for the first time on the Bermuda Stock Exchange yesterday.

BDR's listing will allow Bermuda residents to invest indirectly in foreign-owned companies while avoiding exchange control restrictions.

The company, which is a wholly-owned subsidiary of Bermuda Commercial Bank (BCB), will issue notes which mirror the performance of certain Bermuda-related international companies.

These notes will pay out the same dividends of the stock they represent and BDR is obligated to redeem the notes at any time for the current value of the stock on the principal overseas stock exchange on which they are listed.

The market price of the notes on the Bermuda Stock Exchange is unrestricted and it is possible for them to trade at a higher value than the real thing.

At the moment, BDR is being restricted by the Bermuda Monetary Authority (BMA) to dealing in notes linked only with the common stock of ACE Ltd., the Bermuda-based high layer liability insurer.

But BDR intends to expand into other companies as soon as the BMA finishes preparing a set of guidelines relating to the company and its activities, said the BCB's managing director, Mr. Richard Francis.

The other new listing on the Exchange is Fairhaven International, which is a Bermuda-registered company with a listing on the London Stock Exchange.

Fairhaven is a group of companies whose principal activities are the provision of project management, engineering and construction services to the oil and process plant industries.

The group's principle operating subsidiary in the United Kingdom is AOC International Ltd., which provides services to the energy industry.

Another of its UK companies is OGC International, which is involved with oil and gas construction.

Other subsidiaries include Norcoat A/S, in Norway, and Belmont Construction, in Houston, Texas.

In 1992, the Fairhaven group reported a pre-tax profit of $18.1 million and increased its dividends to shareholders.

Neither of the two companies traded on the Exchange yesterday.

Indeed, there were only two trades during the day -- Bank of Bermuda was up by 50 cents to $47, with a volume of 276, and Bank of Butterfield shares were unchanged at $25.50, with a volume of 270.

The Exchange Index closed at 1,017.68 -- up by 4.06. PHOTO Mr. Richard Francis.