Bermuda Stock Exchange

What Bermuda Stock Exchange does

The Bermuda Stock Exchange (BSX) is a privately held, fully electronic offshore securities exchange founded in 1971 in Pembroke, Hamilton, Bermuda, and operated as a subsidiary of Miami International Holdings, Inc. (MIH), the corporate holding company of MIAX. BSX provides listing services across Insurance-Linked Securities (ILS), Corporate and Securitised Debt, and Funds, and operates its proprietary Bermuda Electronic Securities Trading (BEST) system for trade execution and matching, integrated with the Bermuda Securities Depository (BSD) for clearing, settlement, dematerialised safekeeping, asset servicing, and corporate actions processing. BSX additionally serves as the designated CUSIP/ISIN numbering agent for Bermuda in cooperation with CUSIP Global Services (FactSet), and publishes BSX Securities Pricing and Trading Reports as market-data products.

BSX generates revenue through four transaction-fee streams: listing fees (charged to issuers of debt, fund, and ILS securities), trading fees (charged to authorised trading members for execution on BEST), depository fees (BSD clearing, settlement, and asset servicing), and numbering fees (CUSIP/ISIN, priced at $340 per security-class standard and $470 express). The exchange is recognised as a regulated listing venue in the US, UK, Ireland, Canada, and Australia, qualifying for the UK and Ireland Quoted Eurobond Exemption. It hosts over 90% of the world's ILS listings — catastrophe bonds, reinsurance sidecars, and longevity swaps — making it the dominant global venue in this asset class.

BSX distributes through a three-tier intermediary network: Listing Sponsors (who prepare listing applications), Trading Members (broker-dealers executing on BEST), and BSD Participants (domestic and international depository users). Its go-to-market targets institutional issuers (ILS sponsors, structured-debt arrangers, fund managers) and financial institutions seeking offshore listing advantages. Customers include global financial institutions and Bermuda-domiciled issuers (HSBC Holdings, Butterfield, Jardine Matheson, Hongkong Land, DFI Retail Group). The exchange maintains a small operating footprint of 11-50 employees, consistent with a lean, regulated-market infrastructure model that monetises multi-jurisdictional regulatory recognition and dominant ILS market share.

Name

Bermuda Stock Exchange

Legal name

The Bermuda Stock Exchange Limited

Website

https://bsx.com

Company type

Private

Founded year

1971

Operating status

Operating

Headcount range

11–50 employees

Short description

The Bermuda Stock Exchange (BSX) is a privately held, fully electronic offshore stock exchange founded in 1971 in Bermuda and owned by Miami International Holdings. It operates the BEST trading system, BSD depository, and CUSIP/ISIN numbering agency, hosting over 90% of global Insurance-Linked Securities listings and serving issuers of corporate debt, funds, and structured securities worldwide.

Ownership category

akta.pro rank

Product category

Securities Exchange

NAICS

Securities and Commodity Exchanges (52321), Securities and Commodity Exchanges (5232), Securities and Commodity Exchanges (523210), Securities and Commodity Contracts Intermediation and Brokerage (5231)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Commodity Contracts Brokers & Dealers (6221), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Equities Trade Execution Platforms (ATS/MTF/ECN) (FSAFANAA)

Keywords

• Securities exchange
• Offshore listing services
• Insurance-linked securities
• Securities depository
• Securities numbering

Headquarters

HQ city

Hamilton

HQ country

Bermuda

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Infrastructure, Marketing or Sales

Revenue model

1. Numbering Services: Fees for issuing CUSIP and ISIN security identifier numbers for securities registered or domiciled in Bermuda.
2. Listing Fees: Fees charged to issuers for listing securities including debt instruments, funds, and insurance-linked securities on the exchange.
3. Depository Services: Fees for securities settlement, safekeeping, asset servicing, and corporate actions processing through the BSD.
4. Trading Fees: Fees charged to trading members for executing trades on the BSX trading system.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels3 records

Core offering

The Bermuda Stock Exchange (BSX) operates a fully-electronic offshore securities exchange providing listing services for Insurance-Linked Securities, Corporate & Securitised Debt, and Funds. It runs the proprietary BEST trading system for trade execution and the BSD depository for clearing, settlement, and safekeeping, and serves as Bermuda's designated CUSIP/ISIN Numbering Agent in cooperation with CUSIP Global Services.

Product overview

The Bermuda Stock Exchange (BSX) operates a single unified platform offering securities listing, trading, and post-trade services. The core product portfolio consists of listing services for debt securities (Insurance-Linked Securities, Corporate & Securitised Debt) and Funds; the proprietary BEST trading system for trade execution; the Bermuda Securities Depository (BSD) for clearing, settlement, and safekeeping; CUSIP/ISIN numbering services for securities identification; and BSX Securities Pricing for market data. These services are integrated through the BEST and BSD infrastructure to provide end-to-end securities market operations.

Differentiator

Problem solved

Functional benefit

Products and services

• Listing Services Provides listing services for all asset classes including Insurance-Linked Securities (ILS), Corporate & Securitised Debt, and Funds, enabling securities to be admitted to trading on the BSX exchange. Targeted at institutional issuers, corporates, and fund managers seeking an offshore listing venue.
• Bermuda Securities Depository (BSD)
• Bermuda Electronic Securities Trading (BEST) Proprietary BSX trading system for executing securities trades, integrated with the BSD for settlement and clearing operations. Available to authorised Trading Members.
• CUSIP/ISIN Numbering Services Designated CUSIP/ISIN numbering agent for Bermuda providing unique security identifier numbers for securities registered or domiciled in Bermuda, offered in cooperation with CUSIP Global Services (FactSet Research Systems Inc.).
• BSX Securities Pricing Real-time and historical securities pricing data service providing closing prices, bid/ask quotes, trading volumes, and BSX Index values for listed domestic and international securities.
• Trading Reports Comprehensive trading reports providing market data and analytics on BSX trading activity and market performance for listed securities.

Named customers5 records

Segments4 records

Ideal customer profiles4 records

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Scale indicators3 records

Recent moves6 records

Expansion highlights5 records

Market position

Strengths4 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/bermuda-stock-exchange

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Bermuda Stock Exchange