indicated that independent securities dealers will soon be allowed to join the Exchange.

Mr. Gunn, who took over from Mr. Bill Dolan two weeks ago, said the Exchange was "eager'' to allow in more members.

It cannot do so, however, until its rules and regulations, which have already been drafted, are approved by the Bermuda Monetary Authority.

Such permission was likely to be "imminent'', said Mr. Gunn, who is also international executive in the international corporate division of the Bank of Butterfield.

"We want to open the Exchange to qualified trading members as soon as possible,'' said Mr. Gunn. "I personally feel that it is to everyone's benefit to have additional qualified members.

"It will enhance the activities of the Exchange, increase the volume of trading and, hopefully, in the fullness of time, help to increase the number of listings.'' Applications from investment firms of the calibre of First Bermuda Securities were likely to be approved, he said.

"I would certainly hope companies like First Bermuda Securities would apply,'' he said.

Mr. Gunn also revealed the Exchange supported the current move by Mr. Robert Pires, head of Bermuda Investment Advisory Services, to have over the counter trades of publicly quoted companies exempt from stamp duty.

Mr. Pires is seeking to have Bermuda Supreme Court overturn a legal interpretation by the Accountant General's office that only on-Exchange transactions of quoted companies are exempt from stamp duty.

"Both the general counsel for the Bank of Butterfield, Mr. Peter Rodger, and Mr. John Campbell, who is the attorney for the Exchange, have written letters to the Financial Secretary,'' he said.