lengthy period of operating within the banks.

The move is just one aspect of the many changes to take place in the development of the Exchange.

Mr. Greg Wojciechowski said the move would accommodate further growth of the Exchange's administrative staff.

He said: "After over 20 years of operating within the banks, this move is an exciting step, which clearly illustrates the BSE Council's desire to establish the BSE as an entity in its own right.'' The Council is already anticipating the expansion of administrative staff to include, for the first time, a chief executive officer.

Mr. Wojciechowski is continuing the development of the Exchange after moving into the 600-square-foot office on Monday, after spending the last 22 months in the Bank of Bermuda offices.

The Council has also invited applications for trading membership on the stock market.

The BSE Index was unchanged yesterday, as newly listed stocks retreated in moderate trading.

The Index held at at 1102.30 on volume of 17,085 shares worth $269,312.

BSL Holdings -- which is not a component of the index -- fell 50 cents to a low of $7,50 on volume of 1,000 shares. Bermuda Home dropped 12.5 cents to $6.625 on volume of 361.

Trading unchanged were: Bank of Bermuda, $20.375, 11,210 shares; and BF&M, $6.75, 4,514 shares.

In bond trading, Bank of Bermuda 9% US dollar notes rose 37.5 cents to $102 on volume of 3,250 units.

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