These new appointments took effect from 9th December 1996 and follow the resignation of the former Chairman, Ms. Audette Exel, who has recently resigned from the post of Managing Director of Bermuda Commercial Bank (BCB) to return to Australia. Peter Roberts, the newly appointed Managing Director of BCB, has assumed Ms. Exel's position on the Council of The BSX.
"The appointment of a Chairman who is a non-bank representative and who has the international experience of Arthur Sculley, strongly demonstrates the importance which the Banks and the Council attach to the development of The BSX in the global capital markets", said William Woods, CEO of The BSX. "In addition, the inclusion of Jeff Conyers, who represents the non-bank Trading Members, as an additional local Deputy Chairman means that The BSX has a winning combination of experience and commitment to draw on as we build the world's first truly international, offshore capital market here in Bermuda."
Background
In existence for more than 25 years, The BSX is an international electronic securities exchange with a market capitalisation of more than $25 billion. There are currently 50 equity issues, 13 of which are international: 64 investment funds; and 9 debt issues listed. Trading is conducted via the Bloomberg Financial Markets System (BSX
Highlights include:
An increase in market capitalisation by nearly $23 billion, or more than 20 times the year-end 1995 capitalisation
Admission of Nomura Securities (Bermuda) Limited, part of the world's largest securities house, as a Trading Member of The BSX
Secondary listing of the five Jardine Matheson Group companies
Insurance Listings
-- Secondary Listing of Insurance Giant Exel Ltd.
-- Secondary Listing of NYSE listed specialty insurer ACE Ltd.
Fund Listings
-- Fund Giant Invesco Lists India Growth Fund
-- Listing of the Bermuda managed Orbis Global Equity Fund
Developments
-- Addition of Mauritius to The BSX's list of "Recognised Jurisdictions"
-- Procedures to carry BSX Trading Data on Reuters Worldwide Information Network and Dow Jones Telerate
The introduction of a new trading facility for Trading Members to make crossings on The BSX. To facilitate crossings, The BSX has introduced a fee of just $0.50 per trade, with a minimum of $5 and a maximum, for a basket of stocks, of $50. Crossings to date on The BSX have totaled 36,293,908 U.S. securities with a total value of $2.3 Billion.
The U.S Securities and Exchange Commission ( the SEC) agreed to designate The BSX as an "offshore securities market" within the meaning of Rule 902(a) of Regulation S under the Securities Act of 1933 as amended (the "Securities Act"). This designation permits the resale of securities listed on The BSX in transactions effected in, on, or through the facilities of The BSX in reliance on the safe harbor from the registration requirements of the Securities Act provided by Rule 904 of Regulation S.
Establishment of a web site at http://bsx.com, with a free home page for every listed issuer. Council Members 1996/7
Composition
The Council comprises thirteen (13) members. The full Council membership is as follows:
Senior Statesman with securities industry experience:
Arthur B. Sculley, President - Sculley Brothers LLC Chairman
Representatives of The Bank of N.T. Butterfield & Son:
Mr. Michael Collier, President & CEO Joint Deputy Chairman
Mr Peter Wignall, MD of Butterfield Asset Management
Representatives of The Bank of Bermuda:
Mr. Charles Vaughan-Johnson, President & CEO Joint Deputy Chairman
Mr Peter Mellor, Senior Vice President
Representative of the minority shareholders/non-Bank Trading Members:
Jeff Conyers, CEO - First Bermuda Financial Services Limited Joint Deputy Chairman
Representatives of Bermuda Commercial Bank:
Mr. Peter Roberts, Managing Director
Ms Dominique Smith, General Manager
Representatives of the Legal and Accounting professions in Bermuda:
John D. Campbell, Senior Partner - Appleby, Spurling & Kempe
Senator Terry E. Lister, Partner - Deloitte & Touche
Representative from the Board of a Domestic Listed Company:
E. Eugene Bean, President and CEO - Bermuda Aviation Services Limited
Representative from an International Listed Company or Collective Investment Scheme:
Robert Mulderig, Chairman and CEO - Mutual Risk Management Limited
The Chief Executive Officer (ex officio):
W. William A. Woods
Arthur B. Sculley
Arthur B. Sculley, 52 is President of Sculley Brothers LLC, a private investment and advisory firm which deals with emerging technology companies specializing in financial services and multimedia with his brothers John, the former CEO of Apple Computer and President of Pepsi Cola and David the former President of H.J. Heinz USA and Deputy Managing Director of H.J. Heinz UK. In addition, he is Chairman of IntraLinks, an electronic document distribution utility for the financial services industry.
Prior to joining Sculley Brothers LLC, Mr. Sculley was a member of Senior Management and served as Head of the Private Banking Division at JP Morgan & Co. Inc. where he spent twenty- five years before retiring in February, 1995.
Mr. Sculley spent sixteen years in corporate finance at Morgan including overseas assignments in London, Singapore, and Hong Kong. He recommended and was responsible for establishing JP Morgan (Hong Kong) Ltd., the merchant bank, which today is the foundation of Morgan's extensive presence in S.E. Asia. Upon returning to New York in 1979, he was given responsibility for Morgan's major corporate relationships in Illinois and then served as Head of Morgan's Middle East Dept. with particular focus on Saudi Arabia, Kuwait and the UAE. In 1986, Mr. Sculley joined Private Banking and was appointed Managing Director. He established the global Mutual Funds Group which now has $22 Billion under management. In 1990, he set up the high networth brokerage group based in New York, Geneva and Hong Kong. In 1991 he was appointed Head of the $80 billion worldwide Private Banking Division with offices in eleven countries. He was a Director of JP Morgan (Suisse) S.A., Morgan Trust Company of the Bahamas and JP Morgan International Holdings.
Mr. Sculley is the son of the late Margaret Blackburn Smith Sculley of Bailey's Bay. He is a graduate of the University of Pennsylvania's Wharton School and served as an officer in the U. S. Navy for 3 years. He was a diving instructor for Park Breck Diving School in Flatts, 1963-1965. He is currently an Alternate Director of the Bermuda Perfumery, Director of the Bermuda Heritage Trust and a member of the Corporation of the Bermuda Biological Station.
Jeffrey G. Conyers
(Bermudian)
Jeff Conyers is the Chief Executive Officer for the First Bermuda Group of Companies (FBS) and is responsible for Institutional and Retail Brokerage Services. Prior to joining FBS, he served as Assistant Manager in the Private Banking/Trust Division of the Bank of Bermuda. He currently holds licenses with the NASD in the US as a Registered Representative and Registered Options Principal. He has served as a retail stockbroker with Scotia McLeod and MacDougall, MacDougall & MacTier in Toronto, Canada.
Jeff Conyers is a graduate of Trinity College, University of Toronto (BA 1975). In addition to his responsibilties with FBS and his directorship of the Offshore Fund, he is also a director of numerous companies in Bermuda including Bermuda Aviation Services Limited, The Bermuda Rock Fund Limited and the local chapter of the Institute of Directors.