StockMarketWire.com - The Irish Stock Exchange (ISE) has announced a joint venture with the Malta Stock Exchange (MSE) to launch the European Wholesale Securities Market (EWSM), a new market for wholesale fixed-income debt securities.

The ISE will own 80% of the new market with the MSE having a 20% shareholding.

The EWSM will offer issuers and arrangers of wholesale fixed-income debt securities access to an EU regulated market and is supported by the expertise of a dedicated listing agency service.

It complements the existing market offerings from each exchange. The ISE's International Primary Markets Division, headed by its Director Gerard Scully, will act as promoter of the market and the ISE will provide primary market infrastructure, listing and other corporate services. The MSE will act as the market operator and will provide secondary market services.

In addition, the ISE has set up a new entity, ISE Listing Services (ISELS), which will leverage the ISE's established expertise in structured debt by providing listing agency services on a commercial basis to issuers and arrangers interested in gaining admission to the new market.

EWSM has a Board of three non-executive directors. Padraic O'Connor, the Chairman of the ISE, will act as Chairman of the new entity. He is joined on the Board of EWSM by Michael C. Bonnello, the former Governor of the Central Bank of Malta, and Fabrice Demarigny, who previously was Secretary General of the Committee of European Securities Regulators, the predecessor of the European Securities and Markets Authority (ESMA).

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