BSX sees record year for ILS listings

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  • ILS record year: BSX CEO Greg Wojciechowski

    ILS record year: BSX CEO Greg Wojciechowski

The Bermuda Stock Exchange recorded a record number of new insurance-linked securities (ILS) listings last year.

A record total of 216 new securities were listed, with 58 of them in the ILS segment and worth $6.156 billion.

But trading volumes and values of local securities continued to suffer from the effects of recession, with trading volumes and erosion in BSX main board constituents’ share prices.

BSX president and CEO Greg Wojciechowski said: “The BSX has emerged as the global leader in the listing of ILS structures, helping to punctuate Bermuda’s prominence as a centre of excellence for the creation, support and listing of global ILS vehicles.

“The BSX continued to work closely with the ILS market to provide more exchange support to this sector.”

He added: “The BSX made further progress in the listing of other asset classes, serving to prove that, while a key financial services stakeholder within the Bermuda economy, the BSX is a firm contributor supporting the global capital markets.”

At the end of last year, the BSX had 681 securities listed, including 13 new variable note programmes and 22 new notes under established programmes.

The number of ILS listings jumped more than a quarter from 118 to 151, while the total value rose 21 per cent from 2014, from $15.91 billion to $19.21 billion.

Mr Wojciechowski said: “The accomplishments of the BSX to date and in particular this year’s results are directly attributable to the hard work of a dedicated team of world class stock exchange professionals that manage and operate the exchange on a daily basis.

“The BSX team clearly understands the importance of a modern and solid domestic capital market and its contribution to the health of the Bermuda economy.

“The BSX team is committed to ensuring that Bermuda’s stock exchange platform remains the leader among its peers internationally while providing global capital market access and solid support for the continued development of Bermuda’s domestic capital market.”

BSX chief compliance officer James McKirdy added: “Listings activity continued across most sectors including international equities, debt and collective investment vehicle listings.

“There was, however, a decline in derivative listings that occurred primarily due to a significant issuer repositioning its certificate product.”

The total market capitalisation of the BSX at year-end, excluding collective investment vehicle listings, stood at more than $349 billion, $1.77 billion of that representing the domestic market.

Total trading volume for the year was 6.3 million shares worth $22.9 million, down on the 12.5 million shares worth $7.4 million the previous year.

The Royal Gazette/BSX Index ended 2015 at 1,304.6, a 3.91 per cent drop on the same time the previous year.

But Mr Wojciechowski said: “The BSX team is energised and sees a variety of new opportunities on the horizon.

“I have every confidence that the hard work undertaken at the BSX and in Bermuda to create and sustain a reputable and respected commercial and regulatory environment will continue to drive the exchange’s commercial development and assist us in adding new lines of business and further elevate Bermuda’s position among the major global financial centres.”

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Published Jan 7, 2016 at 8:00 am (Updated Jan 6, 2016 at 7:13 pm)

BSX sees record year for ILS listings

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