capital Market Association (ICMA)coreOthersTISE is a Full Member of ICMA, the not-for-profit membership association for international debt capital markets.
• United Nations Sustainable Stock Exchanges InitiativecoreOthersTISE is a Partner Exchange of the UN SSE, a peer-to-peer learning platform for exchanges to enhance corporate transparency and ESG performance.
• International Organization of Securities Commissions (IOSCO)minorOthersTISE is an Affiliate Member of IOSCO, the international body bringing together securities regulators and recognised as global standard setter.
• Association for Financial Markets in Europe (AFME)minorOthersTISE is an Associate Member of AFME, representing leading global and European banks and capital market players.
• Irish Revenue CommissionerscoreOthersTISE is recognised under Section 64 of the Taxes and Consolidation Act, 1997. Securities listed on TISE can avail of Irish Quoted Eurobond Exemption.
• German Federal Financial Supervisory Authority (BaFin)coreOthersTISE is an Approved Stock Exchange under Section 193 of KAGB. Securities listed on TISE are eligible assets for German insurance companies and German UCITS funds.
• Australian Securities Exchange (ASX)minorOthersASX has approved TISE as a Recognised Stock Exchange under ASX Operating Rules Procedures.
• Jersey Financial Services Commission (JFSC)coreOthersTISE is a Recognised Exchange for closed ended Listed Funds and Unregulated Collective Investment Funds under Jersey regulations, enabling TISE listed issuers to qualify for regulatory purposes.
• Guernsey RegistryminorOthersTISE recognition exempts Guernsey companies listed on TISE from certain requirements under Companies (Guernsey) Law, 2008.
• Isle of Man TreasuryminorOthersTISE recognition exempts Isle of Man registered companies listed on TISE from certain requirements under the Beneficial Ownership Act 2017.

Scale indicators14 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Aquis Exchange: Pan-European exchange and MTF operator focused on listing equities and growth-company securities. Closely comparable to TISE in business model (regulated exchange, recurring listing fees, secondary market trading) and target issuer profile (specialist companies, SMEs, REITs).
• Spotlight Stock Market: Nordic MTF (formerly AktieTorget) operating in Stockholm for SME and growth-company listings. Closely comparable to TISE in serving smaller, specialist issuers with streamlined listing rules and proportionate regulation.

Broad incumbents

• Euronext: Pan-European exchange operator (Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo, Paris) hosting primary and secondary markets for equities, bonds, ETFs, and derivatives. Overlaps with TISE on European bond and REIT listings, but at vastly greater scale and with full-service capital markets infrastructure.
• Deutsche Börse: Major European exchange operator running the Frankfurt Stock Exchange and Eurex derivatives venue. Comparable in product breadth (cash equities, ETFs, bonds, derivatives) and regulatory recognition; competes with TISE in attracting international bond issuers and German-domiciled listings.
• Nasdaq Nordic: Operates exchanges in Copenhagen, Helsinki, Iceland, and Stockholm, listing Nordic equities, bonds, and ETFs. Comparable mid-sized European exchange operator with strong bond and ETF franchise; competes with TISE for European debt and specialist-company listings.
• SIX Swiss Exchange: Swiss exchange operator running cash equities, bonds, ETFs, and structured products. Comparable mid-sized European exchange with strong bond market and proportionate regulation model; competes with TISE for international bond and structured-product issuers.
• Cboe Europe: Pan-European equity and derivatives exchange operator with MTFs in equities (BIDS, Cboe Europe Equities) and exchange-traded products. Comparable in operating a regulated European trading venue, though with a much larger equities focus than TISE.

Regional players

• Wiener Börse (Vienna Stock Exchange): Austrian exchange operator with cash equities, bond, and structured product segments. Comparable mid-sized European exchange focused on CEE issuers; competes in the same niche as TISE for CEE-domiciled bond listings and structured products.
• BME (Bolsas y Mercados Españoles): Spanish exchange operator (Madrid, Barcelona, Bilbao, Valencia) part of SIX Group, listing equities, fixed income, and derivatives. Comparable mid-sized European exchange with proportionate listing rules; competitor for Iberian and Latin American bond listings.

Emerging players

• ICAP (NEX/CME European repo and securities business): Brokers and operates electronic platforms for European fixed income and repo trading. Comparable to TISE in serving European professional fixed-income market participants, though primarily an interdealer broker rather than a primary listing venue.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/tisegroup
• Facebookfacebook.com/profile.php
• LinkedInlinkedin.com/company/the-international-stock-exchange

Compliance13 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about TISE