The International Stock Exchange (TISE) has become home to what is believed to be the first listing on a regulated exchange of notes digitised on a blockchain.
Dom Re IC has issued notes digitised on a private blockchain. Referred to as ILSBlockchain, the mechanism replaces the role of a traditional settlement system for the note issue.
Dom Re is a cell of Solidum Re (Guernsey) ICC, which is a wholly owned subsidiary of insurance linked securities (ILS) manager Solidum Partners.
A total of $15 million principal-at-risk participation notes, due in 2024 and issued by Dom Re, have been listed on TISE.
Blockchain is the digital ledger system that underpins bitcoin and other cryptocurrencies. In 2016, TISE became home to GABI, which at the time was the first regulated bitcoin fund to be listed on any exchange globally.
In 2011, Solidum Re Eiger IC was admitted to the exchange’s Official List in what was the first private cat bond transaction to be listed on any exchange worldwide. Since then, TISE has also become home to the world’s first securitisation of takaful (Sharia-compliant) insurance policies.
Solidum Re was the first ILS specialist to become a member firm of TISE when in July it was approved to arrange and sponsor the listing of debt securities and investment vehicles on the exchange.