strategic plan for the further development of the exchange over the period 1995 to 1997.

Officers of the exchange are looking to occupying new offices and hiring employees to accelerate the improvement process.

And they indicated yesterday how Bermuda, as an offshore financial centre, will gain in a major way from the development.

In a statement released by BSE chairman, Mr. Charles Gunn and project manager, Mr. Greg Wojciechowski, the council announced what they see as the benefits for the Island: "The international profile and prestige of the Island will be raised by the increased attention which the Exchange will attract.

"The economy will benefit from the development of the Exchange as a profitable entity in its own right and more so from the growth of the financial services industry around the Exchange, which will bring in more foreign currency, through: expansion of stock broking companies; development of corporate finance businesses; enhanced business for local law firms and accountants; enhanced potential to attract more funds for actual management on the Island; and, potential growth of depository and custodial businesses.

"Bermuda's attractiveness as an offshore domicile for funds and companies will be enhanced by the availability of a "total package'' (i.e. domicile and listing in one jurisdiction).'' The three areas of development, as outlined by Hong Kong-based consultants The International Securities Consultancy Group (ISC) as objectives, include improving the domestic securities market; developing the listing of mutual funds and exempted companies which are domiciled in Bermuda; and, exploring the opportunities to list and trade other international securities.

In terms of improving the domestic securities market, a new trading system is to be introduced. The Council is finalising details of a new trading system that will give the trading members additional functionality.

Changes will be introduced to the settlement procedures on the Exchange in order to speed up the process and thereby enable investors to trade more frequently.

New listing rules are to be introduced to provide for full and timely disclosure of price-sensitive information by listed entities. The proposed new listing rules are being drafted by the ISC and will be circulated to relevant parties for consultation and comment in the near future.

In terms of developing the number of listings on the Exchange, the Council will be targeting mutual funds, unit trusts and international debt issues which wish to be listed on a recognised international exchange.

In particular, those issuers which choose Bermuda as their preferred offshore jurisdiction for domicile, will be offered the additional attraction of being able to list on an international Exchange here in Bermuda.

In addition, the Council will seek to attract equity listings from large international groups and to develop Bermuda as an attractive offshore securities market for the raising of international capital.

The exchange is set to begin hiring more staff. They are proposing to hire two in the near term and at least another three later on in the three year planning period.

The BSE currently employs a staff of one, project manager, Mr. Greg Wojciechowski, who operates out of a small office in the Bank of Butterfield's Rosebank Building.

That too, will change, with the BSE soon expected to begin looking for suitable office space in the City comprising some 2,000 square feet.