In response to recent industry changes, the Irish Stock Exchange ("ISE") has amended its suitability requirements for prime brokers with immediate effect. In particular, the current definition of the "Specified Credit Rating" for Prime Brokers has been amended to remove the reference to the long term credit ratings and only the reference to short term credit ratings has been retained.The amended Specified Credit Rating requirement for Prime Brokers appointed to an ISE listed fund has been lowered where the credit exposure to the prime broker is less than 40% but will remain the same in situations where the exposure is more than 40%. Listing Rule 7.7(a) now reads as follows: Listing Rule – 7.7 7.7 The prime broker must satisfy: (a) The specified credit rating requirement; (b) The financial resources requirement; and (c) The regulatory requirement Specified Credit Rating Requirement means in relation to a legal person, a requirement either that such person or that a parent company of such person has the specified credit rating....
Irish Stock Exchange Listing Policy Change: Prime Broker Credit Rating - Change In Specified Credit Rating Requirement For Prime Brokers Of Irish Listed Funds
|Author:||Ms Helen Berrill|
To continue readingREQUEST YOUR TRIAL