BSX experiences record high listings

BSX experiences record high listings | Insurance Business New Zealand

Reinsurance

BSX experiences record high listings

CEO notes company commitment for growth

Reinsurance

By
Jonalyn Cueto

The Bermuda Stock Exchange (BSX) revealed in its latest year-end report that it experienced a remarkable surge in activity during 2023, as reported by The Royal Gazette.

Greg Wojciechowski, the president and CEO of BSX, commented, “In 2023, BSX set in motion our strategic plan for future growth, making significant investments in technology and staffing initiatives.

“Integral to our growth was a renewed focus on business development outreach, which resulted in a record number of listings on BSX.”

Wojciechowski also shared that three new listing sponsors were added to offer further opportunities for collaboration with local and global law firms to broaden the scope of international listings services.

According to a BSX statement, by the end of 2023, total listings reached 1,407, up 5.2% from the previous year. It attracted 261 new listings on the exchange, marking 2023 as the third-highest year for new listings on record.

Key highlights from BSX’s performance

BSX’s efforts in 2023 to bolster the international debt market resulted in 42 new listings and a notable increase of 19 in collateralized loan obligations, according to the statement. It maintained its leading position for Insurance Linked Securities (ILS) listings, adding 195 new ILS securities, bringing the total to a record 849 and accounting for 91% of global ILS listings.

The company saw growth in international debt listings, totaling 269 securities by year-end compared to 252 in 2022, a rise of 6.7%. This was driven by the continued expansion of BSX’s Collateralized Loan Obligations (CLO) listings. Additionally, BSX introduced its first note program focusing on sustainable activities.

Also in 2023, BSX supported Bermuda’s domestic capital market and saw increased trading volume, with 2.29 million shares traded valued at $20.43 million. The Royal Gazette/BSX Index closed at 2,370.71, a 2.2% increase from 2022, with equity market capitalization totaling $191.7 billion by year-end.

The company’s Bermuda Securities Depository was custodian for 37% of total shares issued by domestic equity securities listed on the BSX, up from 35% in 2022. The overall number of ILS-listed securities grew by almost 10% to 849 by year-end, contributing to a record number of listed securities of 1,407.

BSX hosted the World Federation of Exchanges 62nd General Assembly and Annual General Meeting in Bermuda, attracting 230 participants from 45 countries. Additionally, BSX welcomed three new listing sponsors, bringing the total to 18, facilitating broader access to international markets and new product offerings for sponsors.

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