BIBA Product Development Committee Launches New Product; The Bermuda International Business Association Hails New `Launch 'n List' Product as Enhancing the Attractiveness of Bermuda as a Funds Jurisdiction.

HAMILTON, Bermuda -- The Bermuda International Business Association (BIBA) today announced that it had brought to market a new product whereby funds can be BMA approved and listed on the Bermuda Stock Exchange in as short a time as two weeks.

BIBA CEO, Deborah Middleton, commented, "We established the New Product Development Committee in order to stimulate creative thinking and devise new products that would appeal to investors. This product leverages the fact that we have a fully electronic stock exchange with Designated Investment Exchange status as well as a regulatory authority with a practical but effective approach to regulation that supports development of bespoke products for the investor".

The committee, comprised of members of the private sector engaged in funds and trust business, is chaired by Conyers Dill & Pearman partner, Julie McLean who stated, "Listing for a fund offers many advantages. However, the feedback we have been given is that the larger exchanges have increased their regulatory approach to the extent that it is inappropriate and impinges on the fund managers' ability to effectively carry out their investment strategy. The "Designated Investment Exchange" recognition given to the Bermuda Stock Exchange reflects that it is a properly managed exchange with sophisticated trading platforms and not just a listing board. However, the strength offered by the BSX is that it has effective regulation while still being nimble and flexible in its approach to funds wishing to list. The co-operation between the Bermuda authorities and the BSX in the "Launch n' List" process means that funds can apply to incorporate and be classified under our fund regulations at the same time that initial application is made to the BSX for listing. This results in Bermuda being an extremely convenient and user-friendly jurisdiction in which to set up listed funds".

Greg Wojciechowski, President and CEO of the Bermuda Stock Exchange, added, "We continually see issuers coming from jurisdictions all over the world seeking to incorporate in Bermuda and list on the BSX. The Launch 'n List product was a logical extension to offer our clients a one stop solution. This new product will not only support the funds industry but we believe it will also be important for other products, such as private equity and debt transactions. We know that many of those funds listed on the BSX are here because of our reputation. The BSX is a stock exchange in the truest sense of the word and has gained recognition in several areas, including the UK and Australia. We are also a member of the World Federation of Exchanges. This designation speaks directly to the strength of the standards underpinning the services offered at the BSX that provide an important level of confidence to investors".

The "Launch 'n List" product is an example of innovative yet quality business that Bermuda can provide to the discerning global investor and is the brainchild of a collaboration between the public and private sector.

About the Bermuda International Business Association

The Bermuda International Business Association (BIBA) is a business organization of Bermuda resident service providers who provide quality banking, legal, accounting, financial, trust, management and e-commerce services and products to the international client. BIBA works with the private sector and Government to develop and promote the island as one of the world's foremost centers for international business.