The new membership category, approved by The Bermuda Monetary Authority last week, allows companies to become members of The BSX as listing sponsors. A listing sponsor will have the ability to sponsor applications for new listings of mutual funds, Eurobonds, depository receipts, and secondary listings.
"This is an exciting development for the exchange as listing sponsors will be our front line marketing arm," said William Woods, Chief Executive Officer of The BSX. "This gives us the opportunity to expand our base of mutual fund listings which in turn raises the profile of Bermuda as an offshore funds domicile."
This is the first initiative to widen the membership structure since The BSX began its development as the first fully-electronic offshore securities market approximately 18 months ago. Until now, the only membership category of The BSX was Trading Member. The BSX now has nine trading members, including the Island's three banks and six non-bank broking companies.
The listing sponsor category is aimed at law firms, accounting firms, fund managers, trust companies and other service providers. Privileges will be limited to the sponsorship of new listings, excluding primary listings, which are the sole domain of the Trading Members. Listing sponsors will not have trading privileges on the exchange.
The BSX announced last week it had surpassed the 100 mark in offshore fund listings. There are now 105 listed funds, making The BSX one of the world's fastest growing offshore exchanges for mutual fund listings.
For further information, please contact Robin H. McPhee at 292-7212 or at info@bsx.com.