Thursday, February 11, 2010

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Tech issues delay Govt's move to BISX By Inderia Saunders ~ Guardian Business Reporter inderia@nasguard.com: Technological issues, among other things, may be contributing to a hold-up in the listing and trading of Bahamas Government Registered Stock (BGRS) on the Bahamas International Securities Exchange (BISX), said State Minister for Finance Zhivargo Laing. It follows concerns voiced by the International Monetary Fund (IMF) on several issues delaying the implementation of that move. "There were some technological issues and other things which were pointed out by a consultant to the IMF to the Central Bank," Laing told Guardian Business. "No decision has been made for it to happen yet because there were a number of things which BISX was supposed to do to ready itself for that possibility. "I don't know those details at the moment off hand, but I'm not sure that [sorting out those issues] has happened yet." The move, however, is one he said the government would have no objection to, given all the necessary preparations are taken care of ahead of the listing. The listing and trading of BGRS on BISX has been forecasted to be one of he more transformative moves made on the exchange in the next decade. "The listing and trading of BGRS on BISX is a vital step in the development of our capital markets," said Chief Executive Officer Keith Davies in an earlier statement. "This movement onto our regulated exchange will introduce much needed transparency and realistic securities pricing to the economy of The Bahamas from the nation's largest issuer of securities." Friday January 29, 2010