non-executive Chairman of the organisation.

Mr. Brown takes over from Arthur Sculley who has held the post for the last three years.

BSX Chief Executive Officer, William Woods said: "We are absolutely delighted that David Brown has agreed to serve as chairman of the Bermuda Stock Exchange.'' Outgoing Chairman, Mr. Sculley, who will remain on the board is currently a partner of Sculley Brothers LLC, a private investment firm owned by Mr.

Sculley and his brothers John and David.

Sculley Brothers specialises in advising and investing in business to business e-commerce companies such as Intralinks, CreditTrade and Techex.

In 1997, Institutional Investor named him one of the top twenty people revolutionising on-line finance. Mr. Sculley joined the Council of the BSX in 1996.

Mr. Brown is well-known in Bermuda as the former President of Centre Solutions (a subsidiary of Zurich Allied AG) and prior to that as a partner with Ernst & Young. Mr. Brown retired in 1999 and is now an independent investor, director /advisor with a number of companies as well as devoting a substantial portion of his time to several not-for profit and philanthropic groups.