disrespect by boycotting the Throne Speech yesterday.

Certainly the move was disrespectful to the traditions not only of the Bermuda Parliament but Westminister as well where the custom of Black Rod bringing the Members of the House to the Upper Chamber for the Queen's Speech is well known.

But it also served to divert attention from one of the Government's biggest days and to the Opposition's protests against Constitutional change. As such it was smart, albeit risky, politics.

The test with any political boycott is whether the issue over which the boycotters are protesting is serious enough that it warrants them not representing their supporters' interests in debate.

The last time the Opposition walked out of the House of Assembly was when the Government attempted to force through the Castle Harbour Hotel tax concession order without adequate notice.

Then, the UBP was protesting legislation which was going to pass; they made their point well by refusing to honour the bill by debating it.

The Opening of Parliament and the Throne Speech is one of the great days on the Parliamentary Calendar. The UBP is saying that the issue of constitutional reform is more important and that actions of such magnitude deserve reactions of equal magnitude.

How this will play out in the community is unclear. The UBP is winning some support for its energetic stand on the issue; indeed, nothing has galvanised potential opponents of the Government as the mishandling of the process of Constitutional change.

Indeed, if the UBP has shown disrespect to Parliamentary tradition, then the Government's grudging announcement in the Throne Speech that it will have a single public meeting to "further explain the process surrounding constitutional reform'' explains why.

HIGH MARKS EDT High marks Yesterday's largely glowing report card on the Island's financial services industry and regulation will have made for good reading in the private sector and in the Ministry of Finance.

The report is further evidence that the Island's system of self-regulation, in which the private and pubic sector work together to make sure that the Island is a respectable place to do business without becoming tangled in yards of red tape, works.

The report does make further recommendations, and Finance Minister Eugene Cox has said that not all of these will be implemented as they stand.

That is wise as some take the Island away from the very regulatory system which has made Bermuda a model and successful financial centre.