Bermuda: BSX Reduces Subsequent Issue Listings Fee

Mandy Robinson, Tax-news.com, London

10 January 2001

The Bermuda Stock Exchange has declared a reduction in its Subsequent Issue Listings Fee in an attempt to secure a competitive position in the offshore securities market.

Announced last month, the new structure consists of a flat fee of $2500 for securities capitalised under $1bn, and $5000 for greater amounts. Previously the BSX's Subsequent Issue Fees operated on a sliding scale with a maximum fee of $20,000.

In a press release BSX chief executive officer William Woods explains: 'In an effort to satisfy the needs of those existing issuers and to attract new companies, the BSX has introduced a new nominal fee structure for subsequent listings. The fee reduction is particularly significant for companies whose growth strategy includes the regular acquisition of new companies through share issues and we hope it will be seen as another incentive to attract Bermuda domiciled companies to have a secondary listing on their home exchange.'

Established in 1971, the BSX is Bermuda's sole stock exchange and since 1993 has rapidly developed as an international offshore equities market specializing in listing capital market instruments. In previous years the number of listed issuers has grown with secondary listings of major international companies in Bermuda such as ACE, XL Capital, Tyco International and the Jardine Matheson Group. The BSX's Market Cap continues to grow progressively, passing the $125bn mark in 2000, a year which saw the BSX index advance by 52% to 2293 points.

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