submitted before the May 31 deadline, chairman Mr. Charles Gunn announced yesterday.

The applicants, who will be able to take up options for ownership of the Exchange between 1996 and 2000, will be told in the next few weeks whether they have been accepted, Mr. Gunn said.

BSE projct manager Mr. Greg Wojkieowski said the applicants consisted of both Bermuda-based and exempted companies, but refused to identify them.

Mr. Gunn welcomed the response to the plans to broaden the exchange's membership -- which now consists of the Island's three banks, who are also the Exchange's owners.

"It illustrates the investment community's support and belief in not only importance of the BSE and its role in the investment services industry. but in the financial services industry as a whole,'' he said.