BSX Reports Good Year, Despite Trading Decline

by Carla Johnson, Investors Offshore.com

10 January 2003

In his annual review, President and Chief Executive of the Bermuda Stock Exchange (BSX), Greg Wojciechowski revealed that 2002 saw a healthy increase in the number of new listings on the exchange, despite a decline in trading volumes.

According to reports, the number of listed issuers rose last year from 349 to 383, and the exchange's fully electronic clearing, settlement, and depositary service, the Bermuda Securities Depositary (BSD) also showed healthy progress, with seven securities having been made depository eligible by the end of the year.

Speaking recently, the BSX chief announced that:

'The Bermuda Stock Exchange is pleased to announce the continued increase in the number of new listings in 2002. Like so many businesses and world markets, the BSX has felt the impact of the global economic slowdown this year. However, in spite of this, I am delighted to report that the BSX continued to see growth in our listing product.'

'This sustained growth clearly demonstrates a healthy niche-market that has been created and is being supported by the Bermuda Stock Exchange.'

Addressing the fall in trading volumes compared to 2001, Mr Wojciechowski explained that this had resulted from the shift in the bulk of trading in the Bank of Bermuda's stock from the BSX to the NASDAQ. However, he added that:

'Despite the overall decline in the index, the broad market excluding the Bank of Bermuda remained stable over the last year, modestly advancing 1.69%.'

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