The Tribune

The Bahamas International Securities Exchange (BISX) has begun talks with its counterparts in Dubai and Abu Dhabi on the potential for cross-listings and trading.

Keith Davies, BISX’s chief executive, said he had been invited to return to the United Arab Emirates t(UAE) o pursue these opportunies, after he visited the Middle East state as part of a Bahamian business delegation.

During their visit, Mr Davies met with the chief executives of the Abu Dhabi Securities Exchange, the Dubai Financial Market and Nasdaq Dubai, as well as the Dubai Chamber of Commerce and other high-level financial institutions.

Recalling the presentations he gave on the Bahamian capital markets and BISX, Mr Davies said: “My presentations with the different exchanges were so well received that after the presentations, in each instance, I had the opportunity to talk with my counterparts about establishing deeper linkages between BISX and their respective exchanges.

“I am pleased that my new colleagues from Dubai and Abu Dhabi were keen to begin open dialogue about ways in which our exchanges could collaborate internationally, and mutually benefit our respective jurisdictions through direct listing and trading.

“We agreed to continue working towards this goal, and BISX has been invited to return to the UAE with the aim of exploring ways of deepening this new relationship.”

Mr Davies was positive on the outlook for BISX both domestically and internationally, adding: “I think that this is an excellent way to set the tone for the year 2014. This trip has given us additional insight into where our international focus can be expanded.

“As I have noted previously, one of the priorities of BISX in the near future is growing our mutual fund listing facility and this remains a key focus. However, this visit has reminded us of the fact that there are other markets out there where BISX and Bahamian financial services providers are not well known, but can still make headway and gain traction.

“The opportunity to speak to this jurisdiction was beneficial to the members of the group, obviously, but I believe that it will in the long-term be beneficial to our entire jurisdiction.”

Mr Davies was part of a delegation of individuals representing organised by Tony Joudi, chief executive of FTC Ltd, who had previously travelled to Dubai with a delegation from the Government.

Based upon his initial trip, Mr Joudi organised a group that besides himself and Mr Davies included Mario Carey, president and vhief executive of Mario Carey Realty; Werner Gruner, director at Andbank; Andrew Rolle, Sapphire Venture Fund administrator; George Hamalian, real estate and diamond trader; and Seamus Lagan, entrepreneur. The visit to the UAE was financed completely by the members of the delegation.

Mr Davies added: “Travelling to the UAE gave me a chance to meet with capital markets professionals who have been exposed to many of the same challenges that BISX has faced over its history.

“And since BISX was established in 1999, and the Abu Dhabi Securities Exchange, and the Dubai Financial Market were established in 2000, we are essentially the same age. Additionally, our trading systems bear many similarities and this fact helped us to immediately establish a common historical bond.”

Mr Joudi said he formed a business delegation based on a promise he gave to government and business officials he met in the UAE, along with the minister of foreign affairs and five other Cabinet ministers and a Senator.

Mr Joudi said: “We needed to immediately capitalise on the initiative taken by the Government, which planted the seed for every Bahamian man and woman with the spirit of entrepreneurship, to travel and make things happen for themselves.

“A whole new world full of opportunities awaits us and we should have the courage to explore.”