Instinet (Bermuda) Limited (IBL) is a Bermuda exempted company, incorporated in June, 1998. IBL is wholly-owned by Instinet Corporation, which is a subsidiary of Reuters Group PLC.
IBL intends to use the BSX to execute and report trades matched within the end-of-day crossing service operated by Instinet Corporation, a US registered broker/dealer.
The BSX has operated electronically since 1996 and already trades more than US$1 billion in international securities each month. The BSX's fully-electronic Bermuda Electronic Securities Trading system (BEST) has been enhanced to process the large growth in trading activity expected from IBL and other members, both efficiently and cost-effectively.
In making the announcement, William Woods, CEO of the Bermuda Stock Exchange stated that, "The BSX is delighted to welcome Instinet (Bermuda) into exchange membership. The resulting increased volume and value clearly indicates that the BSX is firmly an international exchange, capable of supporting international trading in a fully electronic environment."
Instinet Corporation, a member of 1 7 exchanges around the world, is a registered broker headquartered in New York City. Instinet has 1200 employees worldwide and offices in eight international financial centers. Instinet is a pure agency broker, serving its global client base by consistently reducing transaction costs, and thereby increasing investment performance for investors and their proxies. The firm was founded in 1969 and was acquired by Reuters Group PLC in 1987.
Instinet Corporation offers trading and research services in over 40 markets and, through affiliates, is a member of 17 exchanges in North America, Europe and Asia.
Editor's Note:
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 215 listed securities (including equities, offshore mutual funds, debt instruments, and depository receipts) and a market capitalisation of over US$50 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
Contact
Joanne Macphee, Communications Manager, BSX, phone 1-441-292-7212 or email jmacphee@bsx.com.