Strong year for BSX as turnover doubles

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  • Strong year: Greg Wojciechowski, CEO of the BSX. The exchange was appointed to the board of the World Federation of Exchanges last year

    Strong year: Greg Wojciechowski, CEO of the BSX. The exchange was appointed to the board of the World Federation of Exchanges last year

Trading volume on the Bermuda Stock Exchange last year jumped by nearly a third.

A total of 8.2 million shares traded, with a corresponding share value of $48.6 million, more than double the $22.9 million turnover recorded in 2015.

Greg Wojciechowski, BSX president and CEO, said it was “a very positive year for the BSX, commercially and organisationally, with some very significant milestones achieved”.

He added: “We are particularly proud of the BSX’s appointment to the board of directors of the World Federation of Exchanges, the global association of exchanges and clearinghouses.”

Mr Wojciechowski was speaking as the BSX unveiled its review of last year.

The report added that there was a record number of new ILS listings in 2016, 61 in total, with a capitalisation value of more than $6.15 billion.

These included seven new variable-rate note programmes and 19 new notes under established programmes.

In total, the number of ILS listed vehicles went up 16 per cent from 151 to 175, while the overall value of these securities went up to $21.22 billion, compared to $19.21 billion the year before — a 10 per cent increase.

James McKirdy, BSX chief compliance officer, said the year saw “positive listing activity” across most sectors including international equities, debt, collective investment vehicles and ILS.

“International debt listing activity was particularly strong, growing by more than 100 per cent from 55 to 116 listed securities.

“As of December 31, the total number of listed securities stood at 753.”

The BSX ended the year with a total market capitalisation of $343.8 billion, $2.5 billion of which represented the domestic market, an increase of 41.24 per cent on 2015.

The Royal Gazette/BSX Index closed the year at 1,923.79, up 47.52 per cent on the previous year.

Mr Wojciechowski said: “2016 set the stage for what I believe will be a very exciting year for the BSX and Bermuda’s domestic economy.

“The green shoots of Bermuda’s economic recovery continue and the BSX will play its part to provide a nurturing environment for Bermuda’s economic recovery to accelerate.

“In 2017 we will, in conjunction with industry partners, relaunch our investor education programme entitled ‘Own your share of Bermuda’.

“The aim of the programme is to stimulate renewed interest in the domestic market and investment opportunities available on the BSX, through an ongoing series of informative and educational platforms.”

The year also saw the BSX introduce a new website and improvements in cybersecurity.

Mr Wojciechowski said: “Cybersecurity remains and ongoing priority at the BSX with additional security features added to all public facing systems to fortify the Exchange’s protection of its core systems.”

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Published Jan 10, 2017 at 8:00 am (Updated Jan 9, 2017 at 6:47 pm)

Strong year for BSX as turnover doubles

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