if the shares get a secondary listing on the Nasdaq.

The bank has been granted an exemption from the Island's ownership rules and saw its price shoot up to a new all-time high of $43.

And if the listing is granted Bank of Bermuda shares are expected to reach between $70 and $80 a share.

The listing will mean that the shares that are currently traded on the Bermuda Stock Exchange will also be traded on the Nasdaq. No new shares will be issued, but those already out there are expected to keep jumping in price.

This will mean that the shares will trade on both the BSX and in the US and shareholders will be able to choose where they prefer to trade their shares and different opening and closing times will give an extra hour in the day for trading.

The bank is not allowed to speculate on what the price will go up to while it is listing, and a blanket ban has been placed on employees discussing the matter to ensure that none of the Securities and Exchange Commission rules are breached.

Bank's share price increases But market watchers have said that the shares could nearly double, bringing a windfall to the individuals, schools, pension funds, charities and investors in different fields all over the Island.

The bank has been seeking an exemption for nearly three years, arguing that it has developed into a truly global financial institution that needs to be free to compete on an equal footing with other global financial institutions, which have unfettered access to capital.

The ownership laws limited the amount of foreign capital allowed to be brought in to 40 percent. Now the bank can seek more investment from abroad.

And the speculation that Bank of Butterfield will also soon get an exemption has been pushing the price of their shares up also.

Since speculation about the exemption came up in June, the price of both Bank of Bermuda and Bank of Butterfield's shares have been breaking records every month.

Bank of Bermuda shares had stayed at $28.00 for months before the summer, but have jumped by $15 or 54 percent to a new high of $43. The stock price had dipped last month. Shares yesterday closed at $42.50.