The new chairman of the Bermuda Stock Exchange has said that the senior management of the organisation have ambitious plans in the pipeline which will see the BSX grow and move into the world market.

David Brown, who was appointed non-executive chairman of the BSX this month, said he could not reveal the exact details of the new projects, but hinted at far-reaching reforms which would take the exchange forward into the new technological era.

He also said that the organisation would be looking at working with the `new fortunes' which have been made in the last five years and would continue to strive to attract more Bermudians to invest in their local stock market.

"The BSX is very good for an island of Bermuda's size, but it is not commensurate with the size of the financial market. There is a mismatch there that we are looking at,'' said Mr. Brown.

"I cannot reveal the plans, but there are a few projects that are in the pipeline and when they are ready, we will be going to the board in the next few months.'' He said that the Plus Funds initiative had gone a long way to raising the profile of the BSX world wide, but said that the board had to continue to keep ahead of the continuing technological breakthroughs.

As a non-executive director Mr. Brown will not be involved with the day-to-day running of the BSX, but will be on hand to help with decisions and will help shape the overall direction of the business.

"What we want to see for our shareholders is a large and successful business, but this is the aim of all boards. We have to realise the so-called new economies. You just have to look at the Fortune 500 list to find names that were not there five years ago.

"What we have to do is position ourselves in that market as a meaningful player.

"One of the benefits we have is that we do not have a huge legacy as a stock exchange. Bermuda has proven itself in its adaptability and has the appropriate legislation which is in step and in co-operation with business.

The exchange is in a position for success.'' Mr. Brown took over from Arthur Sculley who held the post for the last three years. One of the reasons Mr. Brown was asked to do the job was the fact that Mr. Sculley, due to the expansion of his business, was spending more and more time in New York and unable to devote as much energy as before to the stock exchange.

Mr. Sculley, who approached Mr. Brown with the BSX's chief executive officer William Woods to see if he would take on the job, will remain on the board.

BSX gears up for expansion Mr. Sculley is currently a partner of Sculley Brothers LLC, a private investment firm owned by himself and his brothers John and David.

Sculley Brothers specialises in advising and investing in electronic commerce companies.

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 and advisor with a number of companies as well as devoting a substantial portion of his time to several non-profit organisations.

David Brown