Hamilton, Bermuda 10 March 1999 - The Bermuda Stock Exchange (BSX) today announced that Trafalgar Securities Limited has been approved as a Trading Member on the BSX in the category of Market Maker.
Trafalgar Securities Limited, a Bermuda exempted company, incorporated in July 1996, is the first company to join the Exchange as a Market Maker.
Trafalgar intends to use the BSX's Trading Membership status to sponsor the listing of numerous companies on to the BSX's Mezzanine Market with the potential for Trafalgar to make a two way market in such securities on the BSX's BEST system. The Mezzanine Market provides a full public listing for technology companies that plan to list on Nasdaq within two to three years but are not yet ready to conduct a full Initial Public Offering to retail investors. The Bermuda Electronic Securities Trading System (BEST) is a fully electronic, central limit order book, for the trading of securities and is maintained and operated by the BSX. The increased liquidity provided by Trafalgar in these mezzanine securities could help the BSX to grow the Mezzanine Market into a major "nursery for Nasdaq".
In making the announcement, William Woods, CEO of the Bermuda Stock Exchange stated that, "The BSX is delighted to welcome Trafalgar Securities Limited to the Exchange. We are particularly excited by the fact that Trafalgar has chosen to come on board as our first Market Maker. This marks a significant milestone for the BSX and should prove to be a significant boost for our Mezzanine Market."
Edward Furtak, President of Trafalgar Securities stated that, "We are very pleased to have been admitted as Market Maker on the BSX. We view the Exchange, and particularly the Mezzanine Market, to be an important marketplace for companies wishing to become a reporting issuer and establish a market capitalization.
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Trafalgar is developing relationships with international brokerage firms interested in introducing companies to the Mezzanine Market. These relationships will lead to increased volume and liquidity on the Exchange".
Bermuda Stock Exchange
The BSX is one of the world's premier offshore, fully electronic exchanges. It has been in operation since 1971 as the only stock exchange in Bermuda. The BSX has over 290 listed securities (including equities, offshore mutual funds, debt instruments, and depository receipts) and a market capitalisation of over US$92 billion, excluding mutual funds. The BSX is recognized by the U.S. SEC as a Designated Offshore Securities Market under Regulation S.
Information on the BSX is available on the internet at www.bsx.com, on Bloomberg at BSX
Trafalgar Securities Limited is a member of the Trafalgar Group, based in Bermuda, and is a full service broker/dealer specializing in computerized trading programs and corporate financing.
Information on Trafalgar Securities is available on the Internet at www.trafalgar.bm , via em-mail, invest@trafalgar.bm or by contacting Tim Grice on 441-292-2332.