The decision by the United Kingdom?s Financial Services Authority (FSA) to grant Designated Investment Exchange Status to the Bermuda Stock Exchange is being hailed as ?a significant milestone in the development of the financial services sector in Bermuda? by the Bermuda International Business Association (BIBA).

The independent regulator of the financial services industry in the U.K. granted DIE status to the BSX after reviewing the degree of protection it offers consumers through its own rules and practices as well as the regulatory framework in which it operates.

BIBA CEO, Deborah Middleton said: ?This designation will benefit Bermuda in several ways. It serves as an additional measure of comfort to investors as to the integrity of our investment markets and will increase further investments on island by making Bermuda even more attractive to a larger cross-section of investors.

?It goes without saying that we are delighted with this result as it underscores the sophistication of the jurisdiction in terms of internationally accepted regulatory practices and is an endorsement of our regulatory environment as a whole?.

The new designation follows closely on an announcement last month that the Australian Tax Authority had granted the BSX Approved Stock Exchange status under Australia?s Foreign Investment Fund (FIF) taxation rules.