BSX Encouraging More Secondary Listings

by Amanda Banks, Tax-News.com, London

16 October 2003

In a bid to boost trading volumes and liquidity on the exchange in the wake of the Bank of Bermuda's listing on the Nasdaq, the BSX is encouraging more secondary listings, particularly for firms in the insurance sector.

“Whilst we have seen some reduction in the number of trades or the volume of trades in the local context we have certainly seen an increase in the number of companies using the listing service and the exchange so that it is a balance,” BSX's chief executive officer Greg Wojciechowski said recently, according to a Royal Gazette report.

Speaking after the launch of US-based insurer White Mountains' secondary listing last week, Mr Wojciechowski observed that there was a growing number of insurance companies choosing the BSX as a location for their secondary listings.

"We have been working hard for the past 18 to 24 months to target insurance companies to get them to consider a secondary listing to emphasise or to re-emphasise their commitment to developing Bermuda as the prestigious international business centre and to continue our positioning as the leader in the insurance industry," he explained, adding that:

"Over the past 12 to 18 months we have seen the number of insurance companies come up to eight from when we started when it was two."

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