BISX

BISX, Education & Training, Industry News, Securities Industry

BISX Engages With Listed Issuers

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The Bahamas International Securities Exchange (BISX) recently hosted a closed-session Conclave with its Listed Issuers. BISX says the intent was to meet with senior representatives of Listed Issuers to discuss their duties and responsibilities to the market, as well as to discuss the fundamental regulatory principles and overall mission of the Exchange BISX Chief Executive Keith Davies points out, *”The Exchange communicates and meets with its Issuers one-on-one on a regular basis. The reasoning behind this Conclave, however, was to bring as many of our Issuers as possible into one room at the same time. The goal being, of course, to facilitate the exchange of ideas and information not just from the Exchange to its Issuers, but also from the Issuers with each other. The attendance at our meeting was outstanding and it was good to receive the overwhelming positive feedback from our Listed Issuers regarding their participation and depth of learning.”* The Conclave featured four modules intended to provide issuers with the principles regarding how the Exchange’s rules are enforced and more importantly, why the rules are in place. The purpose of each module was to provide issuers with a deeper understanding of the Exchange’s regulatory regime. These Modules were: * Listing on BISX – This session was presented by BISX Chief Operating Officer, Holland Grant, who identified the guiding principles of these BISX Rules as: Capital Formation, Market Development and Suitability. * Issuer’s Continuing Obligations – This session was presented by BISX CEO, Keith Davies, who identified the guiding principles of these BISX Rules as: Transparency, Confidence and Security. * Trading on BISX – This session was presented by Mr. Davies and Mr. Grant jointly, the guiding principles identified for this session were: Transparency, Price Discovery and Equitable Access. * Corporate Governance – This session was presented by Miss Odecca Gibson from the Securities Commission of The Bahamas, who spoke about the existing Corporate Governance Framework in Bahamian law, International Standards related to Corporate Governance, as well as considerations for Company’s Boards and Senior Management. BISX was also pleased to thank the Securities Commission of The Bahamas for their role in the Conclave. Mr. Davies noted, *”We are grateful to the Commission’s Executive Director Christina Rolle for agreeing to participate in this conclave. We wish to thank Ms. Odecca Gibson for speaking on Corporate Governance and Ms. Sandra Duncombe and her Market Surveillance team for participating as well. The relationship between BISX and the Securities Commission is a necessary strong pillar to the effective regulation of the Bahamian capital markets, and we look forward to many more collaborations of this nature.”*

BISX, Education & Training, Members in the News, Securities Industry

BISX’s Ongoing Investor Education Programme

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Students from the Corporate Governance class of The College of The Bahamas’s (COB) LL.B. Programme recently were treated to a special session at the Bahamas International Securities Exchange (BISX) with CEO Keith Davies and COO Holland Grant. The Exchange Executives spoke not only about BISX but generally about domestic securities law, and the listing and trading of securities. CEO Davies welcomed the opportunity to meet with the next generation of legal professionals saying,*“These young lawyers in training will be the generation that writes the next iteration of the BISX Rules and the Securities Industry Act. It is important to ensure that they are familiar with what went into previous versions of these documents.”* While at BISX, the students also were able to hear about the direct application of corporate governance principles, including the role of directors’ duties, with the application of theoretical principles to real world scenarios bringing alive the issues discussed in the classroom setting. COO Grant noted that BISX has a long history with the College, acknowledging that the education and orientation initiatives represent some of the best ways *”to invest in those persons that will become future employees, future investors and future business partners.”*

Asset Management, BISX, Industry News, Securities Industry

New Funds Listings for BISX

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The [Bahamas International Securities Exchange](http://www.bisxbahamas.com) (BISX) has announced the listing of the following open-ended funds: * Lewisham Investment Fund Ltd, (Lewisham) * 3Ps Investment Fund IC Commons Quotas (“The 3Ps Common Quotas”) * 3Ps Investment Fund IC Preferred Quotas (“The 3Ps Preferred Quotas”), and * Delmonte Fund Limited SAC (Delmonte) Lewisham and Delmonte are incorporated as International Business Companies under the laws of the Commonwealth of The Bahamas. Lewisham is registered as a Smart Fund Model SFM007 and Delmonte is registered as a Professional Investment Fund. The 3Ps Common Quotas and 3Ps Preferred Quotas are sub-funds of the 3Ps Investment Fund IC, this is the second Investment Condominium (ICON) to be listed on BISX pursuant to the Investment Condominium Act, 2014. BISX Chief Executive Officer, Keith Davies commented on the listing of the Mutual Funds, *“We continue to be pleased with the traction being experienced by our Mutual Fund Listing Facility, with total assets under management of funds listed on the Exchange passing $2.3 Billion at December 31, 2015. We are also pleased that 3Ps Investment Fund IC becomes the second ICON to be listed on the exchange. We intend to continue to enhance the market with our commitment to development through innovation.”* Credit Suisse AG, Nassau Branch – Wealth Management served as the BISX Sponsor Member that brought these Funds to the Exchange.

Asset Management, BISX, Industry News, Securities Industry

Star Capital – First ICON Listed on BISX

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The Bahamas International Securities Exchange (BISX) has announced that open-ended investment Fund Star Capital Fund ICON (Star Capital) has been added to the roster of funds listed on the Exchange. Star Capital is established as an Investment Condominium under the Investment Condominium Act, 2014 and is registered as a Smart Fund 007 under the Investment Funds Act, 2003. It is the first [Investment Condominium (ICON)](https://bfsb-bahamas.com/guide-icon.php) listed on The Bahamas International Securities Exchange. BISX Chief Executive Officer Keith Davies says *“We are pleased to have listed our very first ICON on BISX. The innovation of the Bahamian Financial Services sector continues to be demonstrated through the value added products such as ICONs that are being created.”* CFAL securities served as the BISX Sponsor Member that brought this Fund to the Exchange, while TAG Corporate Services Limited has been appointed as the Administrator for the fund and Swan Capital Limited acts in the capacity of Investment Manager.

BISX, Industry News, Securities Industry

BISX Executive Speaks at CGSR Conference in The Bahamas

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Chief Operating Officer of The Bahamas International Securities Exchange (BISX), Mr. Holland Grant, took part in the 12th Annual Conference and Workshop organised by the Caribbean Group of Securities Regulators and hosted by The Securities Commission of The Bahamas. The conference, which focused on Regional Capital Market Development and Regulation was held at the British Colonial Hilton 20 – 22 April, 2016 and brought together securities regulators from over 20 countries and territories to discuss common issues related to Securities Regulation. Mr. Grant spoke on the panel discussion “View of Regulation of Caribbean Exchanges”. This panel was chaired by Mr. Courtney Christie-Veitch, Financial Sector Supervision Advisor to the Caribbean Regional Technical Assistance Centre (CARTAC). Also on the panel were Ms. Alousia Faisal, Secretary, Eastern Caribbean Securities Regulatory Commission; Laurence Crossley, Senior Director, Securities Division Jamaica Financial Services Commission and Mr. C. Wainright Iton, Chief Executive Officer, Trinidad and Tobago Securities and Exchange Commission. Commenting on his participation on the panel discussion, Mr. Grant noted, *“It was my pleasure to share the views of BISX on the regulation of Exchanges. Speaking as the only representative of a Securities Exchange on a panel discussing the regulation of Securities Exchanges also gave me the opportunity to share our view of how BISX is regulated and how we carry out our regulatory functions. As I noted during my contribution, my job as a regulator is 90% education and communication and only 10% regulation.”* As a part of Mr. Grant’s contribution, he drew particular attention to the following issues that he felt would become increasingly important for Caribbean Exchanges and Caribbean Securities Regulators: * Harmonization of Rules between Caribbean Exchanges and Jurisdictions: Noting the challenges faced by companies seeking to list in multiple jurisdictions, Mr. Grant suggested that the harmonization of stock exchange rules as well as statutory laws related to Securities to the greatest extent possible, as a way to encourage cross border listing and investment. * Combination of Caribbean Exchanges: Noting that this was an excellent idea in principle, Mr. Grant noted that in practice each Exchange had its own strategy and focus that made integration challenging. * Service Level Agreements for Regulators: Noting the importance of timely responses in financial markets, Mr. Grant stated that it would become more important in the future for regulators to specify a time in which practitioners could expect to receive a response to inquiries. * Promotion of Exchanges: Noting the role that exchanges play within each jurisdiction, Mr. Grant suggested that regulators might want to find new ways to make their international market practitioners aware of their national exchanges. The Securities Commission of The Bahamas will also host the 13th Annual Caribbean Group of Securities Regulators Conference in Nassau, The Bahamas in the first half of 2017. On Wednesday, April 20, Minister of Financial Services and Local Government, the Hon. C.V. Hope Strachan, M.P. delivered [welcome remarks](https://bfsb-bahamas.com/news.php?cmd=view&id=3533&pre=y) for the event.

Asset Management, BISX, Members in the News, Securities Industry

Guarany Partners Lists on BISX

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The [Bahamas International Securities Exchange](http://www.bisxbahamas.com) (BISX) has announced that shares of Guarany Partners II Fund Ltd. SAC Class A Investor Shares as well as Guarany Partners II Fund Ltd. SAC Class B Investor Shares have been added to the roster of funds listed on the Exchange. Guarany Partners is an open-ended investment fund. Guarany Partners is incorporated as an International Business Company under the laws of the Commonwealth of The Bahamas and is registered as a Professional Investment Fund. [The Winterbotham Trust Company Limited](http://www.winterbotham.com/home/index.asp) was the BISX Sponsor Member that brought this Fund to the Exchange, and also serves as the Administrator while Winterbotham Asset Management Limited acts in the capacity of Investment Manager. BISX Chief Executive Officer Keith Davies commented says, *“We continue to be pleased with the traction being experienced by our Mutual Fund Listing Facility and are encouraged by the growth in this sector of our market. Winterbotham is a huge advocate of our mutual fund listing facility which continues to be a value added option for financial services providers.”* Ivan Hopper, Chief Executive Officer of The Winterbotham Trust Company Limited, states *“We are very pleased to continue sponsoring the listing of funds with BISX. We continue to see an increase in funds wishing to list and are certain of further fund listings in the next couple of months. Our Company is the largest fund Administrator by number of funds in The Bahamas, and we to continue see growth in our Fund Services division. Listing with BISX is a key enhancer to our offering and our ability to attract funds to The Bahamas.”*

BISX, Industry News, Members in the News

Stock Exchange and Investing Outreach to Students

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Last week executives from the Bahamas International Securities Exchange (BISX) visited with the 11th Grade Commerce class of the C.V. Bethel Senior High School. Speaking to the students were BISX Chief Executive Officer, Mr. Keith Davies, Chief Operating Officer, Mr. Holland Grant and Intern, Miss Alika Hepburn. The students were given the opportunity to learn about the stock exchange and to ask questions that will benefit them both in completing their academic curriculum, but also in their investing lives. Commenting on the visit, CEO Davies said it was a pleasure for the second consecutive year to assist the teachers in the ongoing effort to educate our youth. *”C.V. Bethel’s efforts to empower students through education is commendable and we are pleased to assist them in this exercise.”* During the presentation, the visiting executives spoke about stocks, bonds, mutual funds and interpreting the BISX price sheet; also educating the students on the rules and regulations of the stock exchange. Mr. Davies noted, *”I enjoy talking about the stock exchange and giving students a better understanding of what all takes place within the Exchange. Having the opportunity to speak with senior executives informally about investments and other economic concerns will benefit them in their upcoming national exams and as future investors. I hope that I was able to impart some advice that will be invaluable to these students in the future.”* Also commenting on the High School session BISX Chief Operating Officer Holland Grant said, *”I enjoyed the fact that in addition to investing, we were able to speak to the students about our professional and educational experiences. BISX welcomes opportunities to speak to students who are preparing for the BGCSE Exams, as well as those students who are moving towards graduation and on into the work force. We hope that the information that we impart will benefit students throughout the rest of their educational journey.”*

BISX, Industry News, Securities Industry

Bahamas Government Stock Listed and Traded Over BISX

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[The Bahamas International Securities Exchange](http://www.bisxbahamas.com) (BISX) has announced that the Government of The Bahamas successfully completed the listing process for all of the Notes that comprise Tranche 3 of Bahamas Government Stock. As a result, the Notes have been added to the roster of securities listed on the Exchange and each Note will trade separately and independently on the Exchange under its own symbol through the BISX Automated Trading System (BATS). Bahamas Government Stock (BGS) are securities issued by the Government of The Commonwealth of The Bahamas that can be immediately listed and traded over BISX. The BGS Programme began in December 2014 and the Notes just listed become the third tranche to be offered and then listed on the Exchange. The offering period for Tranche 3 was in June 2015. Keith Davies, the BISX Chief Executive notes: *“We are happy to add an additional tranche of BGS to the two existing tranches listed on BISX. The real time pricing and trading of BGS in a regulated and free market is an essential step in the growth of The Bahamian capital markets. Government debt the world over is the security used for establishing the benchmark risk pricing against which all other securities in a capital market are judged and so we are happy to add more government securities that contribute to the evolution of our market.”*

BISX, Industry News, Members in the News, Securities Industry

Cable Bahamas Series listed on BATS

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Cable Bahamas Ltd. has completed the process for two preference shares to be listed on the BISX Bahamas Automated Trading System (BATS). The Cable Bahamas Series 9 Preference Shares will be listed under the symbol CAB9; while the Cable Bahamas Series 10 Preference Shares will be listed under the symbol CAB10. Barry Williams Senior VP Finance says, *“Cable Bahamas is very pleased to continue to facilitate the organized access of our securities to the investing public. We support BISX’s efforts in enhancing the domestic market securities activities and recognize that it as mutually beneficial for the investing public as well as listing companies such as Cable Bahamas Ltd. We are proud to support our shareholders and stakeholders in this way.”* BISX Chief Executive Officer Keith Davies noted *“Cable Bahamas continues to be a strong proponent of the BISX Market as a home for the listing and trading of its securities and I would like to acknowledge Cable Bahamas for its continued support of the development and expansion of the BISX market through the listing of these two additional preference shares on the Exchange. These join the Cable Bahamas Series 6 and the Series 8 as the third and fourth preference shares to be listed on BISX by Cable Bahamas. We look forward to the company’s continued growth and expansion and for their continued use of our market for the benefit of their shareholders and investors alike.”* CAB9 is the second United States Dollar (US$) security to be listed and traded on the Exchange. Investors who have been approved by the Central Bank of The Bahamas Exchange Control Department or non-residents, for Exchange Control purposes, are the only persons who are eligible to trade this security. Other than the fact that the security is denominated in US$, CAB10 will trade over the Exchange under the same rules as every other listed security. In May 2000 BISX successfully launched its domestic market for the listing and trading of local public companies in May 2000 and since 2008 has been listing the secondary issues of BISX listed issuers. Holders of secondary issues listed on an exchange benefit from increased liquidity in the secondary market for their securities due to the centralized nature of the market. Additionally, investors benefit from a transparent process when it comes to the pricing of their securities as the securities are traded in compliance with published trading rules.

Asset Management, BISX, Industry News, Securities Industry

Ocean Investments Resources Fund Limited Now Listed on BISX

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The [Bahamas International Securities Exchange](http://www.bisxbahamas.com/) (BISX) has announced that shares of Ocean Investments Resources Fund Limited have successfully completed the BISX Mutual Fund Listing Process and have been added to the roster of funds listed on the Exchange. Ocean Investments Resources Fund Limited, an open-ended investment fund, is incorporated as an International Business Company and registered as a Smart Fund 002. BISX Chief Executive Officer Keith Davies says, *“We are pleased with this our 23rd security to be listed on BISX for 2015. As a developing Exchange we are especially proud of the fact that this number of listings makes 2015 the most successful year for listings in our history, surpassing our previous high of 12 listings in a calendar year. This number includes 9 mutual funds, 8 government bonds and 6 preference shares.”* He added: “*I believe that this is indicative of the growth and development of our market as issuers are finding a variety of uses for our listing facilities, specifically, as a liquidity and pricing tool for Government bonds and preference shares, and as a value added tool for regulation and quoting by the mutual funds. We are very proud of the fact that securities of every type are finding value in being listed on the Exchange.”* [Winterbotham Trust Company Limited](https://www.winterbotham.com/home/index.asp) served as the BISX Sponsor Member that brought this Fund to the Exchange, and has been appointed as the Administrator for the fund. OIR Investment Services Limited acts in capacity of Investment Manager.

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