BISX CEO: ‘Bahamian Capital Market Vibrant,’
In a decade defined more by economic challenge than growth worldwide, The Bahamas International Securities Exchange (BISX) market has surged nearly 400% from a market capitalization of $820 million at inception to today’s $3.8 billion.
“By bringing confidence to the market, through transparency, innovation and market security, we have been able to grow BISX and the capital market to where it is today, it is alive, vibrant and growing,” said Keith Davies, CEO, BISX. “We started with nine listed companies and a market capitalization of $820 million. Today, we have 20 listed companies with a market capitalization of $3.8 billion in addition to corporate and government bonds, preference shares and an expanding mutual fund listing facility. We started with two broker-dealers and today we have five.”
Davies’ comments came during an address to the Rotary Club of East Nassau February 12. He took members of the audience who packed the Nassau Yacht Club on a journey of the securities exchange from its formation in late 1999 to its first trade in May 2000, from days when it enjoyed a robust staff of 15 to days when it hardly knew if it would be able to open its doors the next day. Unlike the Securities Commission of The Bahamas, the government regulators with whom it works very closely, BISX receives no public funding, and relies on its market operations and its loyal shareholders for its continued growth and development. But with a current staff of five, it has moved closer to becoming a true international stock exchange. Davies tracked BISX’s major accomplishments – among them, being recognized by the US Securities and Exchange Commission, and last year listing Bahamas Government Stock (BGS), which are debt securities issued by the Government of The Bahamas.
Davies also noted the growth in new listings on BISX over the last two years, noting that over the 2014 – 2015 period BISX added over 40 new listings almost doubling the total number of securities listed on the Exchange.
“There were days when we did not know if we would be able to open our doors but we are now embarking on a new chapter,” said Davies, who claimed that the development of a sustainable business model was essential to the growth of any stock exchange.
Davies noted that in 2016, BISX would unveil a new website and that management was working on plans to revive its Small Alternative Market (SAM) initiative. Mr. Davies indicated that BISX management is working actively to advance the SAM Market and that there is still a lot of work required to be done to bring the SAM initiative to life. Davies advised that with any business development undertaken by BISX, the Board would have to review and approve any plans prior to unveiling those plans to the investing public, but that he hoped to be able to complete this initiative during 2016. Mr. Davies stated: “Through our development of additional business lines to complement our main trading facility, we have made our company a long term viable organization that is able to focus patiently on the growth of all sectors of our capital market.”
For Additional Information Contact:
Elude Michel-Sturrup
Tel: 242-323-2330
Fax: 242-323-2320
Email: info@bisxbahamas.com
