The Bermuda Stock Exchange has launched a fully integrated trading, clearing and settlement platform, marking a major technological advance.

The system, developed in partnership with its parent company, Miami International Holdings, aims to boost efficiency and expand market capabilities.

“The launch of the new BSX technology platform represents an important milestone in our strategy to build and operate all our exchanges utilising proprietary MIAX technology,” said Thomas Gallagher, the chairman and chief executive of MIH.

“The new platform provides us with the flexibility to respond to evolving market demand and expand the range of products we are able to offer customers.”

The platform integrates MIAX proprietary trading systems with clearing and central security depository technology built in collaboration with Swedish firm Vermiculus. It features a web-based order management system, enhanced market data dissemination and off-island disaster recovery systems.

Greg Wojciechowski, the president and chief executive of BSX, said the exchange worked closely with the market to develop the next-generation system.

He said: “MIAX’s proven technology, coupled with Vermiculus’ leading international market infrastructure capabilities, expands our ability to support Bermuda’s market with a fully integrated exchange platform managing the trade cycle from execution to clearing and settlement.”

Randy Foster, the executive vice-president of business systems development at MIAX, pointed to the scalability of the MIAX platform. “We’ve replicated that expansion process at BSX, providing a best-in-class user experience that our customers have come to expect from MIAX.”

Mr Wojciechowski said the new platform is expected to strengthen Bermuda’s domestic capital market while positioning BSX to attract international market opportunities in the future.