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