Bermuda Stock Exchange once long-awaited changes are put into effect, the bourse's Council chairman said yesterday.

But Bermuda will have to keep a cap on costs as other offshore jurisdictions oursue the same business, Mr. Charles Gunn told the Bermuda Institute of Chartered Bankers.

"Luxembourg's growth as a listings centre has slowed significantly in the last three years, partly due to competition from Dublin,'' he said.

"Since 1992, the Dublin stock exchange has aggressively marketed itself as a listings exchange, and it galls me that Dublin has expressly targeted funds which are domiciled in Bermuda as acceptable for listing on their exchange.'' The BSE Council expects Bermuda to rival both Dublin and Luxembourg as a listing centre for Eurobonds, funds and warrants. But the Exchange must have a fast and simple listing procedure, to win the attention of international attorneys, he said.

The Exchange is also expecting to get secondary, or even primary listings from a large number of Hong Kong companies, as 1997 nears. New, effective securities legislation from Government, is needed and is on the way.

"We are working closely with the regulators in this respect...We want to get the Exchange accepted and recognised by appropriate regulatory bodies, such as the SEC in the US,''Mr. Gunn said.

He also announced that Bermuda's independent brokers are about to be invited to sit on the Exchange, which until now has only had the three banks as members.

He said agreement has recently been reached with the BSE's regulator, the Bermuda Monetary Authority, on the the final draft of trading membership rules.

"The banks no longer consider this to be an exclusive club,'' he said. "We really want to open up this exchange to brokers in this community and eventually to overseas brokers.'' He also said the council has agreed to a very aggressive, fast-track strategic plan for development of a self sustaining exchange by the end of 1995, and eventually a premier offshore international capital market.

"There will be significant business opportunities for bankers, brokers and other professionals in the community, provided we all work toward a common goal and don't become greedy,'' he said.

A new trading system is also near completion and all new listings will have to be sponsored by local trading members of the Exchange.

The banks have begun to focus their attention on developing listings on the Exchange for international funds and developing equity listings by international companies.