Davies: Word about BISX is beginning to spread
The market is being solidified and it should deepen and broaden over time, according to the CEO of the Bahamas International Securities Exchange (BISX).
Keith Davies shared with Guardian Business that BISX experienced some market activity towards the end of 2011.
He noted that BISX’s name has become synonymous with market operations and what is happening in the Bahamian economy.
“Our market is taking those small, positive incremental steps, which will lead to the broadening and deepening of our market. This will give people a choice,” he explained.
Davies said that as BISX gains recognition, more companies are expressing a desire to become involved with the exchange.
“Currently, there is the ongoing APD deal. That company has indicated its intention and desire to seek a listing. There have also been a number of other companies that have expressed the desire to become involved with the exchange,” he noted.
BISX’s CEO is hoping to introduce local small businesses to the capital market through the implementation of its small business initiative.
“I believe it is going to stimulate the economy. You will really begin to see stimulated growth in the country in the mid-to-lower level on the capital market, as most businesses here in The Bahamas are small,” Davies revealed.
He also pointed out to Guardian Business that BISX was recently designated as an offshore securities market by the United States Securities and Exchange Commission.
It’s a move that Davies said BISX is trying to capitalize on. The designation itself took more than three years to get. He said BISX is presently working with partners on how to take advantage of it.
“Once you get a certain type of recognition and the word gets out you begin to get calls. We have been getting a number of communications from interested businesses who are finding out who we are since that designation,” he said.
“There were some who didn’t know us and there are those that knew, but are discovering more of what we have to offer and the services that we can provide.”
The United Kingdom’s HM Revenue and Customs (HMRC) designated BISX as a recognized stock exchange in April 2010.
In the meantime, BISX and the Bahamas Central Securities Depository (BCSD) are relocating their officers to the second floor of the Fort Nassau Centre of the British Colonial Hilton.
“It provided us what we needed in terms of space, parking and access to the city’s center. It was nothing more than a normal operational move.”
He continued: “We came to the end of our previous lease. We were there for three years and we decided to move to a new location because it became available.”