-- even though the local turnover value for the year was down 43 percent.

The exchange, the world's first fully electronic offshore securities market has over 300 listed securities, including 189 funds, on Friday released its year-end figures.

These showed that the BSX's market capitalisation at the end of 1999 was in excess of $125 billion and more than 1.69 billion shares were traded worth $87 billion.

In 1999 the domestic market share volume was 4.4 million, down from 4.9 in 1998. Correspondingly, turnover value was also down from $99.4 million in 1998 to $69.5 million in 1999.

A release from the exchange said: "The only minor disappointment in an otherwise exemplary year was the slight decline in local trading volumes.

"Nonetheless, the BSX remains confident that there will be a significant increase in local trading in the coming year and the exchange continues to initiate local public awareness campaigns with a view to informing the general public about local investment opportunities.'' There are now 17 trading members and four listing sponsors on the BSX and new applications are being processed regularly.

In 1999 the BSX was approved as a full member of the International Federation of Stock Exchange (FIBV) and an application for Designated Investment Exchange status in the UK is now before the Financial Services Authority.

Later this year the BSX will introduce a 22-hour, six day-a-week platform for the real-time trading of secondary market hedge funds in cooperation with joint venture partner Plusfunds.com.

Also due to come on line later this year is `GlobalScrip', a custom designed, fully electronic book entry settlement and registration system.

The exchange now lists nine Mezzanine Market companies, including two `dot com' companies and efforts to further strengthen this niche market for high tech and e-commerce companies will be accelerated this year.

BSX Chief Executive Officer William Woods said: "We are delighted with our 1999 results! Our small team of dedicated employees has worked very hard and it would appear that our aggressive overseas marketing initiatives are paying off. We are equally excited about the year to come and the many new opportunities awaiting us.''