The Bermuda Stock Exchange (BSX) has lent its backing to the The World Federation of Exchanges (WFE) over the importance of keeping stock exchanges open and working properly in the current global financial crisis.

The WFE board of directors released a statement at its meeting in Milan last week about today's economic turmoil saying that exchanges have continued to properly function during this crisis, fulfilling their role as continuous, open markets for establishing and disseminating prices for exchange-traded instruments.

In recent weeks Russia's two leading stock exchanges were forced to close twice after share prices surged and Japan and Indonesia suspended trading due to sharp movements in share values.

Greg Wojciechowski, president and chief executive officer of the BSX, said it was important for Bermuda's economy and to investors that the market provided liquidity during these tough economic times.

The WFE said that the transparency of the prices in exchange-traded instruments made this information available to all and provided important liquidity to investors.

The world's exchange leaders also strongly reaffirmed the principle that equities and equity-related exchanges remain open throughout this period.

WFE Chairman, Massimo Capuano, CEO of the Borsa Italiana, said: "The crisis highlights the importance of regulated, exchange-based markets. We encourage global regulators to recognise the time-tested benefits of transparency, balanced regulation and central counter-party clearing available in exchange markets."