A Trading Member may sponsor all forms of application to list on the BSX in addition to their trading privileges. The BSX invites applications to become a Trading Member from any company which meets our Trading Member requirements.
Catagories of Trading Membership
Trading member options are to become a Broker, Broker/Dealer, or Market-Maker.
- Broker - a Broker may only act in an agency capacity (i.e. execute trades on behalf of clients) and may not trade on a principal basis. Minimum net capital $25,000
- Broker/Dealer - a Broker/Dealer may act in an agency capacity and trade as principal (subject to prior notificaiton of the client if it is dealing with a client). Minimum net capital $100,000
- Market-Maker - a Market-Maker agrees to provide continuous two way quotes, as principal, in one or more specified securities. Minimum net capital $100,000
How to Become a Trading Member
An applicant must:
- Submit a business plan setting out the company's plans to be actively engaged in trading securities on a full time basis
- Be a limited liability company incorporated in Bermuda (local 80/20 pr 60/40 or exempted). No individuals or permit companies will be admitted.
- Meet the Minimum Net Capital (MNC) requirements of $25,000, both at the time of admission and on a continuous basis thereafter
- Have appointed an independent auditor
- Satisfy the BSX's requirements for relevant experience
- Install and use terminals for the BSX's BEST trading system
- Pay an admission fee, annual membership fee and an ad valorem transaction levy
- Agree to be bound by the BSX Trading Member Regulations as prescribed by the BSX and approved by the Bermuda Monetary Authority
Complete information on the BSX Trading Member role may be found in the regulations document below.
Fees
Application Fee: $20,000
Annual Fee: $7,500
The application fee is non-refundable should the applicant decide to withdraw its application prior to the determination of the application by the Exchange or the applicant is not deemed fit and proper to be a Trading Member.
The annual fee is pro-rated the first yeart from the month of approval.
Trading Regulations
Transaction Fees
Trading Hours and Holidays
Current Trading Members
