said yesterday.

Independent securities dealers are questioning how long it will be before they are admitted to the Exchange as trading members.

And other local professionals are now protesting that draft regulations for the Exchange, designed to protect investors, are long over due.

On Wednesday, the Bermuda Monetary Authorities general manager Mr. Malcolm Williams said the authority was "surprised and disappointed that it is taking so long to put the regulations in place''.

Mr. Charles Gunn, chairman of the Bermuda Stock Exchange and the Exchange's project manager Mr. Greg Wojciechowski, both said they want to get everyone involved in the Exchange.

"We want to make sure the regulations are accurate. The Bermuda Monetary Authority (BMA) has given its conditional approval to the regulations, and now our legal counsel is looking at them,'' said Mr. Wojciechowski.

"Then the regulations will go back to the Exchange's council, and then to the BMA. It is a formal arrangement. The Exchange is a business and not a club.

Things have to be done correctly.'' A number of Hong Kong companies, registered in Bermuda, are known to be keen to list on the Bermuda Stock Exchange. The dramatic de-listing of Jardine Matheson from the Hong Kong Stock Exchange on Wednesday raised the question of whether it will seek a listing on the Bermuda Stock Exchange.

However, traders were frustrated by the lack of momentum at the Exchange.

"The banks are either unwilling or unable to progress with the Exchange. I am proposing that we seriously consider setting up our own system of trading shares,'' said Mr. Pires.

"The Exchange will die a death unless something is done.

"We take the view there should be only one Exchange on the Island. But, we, the securities dealers, have not been allowed to sit on it despite the fact we are doing about 90 percent of the trading volume on the Exchange.'' Mr. Gunn described the 90 percent figure as "highly suspect''.

The Bermuda Exchange, currently, has only three trading members, Bermuda's three banks, who manage and control the Exchange.

"The Exchange is still the creature of the three banks. When will it become an independent entity?,'' asked a senior lawyer. "When it does it will be a healthier exchange, exposed to market forces.'' The benefits of gaining a seat on the Exchange are that local investment companies will be better equipped to aid local investors, and also companies wishing to issue shares and raise capital, said Mr. Pires.

"The banks want to exclude us until they can compete effectively. The Bank of Bermuda has a siege mentality right now,'' said Mr. Pires.

However, he praised the commitment to the opening of the Exchange shown by Bermuda Commercial Bank acting managing director Ms Audette Exel and Mr. Gunn.

Mr. Gunn, has, since he undertook the role of chairman of the Exchange last October, encouraged the interest of local investment firms in becoming members of the Exchange.

In a speech to Rotary in December last year he said the Exchange has also received enquiries regarding membership from outside Bermuda. "This interest is encouraging as the Exchange will need non-Bermudian members.'' Yesterday, he said: "I am hopeful that the membership issue will be completed in the next few weeks''.

"We are all frustrated by the length of time the regulations are taking to complete, but a task like this is not completed overnight.

"It is a bigger task than we anticipated.'' He said setting up another stock exchange would be "absolutely self-defeating for Bermuda''.

Mr. Jeff Conyers, president of First Bermuda Securities, said: "The sooner the Exchange is opened up, and others are allowed to give input, the more direction and enthusiasm will be produced.'' Mr. Greg Wojciechowski.