The Bank of Bermuda's long-awaited announcement that it has been listed on the Nasdaq stock exchange signals a change in the nature of Bermuda business.

Protected, and to some extent hampered, by the 60:40 ownership rule, local companies have operated within their own world for decades.

Now, with the Bank of Bermuda's listing, the oportunities and challenges of competing in the "real world" begin.

For the bank, the listing will mean access to world markets for capital, and could mean improvements in its share price as well. For investors, it could also make buying and selling their shares easier, as liquidity on a US exchange is much higher than on the Bermuda Stock Exchange.

However, it will also mean that the bank will be required to disclose more information and show higher levels of transparency than it has in the past. Much of this is already in place.

The bank has been a global competitor for many years already. But it is now competing at a higher level as a result of the listing, and will be compared with banks across the United States and the world.

This will mean that investors will demand high levels of efficiency and performance; if they don't get them, it will be reflected in the bank's share price. The converse is true as well as strong performance will be rewarded quickly.

Now it's up to the bank, as the sole "local company" listed abroad, to show that it is up to the challenge.