The vote to accept the BSX was taken during the Federation's 39th General Assembly and Annual general Meeting in Bangkok on Monday, 18 October. In attendance for the auspicious event were BSX CEO, William Woods and COO Greg Wojciechowski.
"We are extremely proud that the International Federation of Stock Exchanges has admitted the BSX as a full member. This is the finest achievement of our exchange so far in its 28 year history. The FIBV has helped us structure our exchange and the FIBV Market Principles are our constant guide as we build a fully electronic, internationally recognized securities market in Bermuda." stated Mr. Woods.
The BSX becomes the 53rd member of the Federation, joining such elite members as the London, New York and Tokyo Stock Exchanges. Malta was also voted in at this year's Assembly, bringing the total number of full members to 54.
The FIBV is the trade organisation for regulated securities and derivative markets world-wide. The FIBV promotes the professional business development of financial markets, both at the national and international levels. Only when the markets are healthy can they be efficient and transparent, and in this way assure the best interest of both issuers of securities and the investing public. The label " member of FIBV " identifies each securities market as having world-class business standards, recognised as such by regulators and supervisory bodies, as well as by members and users of markets.
The FIBV's role is to act as the central reference point for the industry by offering members guidance in the process of international harmonisation of business practices, and to lobby all relevant public authorities and users of markets on their behalf in search for better understanding and utilising the international financial markets.
The goals of the FIBV are:
To demonstrate the role, the functioning and the integrity of regulated markets;
To maintain a platform for securities markets professionals to discuss issues of common interest, to identify new approaches and solutions which enhance the competitive position of regulated markets, and to develop programs which support stock exchange operations, including benchmarking, quality standards, and best practices;
To establish harmonised standards for business processes in cross-border trading in securities, including cross-border public offerings;
To create, develop and maintain a co-operative relationship with regulators in order to advocate the benefits of stock exchange self-regulation within the total regulatory framework in both national and international environments;
To support emerging exchanges in their efforts to develop markets which function according to FIBV member standards, thus contributing to global respect for the norms of a well-regulated industry.
Further information on the FIBV is available at www.fibv.com.