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New CEO appointed to Bermuda Monetary Authority/

The FSA's Matthew Elderfield has been appointed as the Bermuda Monetary Authority's next Chief Executive Officer (CEO).

Elderfield brings 20 years of experience in international financial services regulation to the Authority, encompassing supervision, policy and risk management and high-level advocacy in the US and Europe. He is due to take up this appointment from 16 July 2007 and Cheryl-Ann Lister, the Authority's current CEO, has agreed to remain with the organisation through a handover period until 17 August 2007.

Elderfield has been Head of Department, Major Retail Groups Division within the Financial Services Authority (FSA) since December 2004. In this position, he has been responsible for the supervision of eight banking groups including Barclays, HSBC, Lloyds TSB and Royal Bank of Scotland.

He has also represented the FSA on the Basel Accord Implementation Group, and Chairs the FSA's Basel Model Approval Panel. Mr. Elderfield has spent eight years overall working at the FSA, during which he has held a series of senior management posts. As Head of Markets Policy, Markets Division he was responsible for developing, negotiating and implementing domestic and international policy on listing and primary markets, as well as secondary market issues. Prior to this as Head of Exchanges and Clearing Houses, Markets and Exchanges Division he led the department responsible for the supervision of eight UK recognised investment exchanges (including the London Stock Exchange, LIFFE, LME), two recognised clearing houses (CREST, LCH) and approximately a dozen investment firms operating alternative trading systems.

Before joining the FSA Elderfield established the European operations of the International Swaps and Derivatives Association and was Director of Policy for that organisation. He also represented both the investment banking and commercial banking industries in senior positions with the London Investment Banking Association and British Bankers Association respectively. Preceding those appointments, Elderfield monitored and analysed US legislative and regulatory developments affecting financial institutions at the Washington-based Institute for Strategy Development.

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