The Gibraltar Stock Exchange (GSX) is a stock exchange based in Gibraltar. It was established in 2014, and will begin full operations in the first quarter 2015. The stock exchange is the first fully licensed exchange in Gibraltar. The opening will be in two distinctive phases. In the initial “soft launch” phase from the start of November 2014, GSX will be inviting firms to apply for membership as Listing Members, with a number of applicants having expressed their keen interest already. The full opening for listings themselves will then be during the first quarter of 2015.