The BSX will continue its operations as a wholly owned subsidiary of MIH
Miami International Holdings acquires 100% ownership of The Bermuda Stock Exchange. (Credit: Nappiness from Pixabay)
Miami International Holdings (MIH), the parent holding company of MIAX®, and the Bermuda Stock Exchange (BSX) today announced that MIH has acquired 100% ownership of the BSX. MIH previously announced the acquisition of a majority interest in the exchange in November 2019. The BSX will continue its operations as a wholly owned subsidiary of MIH.
This acquisition aligns directly with MIH’s corporate strategy, allowing the company to expand its world-class technology, derivatives trading and regulatory expertise to address emerging markets, such as digital assets, and provide the BSX with additional support in the evolving global (re)insurance risk market.
“We have long held that the Bermuda government’s commitment to fintech regulation and the country’s established (re)insurance market make the BSX and Bermuda key components of MIH’s global ambitions,” said Thomas P. Gallagher, Chairman and CEO of MIH and BSX Chairman. “We are thrilled to complete this acquisition and have the BSX as a wholly owned subsidiary. BSX CEO Greg Wojciechowski and his team have done a tremendous job of helping to expand Bermuda’s domestic capital market and positioning the BSX for future growth. We look forward to MIH and the BSX jointly pursuing various initiatives, especially in the digital asset and (re)insurance sectors.”
“The BSX team is delighted to be joining MIH and to be able to take full advantage of the support, resources and infrastructure of MIH to bring innovative products and services to market,” said Mr. Wojciechowski. “Working alongside the MIH team during the past year has proven highly beneficial for both parties, and MIH’s decision to now acquire 100% ownership of the BSX speaks to the growth opportunities that MIH sees in our exchange. The BSX is excited to add to the company’s bottom line and continued success.”
Added Mr. Gallagher, “MIH understands the importance of the BSX to Bermuda. To this end, MIH remains committed to maintaining the BSX’s heritage and existing operations, and we will continue to support Mr. Wojciechowski in his endeavors as a member of the Board of Directors of the World Federation of Stock Exchanges (WFE), of which the BSX is a full member.”
The BSX is a fully electronic offshore securities market regulated by the Bermuda Monetary Authority. It specializes in the listing and trading of capital market instruments such as equities, debt issues, funds, hedge funds, derivative warrants and insurance-linked securities. The BSX is a full member of the World Federation of Exchanges and an affiliate member of the International Organization of Securities Commissions. It is recognized as a Designated Offshore Securities Market by the U.S. Securities and Exchange Commission and a Recognized Stock Exchange by UK HM Revenue and Customs.
Source: Company Press Release