BrokerageAmerica LLC, a leading Nasdaq market maker and wholesale institutional sales organisation has announced plans to open an office in Bermuda within six months.

The New York company announced yesterday the opening of new offices in Boston, Denver and San Francisco in response to continued rapid growth of its institutional business.

In addition to Bermuda, the company also announced plans to open an office in Los Angeles in the next six months as well as expand into key international markets over the course of the next year.

“This announcement supports our core business strategy of capturing a significant portion of institutional order flow, both in the United States and international markets,” said Bora Sultan, Senior Vice President, Strategic Business Development and Execution Quality, BrokerageAmerica. “Our client base and trade order flow continue to grow beyond our highest expectations, solidifying our position as a major player in this space.”

BrokerageAmerica's institutional business provides trade execution services to institutions, broker/dealers, and professional money managers. Key to the growth of the firm's institutional business is the strength and ongoing expansion of its market making operations. Over the past month, BrokerageAmerica has increased its number of markets traded from 1,000 to 1,650. Through an aggressive growth plan, the firm will expand this number to 3,500 in the next three months.

Fitch announces Imagine rating

Fitch Ratings has affirmed the ‘A' insurer financial strength rating of Imagine Insurance Company Limited (Imagine). The rating outlook is Stable.

Fitch said the rating action reflects Imagine's success in implementing its business plan, which focuses on specialised, low-volatility, finite risk reinsurance products combined with an investment strategy that seeks to closely match investment cash in-flows to expected insurance cash out-flows.

Fitch also said Imagine continues to face the normal risks associated with any start-up company, namely Imagine's premium earned to date has been generated from a relatively small number of contracts and the company may face substantial competition from other more established reinsurers in its attempts to grow its business. Fitch believes Imagine's success will depend on its continued ability to write low-volatility reinsurance products consistent with its business plan.

Bank asks BSX to withdraw fund listing

The Bank of Butterfield has requested the Bermuda Stock Exchange withdraw from listing the bank's International Income Fund Limited as all outstanding shares have been redeemed and the fund is winding up.