Bermuda Stock Exchange is hoping for a boost in business after becoming a member of an international exchange organisation.

It was revealed yesterday that the BSX had been voted in as the newest member of the International Federation of Stock Exchanges (FIBV).

The organisation will now join London, Tokyo and New York in the 54 country listing.

The move takes the BSX one step further in international recognition than exchanges in Guernsey and the Cayman Islands who have applied to join the federation, but not yet been made full members.

"A lot of institutions require FIBV membership and it gives the BSX a much higher acceptability,'' said William Woods, BSX chief executive officer.

"From this membership we hope to see a boost in business.'' Members of the FIBV -- or Federation Inernationale Des Bourses De Valeurs -- cast their vote to accept the BSX during the organisation's 39th general assembly and AGM in Bangkok on Monday.

Both Mr. Woods and BSX chief operations officer Greg Wojciechowski travelled to Bangkok to see if the vote went their way.

Mr. Woods said: "We are extremely proud that the FIBV has admitted the BSX as a full member. This is the finest achievement of our exchange so far in its 28 year history.

"The FIBV has helped us structure our exchange and the FIBV market principles share our constant guide as we build a fully electronic, internationally recognised securities market in Bermuda.'' Bermuda applied for full membership in 1995 when it was accepted on an intermediate level. Full membership can only be attained on meeting the federation's requirements.

One of the important parts of becoming a full member is the role the exchange has in the domestic economy.

Earlier this year Bermuda was visited by representatives from the New York Stock Exchange and the Copenhagen Stock Exchange who then recommended to the members that the BSX become a full member.

The FIBV is the trade organisation for regulated securities and derivative markets world-wide.

The federation also offers guidance to members in matters of international harmonisation of business practices and to lobby all relevant public authorities and users of markets on their behalf.

Malta was also voted in at this year's assembly.