Lydda Capital Limited, a Bahamas-based broker, has been granted a BISX Broker-Dealer Member license from the Bahamas International Securities Exchange (BISX), becoming the seventh member to provide brokerage services.
Keith Davies, BISX’s Chief Executive Officer, commented:
“It is our pleasure to welcome Lydda Capital Limited. By taking this determinative step by becoming a BISX Broker-Dealer Member, Lydda has demonstrated their commitment to the Bahamian capital markets growth and development. We look forward to seeing them begin trading on the Exchange and offering services to clients.
“Before any Broker-Dealer becomes a BISX Member, they are required to first go through the licensing process of the Securities Commission, after which they need to go through BISX’s own separate due diligence process. Lydda was very proactive in both providing information and
responding to our queries during this phase.”
“Lydda Capital is excited by the expansion of its product offerings and is looking forward to assisting clients desirous of trading on BISX”, said Alicia Curry, Client Relationship Manager at Lydda.
Lydda’s addition as a member was encouraged in the name of the development of the country’s capital markets as it increases the options for investors, giving them more broker dealers to choose from and allowing them to choose the one best suited for their investment needs.
Also in the Bahamas, the government has completed the listing process for all Bahamas Government Registered Stocks (BGRS), which represent the medium and long-term debt issued by the government, consisting of more than 200 tranches of BGRS valued at over B$3 billion on the Exchange.
K. Peter Turnquest, Deputy Prime Minister and Minister of Finance, said:
“The Bahamas is one step closer to centralized market trading of Government Bonds, which was envisaged as a critical component of available offerings since the launch of BISX in 1999. We are happy to announce that this long-overdue modernization initiative is finally coming to fruition. Thanks to the work of our partners at the Central Bank and BISX, and the Minnis-led Government’s commitment to digitization and modernization.”
Andrew Strachan, Chairman at BISX, said:
“This is a very positive move on the part of the Government of The Bahamas, and we are grateful for their support of BISX. The listing of Government securities has always been a goal of the Exchange and represents a momentous moment not just for the Exchange but for the entire Bahamian capital markets.”
BISX was founded in 1999. The listing and trading of fixed and floating rate Government securities allows for the establishment of a Bahamian Yield Curve, which should lead to the development of
corporate and institutional debt markets in the country.
Trading of Government securities directly on BISX will commence on a date and time to be announced, but it is expected to start during the month of November 2019.
