BSX Sees 34 New Listings In 2004

by Amanda Banks, Tax-News.com, London

10 January 2005

Domestic trading volume on the Bermuda Stock Exchange in 2004 fell slightly compared to the previous year, although the value of the shares traded was higher, the BSX announced last week.

According to the Royal Gazette, domestic trading volumes on the exchange last year reached 2.6 million shares, a fall of 0.2 million shares since 2003, while the value of the shares traded rose to $65 million from $50.8 million in 2003.

Overall, the Royal Gazette/BSX Composite Index ended the year at 3,208.05 points, up 8.2% compared to the end of 2003 when the index stood at 2,965.34 points.

The BSX announced a number of new listings last year including HSBC Holdings plc, Aspen Insurance Holdings Ltd. and American Safety Insurance Holdings Ltd, as six new equities and 28 collective investment vehicles listed in 2004.

Meanwhile, 3.3 billion shares traded on the BSX International Crossing Market in 2004 with an associated value of $119 billion. Total market capitalisation on the exchange by the end of last year stood at approximately $120 billion, of which $1.85 billion represented the domestic market.

Last year also marked a significant milestone for the BSX, with the implementation of its electronic trading system last spring.

“I am generally pleased with the performance of the BSX this year,” BSX president and chief executive officer Greg Wojciechowski stated last week, according to the Royal Gazette.

“Interest in listing on the BSX strengthened internationally and locally, which resulted in the number of new listings reported while trading volumes remained steady. These results emphasise the value that a modern, well regulated stock exchange and capital market brings to Bermuda,” he added.

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