over-the-counter since introducing daily trading to Bermuda eight months ago.

FBS president Mr. Jeff Conyers said the figures were proof that daily trading could work in Bermuda.

"That amount is volume that would never have been done if we had not been here,'' said Mr. Conyers. "It has gone very well for us. I'm really proud of what we have achieved.'' When the service was launched last May, some in the local investment industry were pessimistic about its chances of success.

"Local banks said there was not enough volume to make it worthwhile but we've proved them wrong,'' said Mr. Conyers.

"We always said it was just a case of going out there and marketing it to generate more interest and that's what we've done. We're excited about the prospects of daily trading.'' Mr. Conyers said FBS was claiming a small part in the surge in the Bermuda Exchange, which is run by the Banks of Bermuda and Butterfield and Commercial Bank.

The Exchange Index began climbing in earnest last June and, over the past two months, has rocketed upwards, recording eight consecutive record highs.

While Mr. Conyers recognised falling interest rates and other factors had been the main driving forces behind the rise of the Exchange Index, he said FBS' marketing campaign had also helped.

In addition to its $1.8 million of over-the-counter trades, FBS has also been responsible for an additional $1.6 million worth of trading on the local Exchange, he said.

Because the company is not allowed to trade directly on the Exchange, it placed most of these orders through its agent, Bermuda Commercial Bank.

"We could make a case that a lot of volume on the Bermuda Exchange would never have been done if we had not been here last year,'' said Mr. Conyers.

He believes the formation of FBS just over a year ago has forced Bermuda's three banks to take local stocks more seriously.

Not long after FBS introduced daily trading, the banks announced the Exchange was to be spruced up.

They set about incorporating the Exchange as a separate entity and began making plans to switch it over to daily trading, something which is expected to happen over the next few months.

Mr. Conyers said FBS wanted to become a member of the new Exchange but, as yet, had not been invited to do so and had not been asked to take part in any discussions over its future.

"The reason we started our own daily trading in the first place was because we weren't allowed on the Exchange,'' he said. "The banks have not done anything to ameliorate that.

"Doing trading off the Exchange is probably not beneficial to the Island as a whole but, if that's the only way we can service our clients, then that's what we'll carry on doing.'' "It's important for Bermuda to have a free flow Exchange that efficiently allows people to participate in what has previously been a closed shop. We look forward to seeing the new Exchange when it's up and running and we welcome it.

"We would like to participate if we could because we feel we've got a lot to offer. I would hope that people are big enough to look at us as someone who has created demand.'' Mr. Jeff Conyers.