The close-ended fund will be traded under the symbol PRE and may be purchased or sold through BISX members Fidelity Capital Markets and First Bahamas Capital (Colina).
According to Keith Davies, acting chief executive officer, this fund, along with the other mutual funds currently displayed will receive added exposure because of their listing on BISX.
Mr. Davies also reported that the exchange is presently working on moving the current mutual funds from the over-the-counter (OTC) section up to the listed section. The hope is that over time the OTC section will become less and less with these companies moving to the main board to be traded.
The exchange also reported an alliance with Bloomberg L.P., established over the last two months that has allowed BISX the right to use the company’s logo on its website. “They are interested in having alliance with us to share our info,” Mr. Davies said.
The prominent information provider currently pulls information from the exchange’s website, but according to Mr. Davies, over time, BISX hopes to go live with Bloomberg L.P., enabling the information provider to receive live updates from the exchange’s trading system.
BISX, as a regulated exchange, is seen as an official and reliable source of information. “So they would come to us before anyone else to find out information about our capital market,” Mr. Davies said.
He continued that this alliance with Bloomberg L.P. has raised the credibility of the exchange, and will increase the exposure of BISX to the thousands of Bloomberg customers.
The exchange hopes that this exposure will lead to international companies becoming interested in possibly listing on BISX. Mr. Davies hinted that he has already received calls of interest from listed companies in the United States but refused to elaborate.
He said, however, that he hopes to organise the information on listed companies to provide investors with more timely information. The exchange is currently trying to develop the website to include electronic flow of information, with the hopes of creating a more streamlined method than the current PDF format. “What I am moving towards is saying look, however you create your financials you need to create them in an electronic form. That’s probably the way we are going to move initially. And that electronic form is dispatched to me.”
Mr. Davies said the exchange is trying to get companies to the point where even though they might not have a report to file, but there are events occurring within the company that add value, they will automatically report this to the exchange. “If something of value happens to your company, you hire a new person that is supposed to add value, tell your shareholders,” he advocated.
By Martella Matthews, The Nassau Guardian
