After a delay in meeting its two targets for the start of trading government bonds, Bahamas International Securities Exchange (BISX) CEO Keith Davies said he’s confident trading will begin early in the new year.
Operators had initially set a November deadline for trading to begin on the $3.5 billion in value of the more than 200 tranches of Bahamas Government Registered Stock (BGRS).
After missing that deadline, authorities aimed for a year’s-end deadline.
“The thing is this, there are two steps,” Davies said.
“The first is listing, which they already are; they’ve already been qualified for listing and they are listed on the exchange. The second step was trading. Trading involves a number of steps that we were taking with the Central Bank and our broker dealer members to enable us to begin trading.
“So, we’ve received the information we need; we just received that. The information is being processed and we expect that our trading should be able to commence early next year.”
The BGRS was listed back in August.
In addition to providing a deeper pool for trading activity on BISX, the release of the bonds would provide much-needed stimulation to the local capital market.
This stimulus is expected to hopefully boost funding for businesses through capital markets.