Change in specified credit rating requirement for Prime Brokers of Irish listed funds, July 2011
19.07.2011
Irish Stock Exchange Listing Policy Change: Prime Broker Credit Rating
Change in specified credit rating requirement for Prime Brokers of Irish listed funds 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%.
