BSX Releases 2014 Year End Review Report

January 5, 2015

The Bermuda Stock Exchange said that 2014 was a “positive year” for the Exchange with “continued momentum in the listing of Insurance Linked Securities and the further development of Small and Medium Enterprise company listings and a specialized international debt listing platform.”

In making the year-end announcement, BSX President and Chief Executive Officer Greg Wojciechowski stated, “2014 ended strongly with a record number of ILS listings and variety of new listed structures which indicate that the BSX continues to develop its reputation globally as an internationally recognized stock exchange platform.

He added, “The accomplishments of the BSX to date and in particular this year’s results are directly attributable to the hard work of a dedicated team of world class stock exchange professionals that manage and operate the Exchange on a daily basis.

“The BSX team clearly understands the importance of a modern and solid domestic capital market and its contribution to the health of the Bermuda economy. The BSX team is committed to ensuring that Bermuda’s stock exchange platform remains the leader amongst its peers internationally while providing global capital market access and solid support for the continued development of Bermuda’s domestic capital market.”

Commenting on the year, BSX Chief Compliance Officer, Mr. James McKirdy said, “Year on year net listings grew by an impressive 97 securities. 2014 was an active year and new listings applications for 146 securities were processed, including 56 Insurance Linked Securities with a capitalization value of $8.296 billion. There was growth across all sectors including international equities, debt, derivatives and collective investment vehicle listings.”

“As at 31 December, 2014 there was a total of 762 securities listed on the BSX. Included in the new listings in 2014 were several additional Variable Rate Notes and Programs from Alamo Re, Azora Re, Citrus Re, Gator Re, Golden State Re II, Kilimanjaro Re, Kizuna Re II and URSA Re.

“The number of Insurance Linked Securities listed on the BSX grew to 118 from 77 [a 53% increase] while the value of these securities grew to $15.91billion from $9.71 billion [a 64% increase] from the same period last year. There were 26 new collective investment vehicles, 18 International equities, 33 new derivatives and 13 fixed income securities listed along with 13 subsequent ssues undertaken by existing listed issuers.”

“Also noteworthy in 2014 were the listings of 10 share classes of Madison Point Holdings, the shares of Vida Green and Africa International Capital’s Angola Portfolio along with 8 new HSBC Managed Portfolios and Sema Lease UK Ltd’s Secured Loan Note Program. Delistings included several Insurance Linked Securities that matured during the year in the normal course of business and some 23 collective investment vehicles.”

The total market capitalization of the BSX as at 31 December, 2014 [excluding collective investment vehicle listings] stood at over $455 billion of which approximately $1.95 billion represented the domestic market. Total trading volume for the period was 12.5 million shares with a corresponding value of $37.4 million compared to 10.2 million shares with a corresponding value of $30 million for 2013.

The RG/BSX Index closed the year at 1357.12 which is 12.99% higher than 2013.

Discussing international business development, Mr. Wojciechowski stated, “The BSX was proud to be a silver sponsor and participant in the organization of the ILS Bermuda Convergence 2014 event held in November. The two day business development and networking event brought ILS industry leaders to Bermuda from 13 countries.

“The success of ILS Bermuda Convergence 2014, the continued growth of structures established in Bermuda and the record number of ILS issues listed on the BSX substantiates Bermuda’s position as a centre of excellence for the creation, listing and servicing of the ILS asset class.

In closing he stated, “I am delighted with the place we find ourselves as we begin 2015. The BSX team is energized and sees a variety of new opportunities on the horizon. I have every confidence that the hard work undertaken at the BSX and in Bermuda to create and sustain a reputable and respected commercial and regulatory environment will continue to drive commercial development and assist us in adding new lines of business and further elevate Bermuda’s position amongst the major global financial centres.”

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