Bonin Islands Pacific Plate is subducting under the Philippine Sea Plate, which creates an oceanic trench to the east of the islands: the Bonin Trench. The crust of the Ogasawara Islands was formed by volcanic activity when subduction began 45–50 million years ago, and is composed mostly of an andesitic volcanic rock called boninite, which is rich in magnesium oxide, chromium, and silicon dioxide. The Ogasawara Islands may represent the exposed parts of an ophiolite that has not yet been emplaced on oceanic crust. The rocks of the Volcano Islands are much younger; Iwo Jima is a dormant volcano characterized by rapid
Economy of the British Virgin Islands Islands was the second largest source of foreign direct investment in the world (behind Hong Kong) with over US$123,000,000,000. Almost all of these sums are directly attributable to investment through the Territory's offshore finance industry. The British Virgin Islands also promotes a number of regulated financial services products. The most important of these is the formation and regulation of offshore investment funds. The Territory is also the second largest domicile for formation of offshore investment funds (behind the Cayman Islands) with 2,422 licensed open-ended funds as at 30 June 2012 (there is no official statistics for closed-ended funds which are