BSX And CISE Sign Cooperation Agreement
The Bermuda Stock Exchange [BSX] and the Channel Islands Securities Exchange [CISE] have signed a Memorandum of Understanding [MoU] to explore the opportunities offered by working closer together.
The CISE is best known for listing investment vehicles, including open and closed ended fund structures, and international debt securities.
BSX provides a fully electronic stock exchange platform to Bermuda’s domestic capital market and is known for supporting the global reinsurance and capital markets through the listing of a variety of investment vehicles such as fund structures and insurance linked securities.
BSX CEO Greg Wojciechowski and CISE CEO Fiona Le Poidevin:
The exchanges have now agreed to look at areas for cooperation across both the commercial and regulatory aspects of their businesses.
Fiona Le Poidevin, CEO of the CISE, said: “I’m delighted that we’ve signed this agreement with BSX. I believe that there is significant scope for us to cooperate with similar exchanges as a way to harness synergies in our businesses and to that end, BSX is an ideal partner.
“Our two exchanges differ in geographical location and market strengths so there is plenty of scope to leverage these complementary offerings in order for each exchange to diversify its product range and broaden its international appeal as a way to promote further growth. I’m really looking forward to closer cooperation with BSX and seeing what we can achieve together in the future.”
The MoU means that the two exchanges will start to look into ways of working together, including the cross-fertilisation of regulatory best practice, information exchange in relation to market developments, potential resource sharing and joint promotional activities.
Greg Wojciechowski, President and CEO of BSX, said: “This is a really exciting development for both exchanges. Larger exchanges have taken similar action seeking to create synergies through closer cooperation or even formal collaboration, such as is the case with the London Stock Exchange and Deutsche Bourse at the moment.
“The MoU signed with the CISE illustrates that smaller, niche focussed exchanges are being entrepreneurial and forward thinking in relation to their strategic development.
“I believe that closer cooperation between BSX and the CISE offers significant potential benefits to both exchanges, our clients, investors and the domestic economies which we serve. Both I and the BSX are looking forward to working with Fiona and the CISE team to maximise the potential of this MOU.”
