New listing regulations just announced by the Bermuda Stock Exchange (BSX) will establish the BSX as the world's leading insurance stock market and promise to attract huge interest in the insurance securitisation market.

New insurance guidelines include landmark regulations focused on cutting-edge developments related to the latter day convergence of the insurance and capital markets.

And new guidelines for debt securities have substantially cut the red tape out of the listing process -- and the cost.

Combined, the two new sets of regulations just launched by the BSX, will further strengthen its position as a premier offshore exchange and capitalise on new investment trends.

Section IIIB, `International Issuers: Debt Securities' and Section V, `Insurance Related Securities' are both specifically targeted at rapidly expanding securitisation markets.

The BSX said yesterday that as an offshore exchange in an OECD (Organisation of Economic Co-operation & Development) member nation, it was uniquely positioned to offer issuers, seeking a recognised listing, the opportunity to list such securities.

The new regulations, a statement said, simply enhanced this position by making it easier, quicker and more cost effective for them to list in Bermuda.

The new debt regulations are aimed at attracting all types of debt securities, including traditional Eurobonds and specialist debt issuance programmes (such as medium term notes, repackaging programmes, asset-backed securities, credit linked notes and convertible bonds).

Under the new debt regulations, the listing procedures have been streamlined, making it possible for new listings to be completed within days rather than weeks. Additionally, initial and subsequent listing fees have been significantly reduced.

The insurance regulations are the first of their kind any where in the world and are specifically targeted at attracting the rapidly expanding insurance securitisation market and its related products, such as Cat bonds and swap contracts.

BSX CEO William Woods commented: "The BSX now has the most attractive listing regulations for debt issuers of any OECD member nation and like Bermuda itself, is strategically positioned to become the world's leading insurance stock market.

"We see the potential for enormous growth in this area, and we believe that our new regulations will go a long way towards achieving our objectives.

"We are now the only stock exchange in the world which has a set of listing regulations that have been specifically designed for insurance products.'' The regulations have been approved by the Exchange's regulatory body, the Bermuda Monetary Authority, which is a full member of the International Organisation of Securities Commissions (IOSCO).