Conyers joins BSX as trading member
Conyers Securities (Bermuda) Limited was admitted as the 18th trading member of the Bermuda Stock Exchange yesterday, ringing the ceremonial bell at Exchange House on Pitt’s Bay Road.
Greg Wojciechowski, BSX president and chief executive officer, said the new admission will help raise the profile of the BSX.
He said there was an effort under way to establish more visibility for the exchange.
Conyers will help them do that, he said because of the securities firm’s client list, which includes firms that also wish to be listed.
“The importance of having a security listed on the exchange includes the traditional liquidity, but there is also regulatory oversight reasons that will allow investors to invest more money in a listed security,” Mr Wojciechowski said.
“You will see a lot of structures that will list on an exchange that may not necessarily trade in an exchange, but they require a listing for disclosure and transparency purposes.”
The BSX said: “Conyers has advised clients of the legal requirements to list securities on the BSX for many years. They can now provide a full service to BSX issuers: legal services, corporate services, accounting services and now also listing sponsorship services.
“As a BSX trading member, Conyers can sponsor every type of listing on the BSX, including primary equity listings, which will be particularly useful for dual listings involving the BSX.”
Conyers is one of just two Bermuda law firms whose affiliates are BSX trading members. The other is Ocorian (Securities) Bermuda Limited.
Conyers director Marcello Ausenda said: “This has been in the works for a very long time. One of the reasons we decided to make the application is the great working relationship we have had with the BSX team in the last year.”
He said they have many clients who would like Conyers to be a one-stop shop. “It makes a lot of sense for us to go down this route,” he said.
Mr Ausenda noted that even before the firm has officially opened their new “shop window” they already have two clients through the door.
“That bodes well for us,” he said. “So, we look forward to a long, mutually beneficial relationship with the BSX.”
David Stubbs, the Conyers attorney who will be managing Conyers’ debt, equity and ILS listing service, said it had been challenging thinking of any reason why they should not go for the listing.
“If you look at the number of securities listed on the Exchange, we were leaving money and opportunity on the table,” he said.
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service