The Bermuda Stock Exchange plans to float itself on its own exchange in the next few years, The Royal Gazette has learned.

And on the day that the first company in four years - LOM - floated on the local market - management at the BSX said they have high hopes that other family-run firms will consider going public on the Exchange.

The BSX started trading 30 years ago but was set up as an independent entity eight years ago. Since then it has been moving towards becoming a profit-making entity, according to Greg Wojciechowski, the new president of the BSX.

"We anticipate floating on the Bermuda Stock Exchange within the next few years. We need to make sure it is the right time for Exchange, that is to say at right valuation and it is at a time when we are ready for a public flotation," said Mr. Wojciechowski.

The BSX has grown from having Mr. Wojciechowski as its only member of staff to having 12 in its Washington Mall headquarters.

The Exchange now has more than 340 listings, 21 members and a market capitalisation of $148 billion.

This year the executive believe the organisation will break even for the first time - and they say the company eventually hopes to have good enough books to float itself on its own Exchange - offering Bermudians the chance to own a piece of the BSX.

"We would not consider floating it anywhere else apart from our own Exchange," said Joanne McPhee, Corporate Communications Manager.

The move follows hot on the heels of the London Stock Exchange, which has gone public, and plans by both the NASDAQ and the NYSE to also become publicly traded companies.

"The stock exchange was one of the first to de-mutualise," said Mr. Wojciechowski. "Which opened up to outside shareholding, and this is following on down this route.

"The company has developed enormously in the past eight years. We would have broken even before if it had not been for depreciation. We are just getting over the hump.

"This year we are on track to be profitable in cash flow, but we still have a large depreciation on the the technology investment which was needed to bring the market up to international levels."

The BSX has invested heavily in updating its technology, getting it ready for its fully automated share settlement and depository system which is due to be launched in the next few months - a move which the BSX says will allow shares on the Exchange to be traded more quickly and efficiently.

William Woods, the chief executive officer of the BSX who will be handing over to Bermudian Mr. Wojciechowski at the end of the year, said: "We have been growing organically and figures have been healthy for the past year, with 20 percent revenue growth. We hope once the figures keep up this kind of rate, we will be in a position to float on the BSX."

The BSX has also been looking to make the local market more liquid, running investment fairs to attract more local investors into the BSX and working with brokers.

Management also said it has been in talks with other local companies other than the Lines family's LOM in a bid to encourage them to go public and list on the local Exchange.