Valerie McFarlane spends most of her life travelling to remote corners of the world advising and setting up computer systems for governments or private sector institutions. Sue Stuart talks to the consultant brought in by the Bermuda Stock Exchange to implement its new settlement system.

Compared to some of the places Valerie McFarlane has to work, Bermuda is very sophisticated, both in its lifestyle and its capital market.

"Bermuda feels very civilised. The scenery is just so beautiful, the food is good and the jazz is good,'' she said.

She also thinks the public transport system is fine and mostly travels around on the buses. "I don't like the bikes. I've never ridden on two wheels and I'm nervous. Occasionally I'll sit on the back of a bike, if I can persuade my husband not to go too fast.'' Her stint here is for around 24 weeks, probably until the end of June, and one of the greatest joys for her has been the people in the Island.

"The people are so nice and that is an important part of the job. It is good working with a small team like this (at the BSX) where everyone is committed to getting the project done.'' That is not always so. In some projects she has worked on there has been internal conflict about the actual project and its implimentation, which does not make for pleasant or easy working conditions.

Ms McFarlane has overseen the project in Bermuda from the outset, and has been doing some of the work herself. "Initially I spent time talking to brokers, listed companies and the Bermuda Monetary Authority to find out how they do things and what they need. Also talking to lawyers about the legal aspects of the system.

"I have been running training sessions for brokers' staff and writing the user manuals. A lot of what I do is just nagging people! I get an enormous amount of enjoyment out of what I do and working with the local people. I also enjoy finishing a project and knowing I made a difference to it.'' Ms McFarlane began her career in stockbroking in London in 1970. She moved to the London Stock Exchange in 1976. "They were advertising for `sensible people' so I applied. This was just before they introduced the Talisman system, the first automated computer settlement system.'' She worked on setting up the system for three years until its implementation in 1979 and was the interface between the system developers and brokers.

"This was in the days of enormous computers that filled half a room. I had had some experience in computers and was comfortable with them, but I wouldn't say I was computer literate. I wrote the manuals and did the broker training.'' When this was over she stayed with the LSE and was sent on her first overseas project, creating a link between the LSE and trading in the large South African mining companies. She set up an office in South Africa where that end of the system was handled and spent time training people out there.

Her career was definitely set on this path and she was very involved in projects that created trading links with the US and Canada.

"This was in the early eighties and we were ahead of our time in trying to set up international linkages. Nobody much used them and they were not wholly embraced,'' she said.

She also did a lot of work on the settlement side preparing for Big Bang in 1986, which decentralised trading. "Then in 1987 I left the LSE and joined Citibank where I had a problem-solving role in their trading department. When after two years they wound up the operation I left and became self employed as a consultant/contractor.'' With a lot of contacts in the industry she was immediately very busy. One of her contacts took her to a major project in Hong Kong. The banks wanted to set up a clearing system to match Euro-Clear. She agreed to a three month assignment to evaluate the project and has been based in Hong Kong ever since.

Six years ago she became a full time director of the consultancy, The International Securities Consultancy, where she is now.

"About four years ago my husband and I sold our property in the UK and we live in a house out on one of the islands in Hong Kong.'' Her husband retired ten years ago and they both enjoy their lifestyle. If Ms McFarlane is working on an extended project, such as the one in Bermuda, her husband travels with her and they experience and explore the places together.

"We both like interesting places and new challenges,'' she said. One of the most interesting for her was a three month project in St. Petersburg, funded by the EU. The job was to help sort out the St. Petersburg Stock and Commodities Exchange.

"It was a fascinating place. There were three stock exchanges running in the city, but none of them were linked to Moscow and none of them had anything to trade!'' "We did a lot of travelling around on local transport while we were there and this way we met a lot of nice people who helped us. We spoke no Russian. And the Hermitage was wonderful. I could spend a lifetime in there.'' Her work has taken her to many places in the world, but she found working in Bangladesh one of the biggest challenges.

"Bangladesh is even poorer than India. They don't have any five star hotels there and you are always awakened by the 2 a.m. calls to prayer. It is also probably the smelliest place I have ever been.'' In spite of the constant changes in her life she exudes an air of calm and does not appear phased by strange or unexpected circumstances. "Sometimes I do get nervous, or I get irritated by people. But you can't live your life in a state of apoplexy.'' she said.