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BSX Reports Continued Growth in New Listings in 2003
The BSX/RG Composite Index ended the year at 2,965.34, up 33.55% compared with 2002. Domestic trading volumes fell from 3.8 million shares to 2.8 million, with a corresponding share value of $50.8 million.
The BSX International Crossing Market sustained the pace of 2002 with 12.5 billion shares traded with a share value of $364 billion. The total market capitalization of the BSX as at 31 December 2003 (excluding fund listings) stood at approximately $120 billion of which $2.9 billion represented the domestic market.
As at 31 December 2002, 383 issuers were listed on the BSX. Included in the new listings in 2003 were: Montpelier Re and White Mountains Insurance Group that joined the Exchange's International Secondary Market. There was also one new international BSX Mezzanine Market company and some 16 collective investment vehicles listed in 2003.
2003 saw the continued development of the Bermuda Securities Depository (BSD), the Exchange's fully electronic clearing, settlement and depository service. At year-end, 9 securities had been made depository eligible with over 90% of the transactions executed on the BSX being settled in a book-entry fashion within the BSD. By 31 March 2004 all BSX domestic listed securities will be made BSD eligible, thus brining to completion the BSX's electronic infrastructure build-out.
In making the year-end announcement, BSX President and Chief Executive Officer Greg Wojciechowski noted, "The Bermuda Stock Exchange is pleased to announce the continued increase in the number of new listings in 2003. This sustained growth clearly demonstrates the healthy niche-market that has been created and is being supported by the Bermuda Stock Exchange.
Mr. Wojciechowski went on to note: "In addition, the BSX/RG Composite index, which is weighted on a market capitalization, closed at 2,965.34, an all time high, up 33.55% compared
with 2002. This is, I believe, testimony to the value that investors place on keeping a component of their investment portfolio in Bermuda securities.
In respect of international trading volumes, our crossing market remained strong in 2003 and we have every reason to believe that this trend will continue.
Indications thus far point to a commercially healthier 2004 and I have every confidence that our dedicated team of stock exchange professionals is in a strong position to support the continued development of the Exchange and the domestic financial services industry to ensure that Bermuda's reputation and us as the world's premier offshore business jurisdiction is maintained."