Become a Trading Member | Bermuda Stock Exchange | BSX

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Become a Trading Member

Why Become a Trading Member?

As a BSX Trading Member, you gain direct access to Bermuda’s domestic marketplace supported by BSX’s state-of-the-art trading systems. Trade seamlessly and build stronger relationships with local and international market participants.

Trading on BSX

Deposit, trade, clear and settle securities listed on BSX, all through BSX’s integrated trading, clearing, settlement and depository systems.

Trading System BSX’s Bermuda Electronic Securities Trading (BEST) system is a state-of-the-art, proprietary trading system for the trading of its listed securities.

Clearing, Settlement and Depository System BSX’s Bermuda Securities Depository (BSD) is Bermuda’s national clearing, settlement and depository system for dematerialised shares.

Trading Member Types

The BSX has 3 categories of Trading Members:

Broker Broker/Dealer Market Maker

A Trading Member which executes transactions on behalf of clients only (i.e. on an agency basis). A Trading Member which executes transactions on behalf of itself (as principal) and its clients. A Trading Member which executes transactions on behalf of itself and its clients and provides market making services in selected securities.

Requirements

To trade on the BEST trading system and settle through the Bermuda Securities Depositary (BSD), a Trading Member must:

have regulatory authorisation to trade for its membership type (i.e. broker, broker/dealer or market maker) in Bermuda.

meet the minimum net capital requirements set by its regulatory authority for its membership type.

demonstrate it meets the suitability requirements such as appropriate systems, adequate operations, experience and policies and procedures to support its business.

have ongoing settlement guarantee arrangements in place in the form of deposit, letter of credit or guarantee for its expected level of trading.

For more information see the Trading Membership Regulations（https://www.bsx.com/Trading%20Membership%20Regulations.pdf）.

Additional information on how the Settlement Guarantee works is included in the BSD Participant Guide（https://www.bsx.com/BSD Participant Guide.pdf）.

Contact the BSX team on bsxops@bsx.com for more information.

How to Apply

1. Talk to us - We welcome new members and encourage applicants to contact us in advance so that we can provide support throughout the application process.

2. Submit documents – submit the following documents to bsxops@bsx.com

Trading Member Application Form

Certified documents to identify the legal entity, beneficial owners and directors (for AML and CTF purposes)

A Senior Executive Questionnaire（https://www.bsx.com/Senior%20Executive%20Questionnaire.pdf） for each senior executive

Settlement Guarantee information

3. Address any feedback – the Operations team will review your application and provide feedback where necessary within 5 business days. The team then submits the application to the Executive Management Committee (EMC) for consideration.

4. Approval – the Executive Management Committee considers the applicant’s eligibility and suitability for membership and makes its decision within 10 business days.

5. System Access and Training – a trading member nominates relevant users to access the BEST and BSD systems.