US-based Miami International Holdings (MIH) has acquired a controlling stake in the Bermuda Stock Exchange (BSX) for an undisclosed price.
MIH is the parent holding company of the MIAX, MIAX PEARL and MIAX Emerald options exchanges (together called the MIAX Exchange Group).
The electronic trading company said that the controlling stake in the Bermudian stock exchange company is in line with its corporate strategy and enables it to expand its technology, derivatives trading, and regulatory expertise.
Furthermore, the deal is said to give the two companies the ability to provide innovative products and services on a global scale.
What the Bermuda Stock Exchange does
Regulated by the Bermuda Monetary Authority, the Bermuda Stock Exchange is a fully electronic offshore securities market. It specialises in the listing and trading of equities, debt issues, derivative warrants, funds, hedge funds, insurance-linked securities, and other capital market instruments.
MIH chairman and CEO Thomas Gallagher said: “As we looked to establish our international presence and address emerging markets such as digital assets, we found that the Bermuda government’s commitment to fintech regulation, with legislation such as the Digital Asset Business Act 2018, coupled with Bermuda’s established (re)insurance market, made the BSX and the country of Bermuda, very attractive to us.
“Bermuda’s (re)insurance industry and the BSX’s contribution to its products and services is strengthened by our ability to provide additional support to the evolving global (re)insurance market through innovative products such as exchange traded risk.”
Founded in 1971, the Bermuda Stock Exchange is a full member of the World Federation of Exchanges apart from being an affiliate member of the International Organization of Securities Commissions.
The trading company is recognised by the US Securities and Exchange Commission. Under Australia’s Foreign Investment Fund (FIF) taxation rules, it has Approved Stock Exchange status, while being recognised as a Designated Investment Exchange by the UK HM Revenue and Customs.
Bermuda Stock Exchange CEO Greg Wojciechowski said: “We are thrilled to be partnering with such a well-recognized exchange operator and technology innovator as MIH. This alignment better positions both parties to compete and serve customers across a broad range of asset classes by uniting our brands, expertise and infrastructure.”
