The BSX/RG Composite Index ended the year at 2,293.25 just slightly short of the all time high of 2,296.80 set one week earlier on 21 December and up more than 52% over 1999's close of 1,506.54.
The Exchange's market capitalization rose from $122 billion to $148 billion and trading volumes soared to 5.6 billion shares with a total value of $230 billion. Domestic securities accounted for 6.7 million shares and $135.9 million value respectively, also setting new records for the BSX.
"The BSX had a record breaking year in 2000 and we look forward to continuing rapid growth in the new millennium", stated William Woods, Chief Executive Officer.
During the course of the year the Exchange welcomed four new Trading Members: Brooke Securities, G-Trade, G2 Securities and E*Trade Global and one new Listing Sponsor: Continental Sponsors.
The number of listed securities rose too, with the listing of some fifty-three new issuers, including two Mezzanine Market companies, Safire and Shui Sing, and one International Secondary market listing, Tycom. There are now more than 310 securities listed on the BSX.
Other highlights in 2000 included the appointment of Mr. David Brown as Chairman. Mr. Brown replaced long serving Council head Arthur Sculley in January 2000. Mr. Harry Wilken, President of Jardine Matheson Bermuda, was appointed Head of the Listing Committee and the Exchange expanded its Listings and Compliance Department to further meet international regulatory standards. The BSX staff has expanded to 12, 11 positions being held by Bermudians.
In 2000, the BSX announced a substantial reduction in Secondary Issue Listing Fees and added BVI to its list of recognized fund domicile jurisdictions.
The BSX Bermuda Insurance Index also rose in 2000 to end the year at 1060.35 up 53% on the 1999 close of 563.17. A true reflection of Bermuda's insurance industry, the Index saw a number of significant changes throughout the year. Most notable were the addition of Everest Re, PX RE and Trenwick Group, and the withdrawal of Terra Nova and La Salle Re.
In 2001 the BSX will continue to focus on its core businesses, with an increased emphasis on international marketing initiatives. The Exchange will also continue to seek international recognition from key jurisdictions as appropriate.
In addition, later this year the BSX will introduce its new electronic registration and clearing facility, €˜GlobalScrip' and begin offering the PlusFundsSM Market a trading facility for the secondary market trading in the shares of hedge funds.
The BSX also plans to focus its attention on a heightened local investor awareness campaign aimed at continuing to encouraging Bermudians to €˜Own their Share of Bermuda".