Miami International Holdings has acquired 100 per cent ownership of the Bermuda Stock Exchange.

The American company has held a majority stake in the local exchange since November 2019.

The BSX will continue its operations as a wholly owned subsidiary of MIH.

Thomas Gallagher, chairman and chief executive officer of MIH and chairman of the BSX, said: “We have long held that the Bermuda Government's commitment to fintech regulation and the country's established re/insurance market make the BSX and Bermuda key components of MIH's global ambitions.

“We are thrilled to complete this acquisition and have the BSX as a wholly owned subsidiary. BSX CEO Greg Wojciechowski and his team have done a tremendous job of helping to expand Bermuda's domestic capital market and positioning the BSX for future growth.

“We look forward to MIH and the BSX jointly pursuing various initiatives, especially in the digital asset and re/insurance sectors.”

Mr Wojciechowski said: “The BSX team is delighted to be joining MIH and to be able to take full advantage of the support, resources and infrastructure of MIH to bring innovative products and services to market.

“Working alongside the MIH team during the past year has proven highly beneficial for both parties, and MIH's decision to now acquire 100 per cent ownership of the BSX speaks to the growth opportunities that MIH sees in our exchange. The BSX is excited to add to the company's bottom line and continued success.”

Mr Gallagher added: “MIH understands the importance of the BSX to Bermuda. To this end, MIH remains committed to maintaining the BSX's heritage and existing operations, and we will continue to support Mr Wojciechowski in his endeavours as a member of the board of directors of the World Federation of Stock Exchanges, of which the BSX is a full member."

The BSX is a fully electronic offshore securities market regulated by the Bermuda Monetary Authority. It specialises in the listing and trading of capital market instruments such as equities, debt issues, funds, hedge funds, derivative warrants and insurance-linked securities.

The BSX is also recognised as a Designated Offshore Securities Market by the US Securities and Exchange Commission and a Recognised Stock Exchange by UK HM Revenue and Customs.

• The BSX has a website at www.bsx.com