join the Bermuda Stock Exchange, complete with information on the terms and conditions of participation.

And one dealer, Mr. Robert Pires, president of Bermuda Investment Advisory Services Ltd., indicated yesterday that the 15 percent of the Exchange that is up for sale may not be enough to satisfy potential investors.

Even the president of the Bermuda Association of Securities Dealers, Mr. Bob Richards of Bermuda Asset Management Ltd. and Gulfstream Securities Ltd., conceded that the 15 percent offer was "disappointing''.

The Island's three banks are the current owners of the stock exchange, but they announced this week that they would open up participation to securities dealers who have long complained of being locked out.

Mr. Richards said that he was not in a position to release a statement on the matter until the association gets a chance to review the documentation and discuss the issue at a scheduled meeting next week.

But he said that he had expected to have had more information provided to the association membership before the Exchange's offer was publicised.

Mr. Pires, speaking on behalf of his firm said,"I see that they are willing to sell 15 percent of the Exchange. We were asking for 50 percent for the securities dealers, otherwise we are in the same situation of making money for them.

"We don't mind a partnership but we want to make sure that our ownership of the Exchange, as dealers, reflects the amount of volume we are creating. We don't want to see ourselves in a type of tenancy situation with the banks, otherwise we might as well open our own exchange.

"I don't know where they came up with 15 percent, but I'm not happy with that. I don't know what my colleagues have to say about this, because we haven't had a chance to meet on this.'' Mr. Pires said other information that is required was what expenses it will take to trade on the Exchange.

He said, "At this stage we can trade off the Exchange at no charge. I'm not sure what the incentive is for being involved with the Exchange at this stage.''