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Bailey McCann, Opalesque New York:

Gibraltar wants to change the game for investment managers with its new exchange, according to delegates at the recent Opalesque Gibraltar Roundtable. The goal of GSX - delegates say - is to provide a listing option for smaller managers that gets them to market quickly.

"With AIFMD in the background, we found a natural place for GSX to start with technical listing open-ended funds, playing to our strengths as a smaller jurisdiction," explains Nick Cowan of the Gibraltar Stock Exchange. "Listing your fund on GSX could be considered as dipping your toe into the European swimming pool without actually making that big decision about whether to come onshore."

The trend among established managers is to register through existing private placement regimes in the countries where they wish to market. However, for smaller managers this can be a question of resources. According to Cowan, a listing on GSX provides visibility without commitment. The somewhat relaxed regulatory stance within Gibraltar also means that emerging managers may face lower legal costs by going this route.

GSX is also pushing into closed-end funds as well as securitization, and asset-backed securities. But, Cowan warns, those types of vehicles will face a more heavily regulated framework - "as soon as you move away from open-ended funds you will enter the do......................

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