Friday May 12 saw the first live trading on the Bahamas International Securities Exchange (BISX), marking the culmination of years of planning and preparation for what is the first stock exhange to be launched as a normal shareholding company.
The BISX was launched by Governor General Sir Orville Turnquest, who placed the first buy order via laptop computer from Government House.
There are indeed high expectations of BISX. The Government hopes that the already comprehesive financial systems which exist in the Bahamas will be enhanced by the new exchange. Sir William Allen, the Minister of Finance, said 'this new capital market institution is going to significantly encourage Bahamian entrepreneurship and will provide new opportunities, but above all, from out point of view, it will encourage the expansion of Bahamian savings which we believe is an essential factor for the further development of the Bahamian economy, particularly the domestic Bahamian economy'.
Trading on BISX must be carried out via registered brokers and dealers, who also feel the new exchange offers a wealth of possibilities. Hiram Cox, Senior Trader at Colina Financial Advisors, believed the new system would provide greater efficiency to the public allowing securities to be transferred in three days compared to one or two weeks. James Ingraham, Vice President of Fidelity Capital Markets, saw BISX as making it cheaper for the public to buy and sell shares because the price for selling and buying a security will be the same no matter which broker a client selects.
BISX may be starting life as a relatively small exchange - at the start of trading on Friday there were just nine companies listed. Yet with the optimism and enthusiasm of the Bahamian Government and financial community behind it, BISX looks set to grow rapidly.
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