Matt Sarl leads Trident Guernsey’s specialist listings service, supporting issuers through the process of listing securities on The International Stock Exchange (TISE).
In this interview, he discusses the role of a listing agent, the importance of combining technical expertise with responsive client service, and how developments in private credit and debt financing are opening the market to a broader range of issuers.
1. Can you tell us about your role and the work carried out by the Listings team?
As a listing Agent and Sponsor, we support clients seeking to list their securities on The International Stock Exchange (TISE). Our role is to help them complete their application to be admitted to the exchange.
We guide them through the entire listing process, from reviewing transaction documents and preparing application documents to liaising with the Exchange and advising on the continuing obligations they need to fulfil once the listing is complete.
2. For those who may be unfamiliar with listings, what does the service line provide to clients?
Many clients use a TISE listing to benefit from the Quoted Eurobond Exemption (QEE) available under UK tax regulations.
The exemption allows interest payments on qualifying quoted Eurobonds to be made without deducting UK withholding tax, making listed debt securities an attractive financing solution in the right circumstances. Traditional loans could be used to provide similar financing into the UK, but the WHT may need to be deducted and paid to HMRC.
The listing process provides an independent regulatory review of the transaction documentation and disclosure and helps ensure that transactions are correctly documented to benefit from the QEE.
3. What attracted you to this area of business?
Having worked in the funds industry for my whole career, I moved to a corporate service provider that provided TISE listing services through their funds department.
I am always keen to learn new things, and in TISE listing services I found an interesting and varied new role that provided an opportunity to broaden my expertise beyond traditional fund management and administration. It also allowed me to develop a deeper understanding of debt capital markets and structured finance transactions, which I continue to find rewarding due to the variety of clients and transactions that I encounter.
4. What are some of the most rewarding aspects of leading a specialist service line?
Leading a specialist service line is rewarding from both a personal and professional perspective. From my own point of view, working in TISE listing services has broadened my professional development, requiring a greater focus on wider considerations such as strategy and business development alongside the technical aspects of client work.
Professionally, the listing transactions themselves are varied and interesting.
One of the most rewarding aspects is building long-term relationships with clients and professional intermediaries. Because of the specialist nature of the service, we are often involved in transactions from an early stage and can work closely with legal and tax advisers to help identify practical listing solutions. This creates opportunities to add value beyond the administrative aspects of a listing itself.
5. How has the listings landscape evolved during your time with Trident?
Since I first started working on listings more than a decade ago, the biggest changes I have seen have been the expansion in the types of issuers seeking to list and the increasing ease with which they are able to do so.
TISE has long been a popular venue for debt security listings by large institutional issuers seeking to benefit from the QEE, and these issuers continue to use TISE as a listing venue of choice.
Recent enhancements implemented by TISE, including a more streamlined listing process and shorter turnaround times, have significantly improved accessibility for issuers. At the same time, increased familiarity with TISE among legal and tax advisers has broadened awareness of the Exchange's benefits and capabilities.
The growth of private credit and non-bank lending has increased demand for debt financing structures, creating additional opportunities for listed debt securities, and the services that support them.
As a result, the market is increasingly accessible to a wider range of issuers, including small and medium-sized businesses seeking an efficient, cost-effective route to listing their debt securities.
6. What skills and qualities are most important when managing a listings team?
Strong communication is one of the most important qualities in our work. For many clients, a debt listing is a new process, so it is essential that they understand the key stages, regulatory requirements, timelines and responsibilities. Clear communication helps build confidence and ensures transactions progress smoothly.
Technical expertise is equally important. Every transaction is different, and a listings team needs to understand both the regulatory framework and the commercial objectives behind each structure. That knowledge allows us to provide practical guidance and identify solutions that work for clients and their advisers.
Effective project management is the third key element. Listing transactions are often time-sensitive and involve multiple stakeholders, so attention to detail, organisation and the ability to manage competing priorities are critical. A successful listing requires careful coordination from initial onboarding through to admission, while maintaining the high standards expected by both clients and the Exchange.
7. How do you balance technical expertise with delivering excellent client service?
Experience is the biggest help in balancing technical expertise with excellent client service. That knowledge, gained from helping clients in many different sectors with various corporate structures, helps ensure that complex regulatory and listing requirements can be translated into clear, practical guidance for clients.
Ultimately, technical expertise provides the foundation, but excellent client service is demonstrated through responsiveness, commercial awareness and the ability to make what can seem like a complex process feel straightforward and well managed.
To learn more about the listing services our Guernsey office provides, download our service brochure or reach out to Matt with any questions.