HAMILTON, Bermuda & NEW YORK--(BUSINESS WIRE)--The Bermuda Stock Exchange (BSX) will celebrate the upgrade of the BSX exchange technology platform to NASDAQ OMX state of the art trading system, X-stream, by opening the NASDAQ at the Nasdaq MarketSite in Times Square in New York City, NY on Monday, April 29, 2013. The Honorable Grant Gibbons, Bermuda’s Minister of Economic Development and Greg Wojciechowski, the CEO of the Bermuda Stock Exchange along with other leading Bermuda business executives and clients of the Bermuda Stock Exchange will be present at the opening.
The BSX has upgraded its technology platform to X-stream as part of its effort to enhance its position as the world’s leading offshore securities market and to provide advanced trading, clearing and settling capabilities for equities, debt issues, funds, hedge funds, derivative warrants and Insurance linked securities. NASDAQ OMX’s X-stream is the most widely used marketplace management system in the world because it provides the operational efficiencies needed to rein in costs and maintain profitability as well as the robust functionality and flexible technology architecture.
Commenting on the BSX’s growth and success and the NASDAQ opening, Minister Gibbons said, “The Bermuda Stock Exchange is clearly one of the world’s leading offshore stock exchanges with superior technology, sound regulation and a track record of innovation and excellence. The investment in new technology will serve the BSX well as it brings the domestic capital markets to a more sophisticated level of operations while supporting international capital markets products such as insurance linked securities and other new capital markets products. We are pleased to support the BSX in their efforts and recognize its many accomplishments to date.”
Mr. Wojciechowski added “We are excited to open the NASDAQ. It’s a wonderful opportunity for us to remind the world that the BSX is an innovative and powerful partner in the global capital markets and that Bermuda, despite its relatively small physical size, has a remarkable international impact on the financial services sector.”
The BSX logo and promotional videos that highlight Bermuda’s business and tourism offerings will appear throughout the morning on the Nasdaq MarketSite. Located at 43rd and Broadway, the MarketSite high-tech electronic display wraps around the cylindrical NASDAQ building, providing up-to-the-minute financial news, market highlights, and advertisements. The MarketSite Tower is featured in films, television programming, and news articles. This modern day icon soars 7 stories high and illuminates Times Square 24 hours a day.
About the BSX
Established in 1971 the Bermuda Stock Exchange (BSX) is now the leading fully electronic offshore securities market. The BSX specializes in listing and trading of capital market instruments such as equities, debt issues, funds, hedge funds, derivative warrants and Insurance Linked Securities.
The BSX, recognised by the US SEC as a Designated Offshore Securities Market, is a member of the World Federation of Exchanges and is located in an O.E.C.D. member nation. The BSX has Approved Stock Exchange status under Australia’s Foreign Investment Fund (FIF) taxation rules; Designated Investment Exchange status by the UK’s Financial Services Authority; Recognised Stock Exchange by the UK HM Revenue and Customs; Designated Exchange status under Canada’s Income Tax Act and is a member of America’s Central Securities Depository Association.