The Bermuda Stock Exchange has won regulatory approval to install a key executive from their international consultancy firm as the Exchange's first CEO.

Englishman, Mr. William A. Woods, who begins working out of the Washington Mall's new office on August 1, is a director and a founding partner of the International Securities Consultancy (ISC) a partnership based in Hong Kong and London which specialises in advising on the development of emerging and mature securities markets.

ISC has provided significant services to the BSE in their bid to build a world class offshore exchange.

The BSE also announced that Mr. Greg Wojciechowski, who has been serving as project coordinator, has now been appointed chief operating officer, effective immediately.

Immigration approval for the top job was granted after the BSE picked Mr.

Woods as the front runner in an international search for expertise. Mr. Woods has provided consulting advice on the establishment and development of exchanges in Australia, Bulgaria, China, India, Hong Kong, Malaysia, the Philippines and Russia.

He advised on the development of the all new, and fully electronic, National Stock Exchange of India and was retained by the BSE in 1993 to assist in developing its strategic plan.

Mr. Woods has also provided advice to a number of international development agencies, including the World Bank, The International Finance Corporation and the Asian Development Bank.

Prior to founding ISC, Mr. Woods was a solicitor with Linklaters and Paines in Hong Kong, where he specialised in corporate finance work including the flotation of companies on the Stock Exchange of Hong Kong (SEHK).

For three years he acted as legal counsel to the SEHK, including a period of secondment as the SEHK's first in-house counsel. During that time he was responsible for a comprehensive redrafting of the listing and other rules of the SEHK.

Mr. Woods obtained his law degree from the Victoria University of Manchester, England and was admitted to the roll of solicitors in England and Wales in 1985, and as a solicitor in Hong Kong in 1987.

Mr. Wojciechowski became project manager of the BSE in 1993, after having worked for James Capel, Prudential Securities and Shearson Lehman Hutton in New York. He has been responsible for the daily operation of the Exchange. In a coordinated effort with Bloomberg Financial Markets, he has designed and implemented the Exchange's new electronic trading facility. Mr. Wojciechowski is currently in the process of implementing the next phase of the Exchange's development plan, which includes the introduction of new listing regulations and admittance of new trading members.

During his tenure as project manager, the Exchange has experienced increased growth and usage by the local investment community and continues to attract interest from within Bermuda and abroad.

FIRST CEO -- Mr. William Woods.