Bermuda Stock Exchange sees record number of listings
The Bermuda Stock Exchange saw a record number of listings in 2023, according to its year-end report published yesterday.
“In 2023, BSX set in motion our strategic plan for future growth, making significant investments in technology and staffing initiatives,” said Greg Wojciechowski, president and CEO of BSX.
“Integral to our growth was a renewed focus on business development outreach, which resulted in a record number of listings on BSX.
“We also added three new listing sponsors, providing us with further opportunities to collaborate with local and global law firms to expand our international listings services.”
According to a BSX statement, total listings at 2023 year-end reached 1,407, an increase of 5.2 per cent from 2022. It attracted 261 new listings on the exchange, marking 2023 as the third-highest year for new listings on record.
• Retained its position as the global leader in listing of Insurance Linked Securities, accounting for 91 per cent of global issuance
• Record number of securities listed at the end of 2023, with 1,407 securities listed
• Continued growth in international listings with an emphasis on international debt and the listing of its first sustainable finance programme
• Welcomed three new Listing Sponsors to the Exchange
• Hosted the World Federation of Exchanges General Assembly, in Bermuda, in September 2023
The statement said: “BSX’s focus on supporting the international debt market resulted in 42 new listings, while the number of listed collateralised loan obligations increased by 19.
“BSX also remained the pre-eminent platform for Insurance Linked Securities listings, with 195 new ILS securities listed in 2023 bringing the total to a record 849 ILS securities and representing a 91 per cent share of global ILS listings.”
It also grew its international debt listings in 2023, with 269 securities listed at year-end, compared with 252 in 2022 — a 6.7 per cent increase. Contributing to this was the continued growth of BSX’s CLO listings. In addition, 2023 also saw BSX attracting its first note programme structure focused on sustainable activity.
The BSX said it continued its support of Bermuda’s domestic capital market trading, operations and post-trade services for equities, government bonds and domestic corporate bonds in 2023.
Trading volume increased to 2.29 million shares, compared with 1.42 million in 2022, and the value of shares traded totalled $20.43 million, compared with $13.13 million in 2022.
The Royal Gazette/BSX Index closed at 2,370.71, compared with 2,317.69 in 2022, an increase of 2.2 per cent. Equity market capitalisation on the BSX totalled $191.7 billion at the end of 2023, compared with $166.05 billion in 2022.
At year-end 2023, the Bermuda Securities Depository, operated by the BSX, was custodian for 37 per cent of total shares issued by domestic equity securities listed on the BSX. In 2022, it was 35 per cent.
The BSX said that 2023 also saw continued growth in the overall number of ILS-listed securities, with the total number of listings increasing by almost 10 per cent to 849 at year-end, compared with 773 in 2022, contributing to a year-end record number of listed securities of 1,407, up from 1,337 in 2022.
Of the total ILS listings, 425 were securities providing catastrophic peril reinsurance coverage. The global issuance for that class was $45 billion, with BSX-listed ILS providing catastrophic peril reinsurance coverage having an outstanding value of $40.8 billion and representing 91 per cent of global issuance.
In 2023, the BSX hosted the World Federation of Exchanges 62nd General Assembly and Annual General Meeting, with the event attracting 230 participants from 45 countries to the island.
According to the BSX, the event allowed it to showcase Bermuda and the important role it plays in the global business community and in supporting the global economy.
It also hosted the 2023 General Assembly of the World Federation of Exchanges in September 2023. The event brought together 230 participants from 45 countries, representing the world’s top exchanges and clearinghouses for a three-day conference to discuss key issues and topics impacting the global exchange industry.
The BSX welcomed three new listing sponsors in 2023, bringing the number of sponsors to 18.
Conyers Securities (Bermuda) Limited, HarBSX Services Limited and Carey Olsen Listing Services Bermuda Limited joined the BSX as listing sponsors in 2023, providing it with broader access to international markets and offering the Sponsors access to new product offerings.
• For the full report, see Related Media
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