BSX is the world's leading listings platform for Catastrophe Bonds and other ILS structures.  Known as the "world's risk capital", Bermuda is an ideal location for the creation, listing and trading of sophisticated, securitised insurance-related instruments and is the leading ILS, property and catastrophe market globally.

 

Why List on the BSX

• Globally accredited Exchange 

• Recognised by HMRC and Irish Revenue under the "quoted Eurobond withholding tax exemption" allowing listed issuers to pay interest without deduction of withholding tax 

• Competitive fees

• Experienced team 

• Flexible approach

• Guaranteed timelines

 

How to List

• Appoint a listing sponsor from the list of approved sponsors who will guide you through the listing process

• Compile and submit key documents (may be in draft form)

• The BSX will review the application and if deemed fit and proper, provide approval in principle

• Submit final documents to BSX

• Approval and admission to listing

 

Key Listing Documents (see listing regulations for more details)

• Letter of application

• Offering/prospectus document and BSX wrapper if applicable

• Constitutional documents

• Relevant financial information (audited accounts if available)

• Corporate resolutions

• Relevant contracts

• Directors' undertaking and KYC

• Issuer's undertaking

• Sponsor's undertaking

 

Fees (all fees quoted in US$)

Listing Fees for ILS from 1 April 2024 

Fee calculator for ILS, Debt and CLOs (including discount option)

		INITIAL	ANNUAL
Listing fee	Stand-alone note	$3,000	$1,500
	Programme	$3,000	$1,500
	Each programme class/note	$600	$660
Account service fee*			$100
Premium application fee*		$1,500

 

• Comprehensive listing fee - $12,500*

• 5% discount option for upfront payment to maturity date*

     *Please see Listing Fee Schedule for further information

 

Regulations and Guidelines

• Guidelines to the Listing Regulations (replaces previous practice notes)

• Section I - All Issuers

• Section V - Insurance Linked Securities

 

Forms

• Directors Declaration and Undertaking Form

• Form of Suitability Declaration for a "Qualified Investor"

• Issuers Undertaking Form - ILS - Restricted Marketing

• Sponsors Declaration Form - V - ILS - Restricted Marketing

 

Templates

     The following templates are provided to assist issuers in making regulatory announcements

• Company Announcement Template - General 

• Director Appointment and Resignation Announcement and Associated Email/Cover Letter

• Director Appointment Announcement and Associated Email/Cover Letter

• Director Resignation Announcement and Associated Email/Cover Letter

• Delisting of a Security

• Early Redemption of a Security

• Partial Redemption of a Security