Become a BSD Participant
We operate the Bermuda Securities Depository (BSD), a state-of the–art depository service for Bermuda which also clears and settles trades executed on BEST, the BSX trading system.
The Bermuda Securities Depository attracts both domestic and international participants which hold and manage securities of issuers on their own and on behalf of their clients. These issuers may be Bermudian or international companies, funds, trusts or other legal entities.
A BSD Participant may be based in Bermuda or in another jurisdiction and must be one of the following:
- An issuer of securities held in the BSD (completes this process as part of their listing application)
- An entity nominated to be the Registrar or Transfer Agent of an issuer
- A regulated insurance or reinsurance institution
- A central securities depository regulated in another jurisdiction
- An entity which is licenced to safeguard or hold securities on behalf of investors
- A Trading Member of the BSX (completes the trading member application process and is automatically granted access to the BSD)
For more information see Chapter 2 of Bermuda Securities Depository (BSD) Regulations.
To become a BSD Participant, the process is simple.
1. Talk to us - We welcome new members and encourage applicants to contact us in advance so that we can provide support throughout the application process.
2. Submit documents – submit the following documents to bsxops@bsx.com
- BSD Application Form
- Evidence of regulatory licence (where applicable)
- Identification documents for the legal entity, beneficial owners and directors.
3. Approval – the Operations team will review the applicant’s eligibility and suitability for membership and make a decision within 10 business days.
4. System Access and Training – a BSD Participant nominates relevant users to access the BSD system. Short online training is provided to ensure they are familiar with system prior to admission.
5. Agree admission date – once approved and training is complete, a BSD Participant is admitted to membership on a mutually agreed date. A new membership is announced to the market and the BSD Participant can commence activities.
For more information see the BSD Regulations and the BSD Participant Guide.
Contact the BSX team on bsxops@bsx.com with any questions on the membership process.
Membership fees
No additional membership fees apply to a Trading Member of BSX or an Issuer listed on the BSX. The following fees apply to:
| Registrar or Transfer Agent | Annual Fee: $600 | Application Fee: $600 |
| BSD Participant – holding assets | Annual Fee: $1,000 | Application Fee: $1,000 |
Application fee is payable on submission and the annual fee is pro-rated for the first year.
For more information see the BSD Participant Membership Fee Schedule.
Transaction, Account and Custody Fees apply to all members.
A BSD Participant’s continuing obligations include:
- Submission of an annual Confirmation of Suitability
- Co-operation with the Exchange on an ongoing basis such as requests for underlying client information
- Notification of changes to the BSD Participant entity’s name or country of operation
- Notification of significant events affecting eligibility or suitability (e.g. imposition of disciplinary measures, change in regulatory authorization, liquidation)
- Notification of changes to users or to user access
- Compliance with procedures to lodge and withdraw securities to the BSD.
For more information, see the Bermuda Securities Depository Regulations
Regulations & Guidelines
Application Forms & Related Documents