In May 2000, the Bahamas` new, privately owned stock exchange (BISX) went live, originally with 2 established brokers. By December, 2005, it had 19 companies listed with a total of $2.6 billion in market capitalisation. Due to the exchange`s losses of $2.3 in the two years up to June 2002, shareholders invested sums of £125,000 in order to keep the company afloat. However, Minister of State for Finance, Senator James Smith, remains optimistic over the exchange`s future, and has appointed a team of financial experts to investigate the exchange`s financial needs. The BISX has an upgraded infrastructure from which remote trading across a secure private WAN and the launch of an international segment can take place.
In November, 2003, BISX gained affiliate membership of the International Organisation of Securities Commissions (IOSCO). Commenting on the achievement, Mr. Ian Fair, BISX`s Chairman stated, "This is a significant achievement for BISX given that this is only our third year of operation. IOSCO sets the global standard for proper securities regulation, therefore, based on the fact that the Securities Commission of The Bahamas is already an Ordinary Member of IOSCO and the fact that BISX maintains Rules and operating procedures which are acceptable to IOSCO, speaks volumes for our place in the greater world community."
In November, 2004, shares in the Bank of Bahamas Limited began trading on the Bahamas International Stock Exchange, taking the total of listed issuers trading on the BISX to 19.
In February, 2005, the Securities Commission of the Bahamas announced its approval of an increase in the fee for a Domestic Primary Equity Listing on the Bahamas International Securities Exchange (BISX) from $2,500 to $5,000.
While trading volumes on BISX decreased in 2005 compared to 2004, the value of shares traded increased by 49.75% when compared with 2004. For the year ending 30 December 2005 the BISX All Share Index closed up 311.33 points or 29.95% for the year, closing at 1,350.71.
In 2005, BISX announced plans for a totally electronic corporate filing and archiving system that will be available to investors via the internet.
