To facilitate crossings, The BSX has introduced a new level of transaction fees for these trades. The new fee is just $0.50 per trade, with a minimum of $5 and a maximum, for a basket of stocks, of $50. These fee levels are significantly more attractive for Trading Members than other competing markets. The BSX has also introduced a reduced fee structure for non-cross trades in international securities which are listed on The BSX. In the case of listed securities which are traded on The BSX the reduced transaction fee is now 0.01% of the value of the trade, payable by both sides of the trade. This fee is also subject to a maximum of $50 per side.
Crossings to date on The BSX have totaled 4,946,684 U.S. securities with a total value of $246,573,255.
Mr. W. William A. Woods, CEO of The BSX stated "The new crossings facility enables Trading Member firms to execute program trades on The BSX. Some of these trades are in U.S. listed stocks which are crossed outside of the New York Trading Hours. Bermuda's time zone gives it a natural advantage in this area, as we open up ahead of the New York market and are also open after New York closes (when the London market has also already closed). In addition, the new reduced fee for negogiated trades in listed securities makes The BSX a more attractive market in which to trade the international securities which have a secondary listing here."