The Bermuda Monetary Authority supervises the few Bermudian banks, one of which is owned by HSBC, and which operate a joint clearing system. Although select in number, Bermudian banks have expanded throughout the world and have subsidiaries in the major financial centres. They offer a full range of banking services, including Internet account management facilities.
The early decision of the Bermuda Government to exclude foreign banks may have owed more to self-interest than to fear of money-laundering or the OECD, but it turns out to have been very successful, leading not only to Bermuda's high reputation but to the establishment of strong, local banks, something that has eluded almost all other IOFCs.
A number of financial advisory and securities firms with foreign involvement have been established in Bermuda, some in connection with the Stock Exchange. There has also been considerable growth in securities trading, much of it based on the Internet.