The next Bermuda Monetary Authority chief executive officer Matthew Elderfield was amongst invited guests at the official opening of the Authority’s new premises in Victoria Street.

He will assume his position on July 16, taking over from Cheryl-Ann Lister, who has agreed to stay with the BMA during the hand-over period and until August 2007.

Although the BMA has been using its new offices for two months, the ribbon cutting by Finance Minister Paula Cox and blessing of the building by Bishop Vernon Lambe was yesterday evening in the presence of authority staff and financial sector leaders.

Mrs Lister, who has been with the BMA since 1999, said of her time with the Authority: “It has been a wonderful, and frequently very challenging, experience for me as a professional, and very positive from the perspective of forming such close relationships and in terms of my own personal growth.”

She told the gathering she had spoken with her successor-in-waiting Mr. Elderfield and, when he asked what were the strengths of the BMA replied one of the them was its close working relationship with Government.

Mrs. Lister also said there had been a big difference in the BMA simply by having its near 100-staff under one roof during the past two months. As a gift for her service she was presented with a framed selection of Bermuda bank notes — most of which bear her signature.

Deputy Premier Paula Cox said the BMA was a cornerstone in the Island’s financial world helping Bermuda achieve “a gold standard” of regulation.

“The BMA provides a sense of place, purpose and permanence,” she said.

Alan Richardson, BMA chairman said: “There will without doubt be further expansion in the Authority’s responsibilities as we look to the future from our new base of operations. The Authority looks forward to working with all stakeholders in the success of Bermuda as a jurisdiction, including those of you who have joined us here tonight, to continue our collective tradition of high standards and commitment to quality in terms of the business conducted here.”

And he also welcomed Mr. Elderfield. He said: “His career has been highlighted with an impressive technical ability, as well as a progressive and outstanding record of achievement in all of the positions he has held.

“Matthew has already demonstrated that he possesses an acute sense of the opportunities and challenges facing Bermuda as a jurisdiction and the Authority as Bermuda’s financial services regulator.

“We look forward to welcoming him and his wife Margaret to the Island when he takes up his appointment in July, and to working with him subsequently as he leads the organisation into its next phase of development.”

Mr. Elderfield has 20 years of experience in international financial services regulation encompassing supervision, policy and risk management and high-level advocacy in the US and Europe.

He has been head of department, major retail groups division within the UK Financial Services Authority since December 2004. In this position, he has been responsible for the supervision of eight banking groups including Barclays, HSBC, Lloyds TSB and Royal Bank of Scotland.

He has also represented the FSA on the Basel Accord Implementation Group, and chairs the FSA’s Basel Model Approval Panel.

Previously as FSA head of markets policy, markets division he was responsible for developing, negotiating and implementing domestic and international policy on listing and primary markets, as well as secondary market issues. Prior to this as head of exchanges and clearing houses, markets and exchanges divisionhe led the department responsible for the supervision of eight UK recognised investment exchanges including the London Stock Exchange, two recognised clearing houses and approximately a dozen investment firms operating alternative trading systems.

Before joining the FSA Mr. Elderfield established the European operations of the International Swaps and Derivatives Association and was director of policy for that organisation.

He also represented both the investment banking and commercial banking industries in senior positions with the London Investment Banking Association and British Bankers Association respectively.

Preceding those appointments, Mr. Elderfield monitored and analysed US legislative and regulatory developments affecting financial institutions at the Washington-based Institute for Strategy Development.

He graduated from Cambridge University in 1988 with a masters degree in International Relations, and earned a bachelors degree in Foreign Service cum laude from the School of Foreign Service, Georgetown University in 1987.