Thomas Gallagher has been elected chairman of the council (board of directors) of the Bermuda Stock Exchange.

Mr Gallagher succeeds outgoing chairman David Brown, who will remain on the council as deputy chairman, replacing Jeff Conyers.

The new chairman is also chairman and chief executive officer of Miami International Holdings Inc, which last year acquired a majority interest in the BSX.

Mr Brown, the outgoing chairman, said: “Tom brings a wealth of knowledge to the team and I look forward to continuing as deputy chair and working with Tom, the board and the excellent staff at the BSX to continue to expand our offerings both in Bermuda and for issuers around the world. I would also like to thank Jeff Conyers for his invaluable service on the BSX board.”

Greg Wojciechowski, president and chief executive officer of the BSX, said: “We are pleased to welcome Tom as the new chairman of the council. His expertise in the exchange sector will be invaluable to the BSX, providing the leadership necessary to implement our long-term growth strategy and vision.”

He added: “The BSX management team is very excited to be part of the next chapter in the BSX’s development as we work with MIAX to bring new opportunities to the BSX and continue our efforts to develop Bermuda’s domestic capital market.”

Mr Gallagher said: “It is a privilege to be elected by the council as the incoming chairman. On behalf of the council, I would like to thank David Brown and Jeff Conyers for their service and contributions over the past 20-plus years as chairman and deputy chairman, respectively.

“Through their guidance, the BSX is in a position to take full advantage of opportunities such as the Bermuda Government’s recently enacted Digital Asset Business Act, or Daba, which will enable us to move into new products and asset classes in the digital asset space.”

David Burt, the Premier, said: “The MIAX Exchange Group has deep-rooted experience in developing, operating and trading on exchanges. Their investment in the BSX and specific interest in utilising opportunities provided by Bermuda’s Digital Asset Business Act is a testament to Bermuda’s fintech efforts. The BSX is well placed to provide a critical part of the infrastructure necessary to support the development of the industry.”

The Premier added: “MIH’s selection of Bermuda for their investment demonstrates that Bermuda continues to be a business-friendly jurisdiction with a stellar reputation.

“It also showcases the interest that exists in the quality regulation and structures we have put in place to accommodate growth in the digitisation of financial assets. The Bermuda Government welcomes the BSX and MIH taking advantage of this innovative fintech regulatory framework and looks forward to the BSX advancing its offerings into the new era of digital assets.”

Mr Wojciechowski, who will continue to serve as president and chief executive officer of BSX, has also been appointed president of MIAX Global, LLC.

MIAX Global focuses on MIH’s merger, acquisition and joint venture activities as well as the company’s trading, technology and other projects based outside of North America, initially focusing on Europe and to expand into Latin America, the Middle East and Africa.

Mr Gallagher said: “I look forward to working with the other council members and management and we intend to initially focus on growing BSX’s existing debt and insurance-linked securities listings by offering a competitive exchange venue and enhancing BSX sales and marketing efforts.

“We are also actively pursuing new opportunities to bring innovative products to the BSX and further exploring synergies with MIH now that its acquisition of a controlling interest in the BSX has been finalised.”

Barbara Comly, executive vice-president and general counsel of MIH, said: “Both MIH and the BSX look forward to jointly working with the Bermuda Monetary Authority’s executive chair Jeremy Cox, deputy chief executive officer Craig Swan, and the rest of the BMA on a variety of new projects.”