BISX

BISX, Industry News, Securities Industry, The Economy

Bahamas Government Stock (BGS) Notes Listing

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The [Bahamas International Securities Exchange](http://www.bisxbahamas.com) (BISX) announced today that the Government of The Commonwealth of The Bahamas has successfully completed the listing process for all of the Notes that comprise Tranche 1 and Tranche 2 of Bahamas Government Stock. 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). These Notes, issued under the Bahamas Government Stock (BGS) facility that commenced fundraising in December 2014, are the first instruments of the Government to be listed and traded over the Exchange. The BGS Facility allows for the issuance of securities that can be immediately listed and traded over the Exchange. BISX Chairman Andrew Strachan commented on the listing of these BGS Notes: *”This is a very positive move on the part of the Government of The Bahamas and we are grateful for their support of BISX. The listing of Government securities is another milestone achieved in our development.”* Keith Davies, the BISX Chief Executive added: *“The listing and trading of Government securities has been a goal of the Exchange from our inception in 1999. I’ve worked closely with Government and other market participants on this issue for quite a while; therefore, this is a significant event in the growth and development not just of BISX, but for the entire Bahamian capital markets.”* Mr. Davies further noted that the listing and trading of fixed rate Government securities within the formalized electronic market environment allows for the establishment of a Yield Curve that will ultimately allow the further expansion and development of the corporate and institutional debt markets in The Bahamas. “*I have received very positive feedback from the market in this regard already,”* he said. *“Additionally the secondary trading of these instruments will provide investors with valuable real time information regarding the risk appetite of the Bahamian capital markets and expand the diversity of securities in our market. Of course, we look forward to the day when all outstanding Government Debt is listed on the Exchange, but suffice it to say, today we have experienced another positive incremental step in the development of BISX and the BISX Market.”* Mr. Holland Grant, BISX Acting Chief Operating Officer explained the naming convention used by BISX to differentiate the symbols of the various notes. *“Our purpose in the symbol naming convention was to create a simple and unambiguous means that can be used repeatedly for different notes and tranches.”* Mr. Grant went on to say: *“Each security listed on BISX is given a unique symbol for ease of identification. For BGS each security is identified by a 6 character symbol intended to uniquely identify that security.”* For example, a BGS Note with the symbol **BG0103** could be broken down to identify the following: * The first two characters will be the same for all BGS, namely “BG”; * The second two characters will reflect the tranche that these particular bonds were issued under; (the tranche number is displayed on page one of the Offering Memorandum for each tranche. Tranche 1, was issued in December 2014 and included 3 year bonds, 5 year bonds, 7 year bonds and 30 year bonds, all bonds issued under that Tranche would have “01” as their second two characters) * The last two characters would reflect the term of the individual bonds, so the three year bond would have “03” as the last two characters. Accordingly, the 30 year bond issued under Tranche 2, would be represented by the following symbol: BG0230. These are the first two tranches of the BGS facility. Tranche 1 was issued in December 2014 and consists of 4 Notes of various maturities. Tranche 2 was issued in January 2015 and also consists of Notes of various maturities.

Asset Management, BISX, Industry News, Securities Industry

AsiAmerica Fund Limited Listed on BISX

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The [Bahamas International Securities Exchange](http://www.bisxbahamas.com) (BISX) has announced that the AsiAmerica Fund Limited successfully completed the BISX Mutual Fund Listing Process and has been added to the roster of funds listed on the Exchange. AsiAmerica Fund Limited is an open-ended investment fund, incorporated as an International Business Company under the laws of the Commonwealth of The Bahamas; and was registered as a Segregated Accounts Company as defined in the Segregated Accounts Companies Act, 2004. The [Winterbotham Trust Company Limited](http:// 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, while AAA Management Limited acts in the capacity of Investment Manager. BISX Chief Executive Officer Keith Davies commented on the listing of the Mutual Fund, *“We are pleased at the continued growth in our mutual fund listing facility especially the fact that our offshore financial services providers are able to use this facility as a value added product and service to their clients. We continue to be pleased with the support for our Mutual Fund Listing Facility and are encouraged by the growth in this sector of our market. Winterbotham has become a huge advocate of our mutual fund listing facility and they have once again brought forward another mutual fund to be listed on the Exchange. I look forward to their continued support as we expand our market even further.”*

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

Emerging Energy Services Fund Listed on Exchange

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Open-ended Investment Fund Emerging Energy Services Fund Ltd has completed the BISX Mutual Fund Listing Process and has been added to the roster of funds listed on the Exchange. [The Winterbotham Trust Company Limited](http://www.winterbotham.com) served as the BISX Sponsor Member that brought this Fund to the Exchange, and has been appointed as the Administrator for the fund. Emerging Energy Management Ltd. acts in the capacity of Investment Manager. BISX Chief Executive Officer Keith Davies says, *“Winterbotham continues to bring new funds to the Exchange for their clients, and we are pleased that our mutual fund listing facility is a service that assists them with their business development activities.* He continued, *”We are also encouraged by the growth of our facility, at December 31, 2013, our assets under management for all funds listed on the Exchange stood at approximately $550 million. At December 31, 2014, the assets under management for our listed mutual funds stood at $2.2. billion. This marks the first time that our fund’s assets under management has gone over the billion dollar amount.”* Emerging Energy Services Fund Ltd Fund is incorporated as an International Business Company under the laws of the Commonwealth of The Bahamas and is licensed as a Smart Fund Model 002 SFM 002 under the Investment Funds Act. In speaking of the Listing, Ivan Hopper, Chief Executive Officer of The Winterbotham Trust Company Limited stated, *“We are pleased to have sponsored the listing of Emerging Energy Services Fund, a fund which targets investments in energy services companies with particular focus in Latin-America. We 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 and will continue sponsoring funds to list on the Exchange as this is a key enhancer to our offering and our ability to attract funds to The Bahamas.”*

BISX, Members in the News, Securities Industry

Commonwealth Bank Limited Lists Preference Shares

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The Bahamas International Securities Exchange ([BISX](http://www.bisxbahamas.com/)) announced today that [Commonwealth Bank Limited](http://www.combankltd.com/) (“CBL”) has successfully completed the listing process for its Class E,J,K,L,M and N Preference Shares (The Preference Shares). The Shares have been added to the roster of securities listed on the Exchange and will trade through the BISX Automated Trading System (BATS). Each tranche of Preference Shares will trade separately and independently on the Exchange under its own symbol. The Symbols are listed below: * Commonwealth Bank Limited Class E Preferred Shares – CBLE * Commonwealth Bank Limited Class E Preferred Shares – CBLJ * Commonwealth Bank Limited Class E Preferred Shares – CBLK * Commonwealth Bank Limited Class E Preferred Shares – CBLL * Commonwealth Bank Limited Class E Preferred Shares – CBLM * Commonwealth Bank Limited Class E Preferred Shares – CBLN These Preference shares become the 6th preference share issue to be listed on the Exchange. However this is the first instance that BISX has had 6 tranches of Preference Shares listed at once. This brings the total number of preference shares listed on the Exchange to 11 and the total number of secondary issues to 15. Eligible secondary Issues include any security issued by a public company that is already listed on the Exchange. Included in the secondary listing category are corporate bonds, warrants and preference shares. Commonwealth Bank’s Chairman, Mr. William Sands Jr. was enthusiastic in completing the Share Listing. *“With these listings, we have now listed all our equity instruments on BISX, giving our current and future shareholders easy access to buy and sell the company’s shares”*. He added *“Ever since our initial Common Share listing in 2000, we have supported the development of the Bahamas Capital Markets. The Preference Share listing complements our Common Share listing so that investors have a choice of equity or fixed interest instruments.”* Speaking about the Preference Shares listing, Keith Davies, the BISX Chief Executive Officer stated: *“We congratulate Commonwealth Bank on this positive bold move of listing its 6 tranches of preference shares all at once on the Exchange. Commonwealth is allowing its preference shareholders increased liquidity through being listed on the national stock exchange of The Bahamas. We appreciate and are always aware of the fact that listing is a choice and we are grateful that Commonwealth Bank was one of the several issuers that listed on the Exchange from inception and since that time has remained a key supporter of the Exchange and by extension the securities market. We value their continued support and we will continue to take the necessary steps and do those things which have established BISX as a trusted, independent market for the listing and trading of securities in the country for the last 15 years.”*

Asset Management, BISX, Industry News

BISX – New Sponsor Member

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The Bahamas International Securities Exchange (BISX) has announced that Colonial Pension Services (Bahamas) Ltd. has been approved as a BISX Sponsor Member. BISX Sponsor Members are responsible for bringing mutual fund listings to the Exchange and acting as the first point of contact for mutual funds while they are engaged in the listing application process with the Exchange. Colonial Pension Services becomes the eighth Sponsor Member to join BISX, and brings to the Exchange a wealth of experience in the areas of wealth and pension fund management. Larry Gibson CFA, Vice President commenting on this achievement said *“Having established ourselves as a regional and international pension administrator and investment manager, Colonial Pension is pleased to take this next step towards consolidating ourselves as the premier pension provider in The Bahamas. As the newest BISX Sponsor Member, this is yet another affirmation of our commitment to the development of the Bahamian pension industry”*. Immediately after approval as a BISX Sponsor Member, Colonial Pension submitted an application to list three sub-funds of the Colonial Bahamas Fund on BISX, under the Exchange’s mutual fund listing facility. These three funds have been approved for listing and will now have their information disseminated via the BISX Website. Colonial Bahamas Fund Class D, Colonial Bahamas Fund Class E, and Colonial Bahamas Fund Class F are open-ended investment sub-funds of the Colonial Bahamas Fund. Commenting on the admission of Colonial Pension as a BISX Sponsor Member, BISX Chief Executive Officer Keith Davies stated, *”We are pleased to have such a positive development in the first quarter of 2015. By Colonial Pension joining BISX as a Sponsor Member, they are now able to bring mutual fund listings directly to BISX, and BISX is able to direct business inquiries to this new Member. We believe that this affiliation in conjunction with their existing Membership as a BISX Broker Dealer Member will allow Colonial Pension to pursue new business opportunities while offering more services to their existing clients.”* He added, *“This offering also furthers the BISX aim of encouraging an investing culture in The Bahamas. Our market is continuing to expand as new products and new entrants continue to recognize the potential of the Bahamian marketplace.”* Desiree Parker CFA, Assistant Vice President and Portfolio Manager for the Colonial Bahamas Fund said that *“The addition of these new share classes will provide significant diversification opportunities to our clients either directly or through our existing investment products. We currently have relationships with an array of ‘best-in-class’ global managers whom we utilize for our non-Bahamian block of business, and the creation of these new sub-classes will allow us to offer that expertise to our local clients.”* Pension Services (Bahamas) Limited has also been appointed as the Administrator and Investment Manager for this Fund.

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

BISX Attracts Additional Funds Listings

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The Bahamas International Securities Exchange (BISX) has approved the listing of two additional sub-funds under its Mutual Fund Listing facility for the Royal Fidelity Bahamas International Investment Fund: Royal Fidelity Bahamas International Investment Fund High Yield Income Fund and the Royal Fidelity Bahamas International Investment Fund Alternative Strategies Fund — both open-ended investment funds. Royal Fidelity Bahamas International Investment Fund (Class C Shares) High Yield Income Fund seeks a rate of return in excess of the Benchmark by investing in a portfolio of global and regional fixed income securities. Royal Fidelity Bahamas International Investment Fund (Class D Shares) Alternative Strategies Fund seeks to provide access to alternative investment managers, generally employing long-short equity investment strategies, to provide upside growth potential with substantially less volatility than the S&P500 Index. Both funds take advantage of the Central Bank of The Bahamas Exchange Control Liberalization Programme which allows BISX Broker-Dealer Members to create securities that have as their underlying basis international securities. Commenting on the listing of the two sub-funds, BISX Chief Executive Officer Keith Davies says, *“We are pleased to have been able to provide a platform where the creativity and innovation of our Broker-Dealer Members can be put to good use for the benefit of investors. Through the various Funds that Royal Fidelity has created under the Programme, investors have been able to access many new asset classes that were previously unavailable to Bahamian retail investors.”* Royal Fidelity Vice President and head of Mutual Funds, Joseph Euteneuer, agreed. *“The Alternative Strategies Fund is the only hedge fund vehicle available to local investors,” he said. “Our goal is to provide international equity investment exposure without the extreme volatility that can sometimes go along with it, through a portfolio of long/short hedge fund managers. Along with our suite of top performing local funds, we think we have managed to create an attractive mix of investment options for just about any investor.”* Royal Fidelity Merchant Bank & Trust Limited served as the BISX Sponsor Member that brought these sub-funds to the Exchange. Royal Fidelity Merchant Bank & Trust Limited also has been appointed as the Administrator and Investment Manager for these sub-funds.

BISX, Members in the News

New Fund Listing – BISX

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The Bahamas International Securities Exchange ([BISX](http://www.bisxbahamas.com/)) announced today that the W Invest Fund Limited, SAC Segregated Account A shares have now been added to the roster of funds listed on the Exchange. The W Invest Fund Limited, SAC Segregated Account A is an open-ended investment fund of the W Invest Fund Limited. Commenting on the listing of the Mutual Fund, BISX Chief Executive Officer Keith Davies says, *“We are pleased to have been able to provide a platform where the creativity and innovation of our Financial Services providers can be put to good use for the benefit of investors. W Invest Fund Limited, SAC – Segregated Account A, serves as the first fund to be listed by [The Winterbotham Trust Company Limited](http://www.winterbotham.com) as Sponsor Member. Winterbotham is an original shareholder of BISX and continues to support the Exchange by bringing unique investment products to the Exchange.”* Ivan Hopper, Chief Executive Officer of The Winterbotham Trust Company Limited states: *”We are extremely pleased to have listed W Invest Fund Limited, A shares, with other classes to follow soon; we are also certain of further fund listings. Our Company is the largest fund administrator by number of funds in The Bahamas, and we expect to continue to sponsor funds to become listed on the Exchange. Listing really is key as it further enhances our offering and our ability to attract funds to The Bahamas.”* The Winterbotham Trust Company Limited also serves as the Administrator to the fund.

BISX, Industry News

New BISX Chairman

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BISX CEO Keith Davies today announced the appointment of Mr. Andrew Strachan as the new Chairman of the Board of Directors for The Bahamas International Securities Exchange (BISX). Mr. Strachan takes over as the Chairman of BISX after having served in the capacity of Deputy Chairman for the last year. He replaces Mr. Ian D. Fair who has served as BISX’s Chairman for the past 15 years. Commenting on his appointment, Mr. Strachan said, *“I appreciate the confidence of our former Chairman and the Board of BISX. We look forward to achieving further progress in building an innovative and dynamic platform for the development of capital markets in The Bahamas. In particular, we aim to substantially increase the number of listings, promote a culture of saving and investing for economic development and maintain a high level of investor participation.”* Andrew Strachan is a banker, portfolio manager, relationship manager, and economist by profession, with over 25 years of experience in international private banking at Clariden Leu Nassau Branch (Sr. VP, Portfolio Manager, Relationship Manager and Deputy to the Managing Director) and Credit Suisse Bahamas (VP and Portfolio Manager). Notably, he achieved outstanding investment performance results with funds invested in international equity and bond markets. He holds a Bachelor’s Degree Specialization in Economics and a Master’s Degree specialization in International Finance and Econometrics from Concordia University Montreal Quebec Canada and has studied and trained in the United States, England and Switzerland. Mr. Strachan has served on a number of public and private boards, financial organizations, and advisory committees in The Bahamas.

BISX, Industry News, Members in the News

Cable Bahamas Preference Shares Listed on BISX

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The [Bahamas International Securities Exchange](http://www.bisxbahamas.com/) announced today that [Cable Bahamas Limited](http://www.cablebahamas.com) successfully completed the process for two preference shares to be listed on the Exchange: * Cable Bahamas Series 6 Preference Shares (CAB6) * Cable Bahamas Series 8 Preference Shares (CAB8) BISX has been listing the secondary issues of BISX listed issuers since 2008, and these securities become the 4th and 5th preference shares listed respectively. A listing on BISX for secondary issues allows investors and issuers to benefit from increased liquidity in the secondary market for their securities due to the centralization of the market. Additionally investors with listed secondary offerings benefit from a transparent process with financial reporting due to their investments being listed on a regulated exchange. CAB8 has the added distinction of becoming the first United States Dollar (US$) security to be listed and traded on the Exchange. However, only investors with Central Bank of The Bahamas Exchange Control Approval would be eligible to trade this security. Other than the fact that the security is denominated in US$, CAB8 will trade over the Exchange under the same rules as every other listed security. Mr. Barry Williams, Senior VP Finance, noted that Cable Bahamas was delighted to list its preferred shares on BISX. “*This is a step in the right direction and will provide access to all market participants to take advantage of trading in our securities. I believe our preferred shareholders are also very pleased to have the trading opportunities that BISX provides as it will likely boost liquidity in these shares”*. Keith Davies, the BISX Chief Executive Officer congratulated Cable Bahamas for continuing to support the development and expansion of the BISX market through the listing of their two preference shares. *“Not only have they expanded the market with these two listings but they are listing the first US$ security available for trading on the Exchange which is another milestone in the history of the Exchange.”* He continued, *“Cable Bahamas has been listed and traded on the Exchange since our first trading day, back on 11 May 2000, and we look forward to their continued involvement in the market as their company continues to grow and expand.”*

Asset Management, BISX, Industry News

Three More Added to the BISX Mutual Fund Listing Facility

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The Bahamas International Securities Exchange (BISX) is pleased to announce that the Nalbra Overseas Fund Corp., the Powder Multistrategy Fund Limited, and the Rio Real Participacoes Fund Inc. have completed the BISX Mutual Fund Listing Process and have been added to the roster of funds listed on the Exchange. All three are non diversified, open end investment funds, seeking capital appreciation by investing in a variety of instruments and financial products. Icatu Gestao Patrimonial Ltda serves as Investment Manager for Nalbra Overseas Fund Corp. and Rio Real Participacoes Fund, while Perfin Administração de Recursos Ltda serves as the Investment Manager for The Powder Multistrategy Fund. BISX Chief Executive Officer Keith Davies says, “We continue to build on the success of investments that we made in establishing close working relationships with our Sponsor Members and the wider Bahamian Financial Services Industry. These listings are also positive proof of the value that our industry continues to add to its clients. We are confident that our market is moving steadily towards the day when listings of this nature are considered common place, and are a part of the normal course of doing fund business in The Bahamas.” Credit Suisse, AG, Nassau Branch served as the BISX Sponsor Member that brought these Funds to the Exchange and Credit Suisse AG, Nassau Branch has been appointed as the Administrator for all three funds.

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