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BSX featured in Focus Magazine on Bermuda’s BSX ensuring essential financial services amid global pandemic.

Hamilton, Bermuda: August 28, 2020:  Focus Magazine (WFE), released an on-line article titled “Bermuda’s BSX ensures essential financial services amid global pandemic”.  The article stated:

 

Bermuda’s BSX ensures essential financial services amid global pandemic

 

Focus Magazine - Greg Wojciechowski, President and CEO, Greg Wojciechowski, President & Chief Executive Officer of the Bermuda Stock Exchange,(BSX) discusses how Bermuda’s BSX ensures essential financial services amid global pandemic.

 

 

 

How did the Bermuda Stock Exchange rise to the challenge of the global pandemic? What challenges did the BSX encounter and how did you overcome them? 

 

As an important stakeholder in the Bermuda economy and member of the WFE, the Bermuda Stock Exchange (BSX) took quick and decisive action once the Covid-19 Pandemic arrived in Bermuda. In March we announced the BSX would remain open for business and continue to provide services to our local and global customers in the capital markets. 

 

The BSX was deemed an “essential service” and so we continued our operations as normal, albeit with initial access to the BSX office limited to core personnel. The BSX team implemented our Business Continuity Plan which involved a variety of precautionary measures to ensure operational resilience as well as the wellbeing of our staff. Our team was able to quickly pivot to working remotely and, as we are a fully electronic exchange, switching to the new normal was relatively seamless. We continue to serve our markets and clients without interruption.

 

 

 

Where is the BSX now with respect to reopening? 

 

Bermuda is open for business. While the situation remains fluid, we do not anticipate disruption to normal operations and functions which remain critically important. The BSX has robust technology infrastructure in place and we are guided by the WFE mandate that financial markets remain open, accessible and able to perform their role by providing investors with liquidity, facilitating price discovery and allowing for risk transfer solutions. We remain committed to maintaining a solid and dependable market platform for our local and global customers through the global pandemic which looks set to continue into 2021.

 

 

 

What opportunities are you seeing as a result of the global pandemic?

 

 

The BSX will also benefit from the new partnership with Miami International Holdings, Inc. (MIH), the parent holding company of the MIAX Exchange Group which acquired a majority ownership of the BSX in late 2019.

 

As MIH looks to establish its international presence and address emerging markets such as digital assets, we find that the Bermuda Government’s commitment to FinTech regulation with legislation such as the Digital Asset Business Act 2018, coupled with Bermuda’s established international business market, make the BSX and the country of Bermuda as a whole, very attractive. The alignment with MIH better positions us to compete and serve customers across a broad range of asset classes by uniting our brands, expertise and infrastructure.

 

 

 

What is the BSX’s vision for rebuilding the world?

 

 

Bermuda’s history is built on a proven track record of innovation and collaboration between business, government and regulators that has enabled us to drive risk innovation and establish a reputation for expertise in various alternative risk transfer solutions that are accepted across the globe.

 

We are actively engaging in discussion with market participants that will continue to enhance and broaden the development of risk transfer products, InsurTech, FinTech and innovative insurance-linked solutions which will we believe will advance the sustainable finance agenda globally.

 

 

How do we need to think about exchanges and regulated markets in future?

 

Markets around the world recognise their responsibility not only to issuers and market participants, but to the economies they serve and society at large. We believe that with coordinated action, information-sharing, vigilance, along with a fundamental focus on market integrity and investor protection, we will be able to come through the current crisis and adapt to and thrive in changing market conditions.

 

It is also important for exchanges to adapt to a rapidly evolving digital world. One of the drivers for MIH acquiring a majority shareholding in the BSX was to leverage the progressive commercial and regulatory approach Bermuda has adopted in respect of digital assets and crypto currency business. The MIAX and BSX teams are working closely creating a digital asset business platform. These include the listing of digital asset/crypto related products such as a cryptocurrency index tracking funds and the creation of a regulated trading platform for digital asset-related instruments.

 

We also see environmental, social and governance (ESG) considerations becoming an important driver for corporations and investors around the world. As investors look to grow their holdings in asset classes linked to socially responsible investments, this creates an increased pool of investors in Insurance Linked Securities which are helping to narrow the insurance protection gap and expand the sustainable agenda for important global threats like climate change, pandemics and social development. The BSX remains committed to the continued support of the global (re)insurance industry through exchange traded risk and other innovative solutions through our robust regulated trading platform.

 

 

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For more information on the Bermuda Stock Exchange (BSX), contact Nancy Vieira at 1-441-292-7212 or nvieira@bsx.com . Information is also available at www.bsx.com and on Bloomberg at BSX . Established in 1971 the Bermuda Stock Exchange (BSX) is the leading fully electronic offshore securities market. The BSX specializes in listing and trading of capital market instruments such as equities, debt issues, funds, hedge funds, derivative warrants and Insurance Linked Securities. The BSX is a full member of the World Federation of Exchanges (WFE) and is in an O.E.C.D. member nation and an affiliate member of IOSCO. The BSX is recognised by the US SEC as a Designated Offshore Securities Market. In addition, the BSX is recognized by the U.S. Securities & Exchange Commission (SEC) as a Designated Offshore Securities Market under Regulation S; The Financial Services Authority in the UK as a Designated Investment Exchange; HM Revenue & Customs in the UK as a Recognized Stock Exchange; The Bermuda Monetary Authority as a Recognised Investment Exchange; and as an Approved Stock Exchange under Australia’s Foreign Investment Funds (FIF) taxation rules; and Designated Exchange status under Canada’s Income Tax Act and is a member of America’s Central Securities Depository Association.

 

TRADING HOURS

08:30-09:00 Price Discovery
09:00-16:30 Continuous Trading

CONTACT DETAILS

TEL: +1 (441) 292 7212
FAX: +1 (441) 292 7619
Email: info@bsx.com

LOCATION

30 Victoria Street
3rd Floor
Hamilton, Bermuda

MAILING ADDRESS

P.O. Box HM 1369
Hamilton HMFX

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