The battle between international financial centres to win business continues with Gibraltar's stock exchange widening the array of listings.

GSX, the Gibraltar Stock Exchange, now lists debt securities and closed-ended funds, having secured clearance from the offshore jurisdiction’s regulator.

The exchange said it has seen “strong demand” for debt-related financing solutions in a number of sectors including small and medium-sized enterprises using the mini-bond market to raise capital in the EU capital markets and diversify funding sources. Other sources of demand come from (re)insurance companies that are structuring catastrophe bonds, collateralised reinsurance vehicles and other insurance linked securities within the EU.

“With the securitisation market in the EU at around €1.8 trillion ($1.95 trillion) as of Q2/2015, and growing, the asset-backed securities market will be a particular area of focus for us in 2016. Listing securitized assets on GSX, an EU regulated market with an approved prospectus can offer a fast track, cost-effective route to the capital markets, providing full promotion and passporting rights throughout the EU,” Nick Cowan, managing director of GSX, said.

The exchange, which opened in 2014, has worked with Gibraltar Finance and its member firms in raising the profile of the jurisdiction globally, particularly in the area of funds and insurance. Jurisdictions such as Gibraltar are competing against centres such as the Channel Islands, Luxembourg and Malta for such business.

Gibraltar is a British Overseas Territory operating in sectors such as financial services, e-gaming, shipping and tourism.