International Federation of Stock Exchanges (FIBV).

The Exchange also announced yesterday that it had released new trading and settlement regulations and a new code of conduct for all trading members of the BSX.

BSX chief operating officer Greg Wojciechowski said being made an affiliate of the FIBV was the first step in the two-year process of achieving full membership.

"This status enables the BSX to take part in meetings and discussions of the FIBV and will help us to build a network of international contacts in the securities industry.'' The settlement procedures announced yesterday will require members to settle trades through the BSX's central clearing system on the fifth day after the transaction has been made.

Failure to do so will result in the member being fined $100 per day.

The BSX said the Code of Conduct will protect investors who trade through a member of the BSX by ensuring that international standards -- including written client agreements with the member and segregation of the client's funds from those of the trading member -- are met.

The BSX said the new trading regulations will codify the existing procedures for trading securities on the BSX's special Bloomberg trading facility.

BSX chief executive officer William Woods said: "These new regulations ensure orderly trading, timely settlement and the highest standards when brokers are dealing with clients.''