BERMUDA, well-known as the favourite offshore domicile of local companies, is striving to promote its stock exchange to lure listings from Hong Kong.
The recent surge in interest in using other jurisdictions for listings has prompted a rethink of Bermuda's strategy as an offshore financial centre.
While contemplating new products for the centre, Bermuda's exchange has focused on getting more listings.
Michael Spurling, resident partner of Appleby, Spurling & Kempe, one of the two largest law firms in Bermuda, said: 'Bermuda will accept a company that is regulated by a recognised stock exchange such as Hong Kong's.' The exchange recently hired William Woods, director of International Securities Consultants, as its chief executive.
Mr Woods has been an outspoken critic of Hong Kong's exchange and co-authored a controversial report entitled 'The Right Way Forward' which gave details of how it should go about maintaining competitiveness.
'There are already one to two applications from overseas companies in the pipeline as a pilot project,' Mr Spurling said.
Listing on the Bermuda exchange was substantially cheaper than elsewhere because companies were faced with less onerous regulations and due diligence, he said.