The Bahamas International Securities Exchange (BISX) is maintaining its current focus on development of its international tier. Currently, BISX is awaiting approval from the Securities Commission of the Bahamas (SCB) to list its first mutual fund. It is anticipated that the launch of the international segment of the Securities Exchange will follow this listing. With the trading of 16 companies on the Exchange, BISX already has established a solid operational base with its domestic segment, and is preparing now to move into permanent premises at the Centre of Commerce, #1 Bay Street,
BISX has been successful in creating a regulated market for securities. At the launch of the Exchange in May, 2000 Minister of Finance Sir William Allen predicted that development of the Exchange would lead to a 5% growth in the Bahamian economy, “adding dynamism to financial intermediation and capitalization to new and existing enterprises”.
The Minister recently indicated that Government securities, current traded on an “over-the-counter” (OTC) system, may be listed on the Bahamas International Securities Exchange in due course — as a “natural consequence in the development of capital markets, leading to greater openness and transparency in the issues”.
BISX last month decided against joining the proposed Eastern Caribbean Regional Securities Exchange at this time. Eight Caribbean nations have signed a Treaty to form a regulatory body governing the regional exchange, which would involve integration and cross-listings with existing regional stock markets.