The BSX: From Strength to Strength

Courtesy of the Bermuda Stock Exchange

Bermuda has been the leader in creating and implementing the business and regulatory models that have become the standard for other jurisdictions. Bermuda is located within two hours' flying time from most U.S. east coast hubs and a short flight from Canada. Daily air service to the UK and Europe place Bermuda at the crossroads between Europe and North America whilst in a complementary time zone to Asia. This proximity to the world's largest capital markets has been critical to the continued success of the sophisticated industries that Bermuda has developed, nurtured and grown.

Well-recognised names, such as Citigroup, the Bank of New York and JP Morgan, have established a presence here. Similarly, the acquisition of Bank of Bermuda by HSBC thrust Bermuda into the spotlight for financial services. The arrival of these major players gives Bermuda a significant boost in terms of the island's hedge fund servicing capabilities.

Bermuda's pragmatic approach in creating an operational, technical and regulatory infrastructure focused on clients' needs, whilst maintaining integrity throughout the entire system, is the result of a concerted and collaborative effort between the private and public sectors of the jurisdiction. This model ensures jurisdictional policies remain in line with or ahead of market developments and keeps Bermuda's regulatory oversight at prudent levels, whilst maintaining support and appreciation for the entrepreneurial spirit that drives innovation.

The mainstays of Bermuda's strength as a leader in the offshore financial services industry can easily be traced to the jurisdiction's longevity in this business. As one of the early pioneers in the offshore fund business, Bermuda has developed a commercially sensible level of regulation based upon years of experience and has created products that meet the needs of its sophisticated client base. Bermuda's experience has produced a deep and knowledgeable infrastructure of service providers. Bermuda's infrastructure extends to services provided by global fund administrators, attorneys, banks, auditors and the Bermuda Stock Exchange. Bermuda has evolved to offer a sophisticated product to a sophisticated and selective client base.

The Bermuda Stock Exchange (BSX) has been in existence since 1971 and has carved a niche in the global stock exchange industry, with nearly 550 listed issuers with a combined market capitalisation of over $330 billion. Offering a complete stock exchange solution in one of the world's most respected and sophisticated offshore jurisdictions, the BSX trades and settles stock and cash transactions daily through its electronic trading, settlement and depository systems.

The development and success of the BSX has helped the growth of Bermuda's capital market and has provided opportunities for international clients. The BSX's commercially sensible regulatory approach dovetails with that of the jurisdiction and is based upon currently accepted international standards. The exchange seeks to achieve an appropriate balance between providing issuers with access to the market at the earliest opportunity, and providing investors with certain safeguards and timely information to enable them to make informed decisions on the value, risk and merit of listed securities.

The BSX's regulatory approach has been embraced by the global fund industry. Of the more than 500 BSX listed vehicles, over 100 are hedge funds or have hedge fund attributes. Our international regulatory recognitions and longevity in the stock exchange business has resulted in the BSX becoming the location of choice in the offshore world for those entities wishing a "superior" level of support and distinction from their listing. In fact, over half of the funds listed on the BSX originate from other jurisdictions.

Going forward, Bermuda will continue to drive innovation in its core industries. The stakeholders in Bermuda have always embraced change in anticipation of the potential opportunities that may follow.

From the BSX's perspective, we see huge opportunity in the global stock exchange industry for the Bermuda Stock Exchange. Our unique approach in respect of our regulatory infrastructure coupled with our strategic geographical location and internationally recognised electronic stock exchange platform places the BSX in a very exciting position to take advantage of expanded global opportunities.

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