The Bermuda Stock Exchange (BSX) yesterday painted a bright picture of its prospects for the coming year.

Greg Wojciechowski, who took over as the exchange's president and chief executive officer (CEO), linked expectations for the coming year to past success.

"I believe we will see steady growth in the next 12 months similar to what we have seen in the past," he said.

Mr. Wojciechowski replaced William Woods who stepped down after presiding over the exchange for more than six years.

Mr.Wojciechowski, who is Bermudian, was previously the BSX chief operating officer and was the exchange's first full-time employee.

Mr. Wojciechowski said the exchange had seen a steady increase in business in 2001.

"Like so many businesses, the tragic events of September 11 had a definite impact on our last quarter results however through our sound business model, coupled with the strong marketing initiative already in place by September, we were able to report growth at year's end."

Mr. Wojciechowski said the exchange's goal for the year ahead was to continue its development.

"During 2002 the exchange's focus will be on the continued development of our core business areas and the completion of the implementation of the Bermuda Securities Depository (BSD)."

The Bermuda Securities Depository is the exchange's fully electronic clearing, settlement and depository service.

It was launched in November, 2001 and Mr. Wojciechowski said all of the domestic securities currently listed on the BSX are now eligible for listing on the BSD.

Listings should take place over the course of the year.

Mr. Wojciechowski said the implementation of the automated central clearing and settlement system completes the BSX's operational build-out and punctuates the exchange's commitment to introducing and maintaining international securities market standards in Bermuda.

Mr. Wojciechowski is also "cautiously optimistic" that the BSX will be successful this year in securing recognition from the United Kingdom as a dedicated investment exchange.

In tandem with high expectations for the coming year, Mr. Wojciechowski pointed to 2001 BSX successes, including the exchange growing its number of listed issuers from 313 to 349.

Included in the new listings were LOM (Holdings) Limited, the first local company to list on the BSX main board in several years and MaxRe Capital which joined the BSX International Secondary Market.

There were also five new international BSX Mezzanine Market companies and some 29 collective investment vehicles listed in 2001.

The BSX/Royal Gazette Composite Index ended the year at 2689.28 points up 17.27 percent over 2000 and ahead of the average annual return of 13.27 percent.

Correspondingly local trade volumes rose from 6.7 million to 16.7 million, with a share value of $221 million.

And the BSX International Crossing Market saw substantial growth in volume on a year on year basis, rising from 5.6 billion shares, with a share value of $230.2 billion in 2000 to 10.6 billion, with a share value of $436.2 billion in 2002, a 87.3 percent increase which the BSX termed "robust" growth.

Mr. Wojciechowski concluded: "Trading volumes in the domestic market continue to show strength and with interest generated through our investor awareness programme 'Own Your Share of Bermuda' we believe that this strength will translate in to year-end results that will exceed those of 2001.

"Our international crossing market grew significantly in 2001 and we have every reason to believe that this trend will continue.

"Meanwhile we will continue to support the development of the financial services industry to ensure that Bermuda's reputation and use as the world's premier offshore business jurisdiction is maintained."