governing of trading members, giving the green light for developments that could eventually open up ownership of the exchange.

The new rules govern trading members and the Council of the BSE said yesterday it is now accepting applications for trading membership from companies that meet the membership requirements.

Council chairman, Mr. Charles Gunn, said "The exchange welcomes applications from qualified Bermuda incorporated firms dealing not only in the domestic but in the international markets as well.

"Membership requirements, among other things, stipulate that candidates must have and maintain a minimum net capital of at least $25,000.

"We feel this requirement provides investors with a level of comfort as it illustrates that their investment advisor is able to meet a basic financial substance test which indirectly illustrates their ability to endure financial challenges.'' Members of the exchange will be offered the facilities to execute, monitor and obtain important, timely information on BSE listed securities. Successful applicants will also be offered an opportunity to acquire long-sought-after equity in the exchange.

Members will be authorised to display their markets and execute and report trades via the BSE trading mechanism which has been developed in conjunction with Bloomberg Financial Markets LP, the release stated.

"This is a very important milestone in the development of the Bermuda Stock Exchange,'' Mr. Gunn stated, "as it allows for increased participation by Bermuda companies in the growth of an offshore stock market which we believe to be an exciting niche for the global financial services industry.

"As the size of the assets domiciled in offshore jurisdictions continues to grow, we feel that we are in a position to provide an attractive alternative for individuals and companies seeking to invest their assets in a safe, regulated, offshore environment.'' MR. CHARLES GUNN: `A very important milestone.'