trading members in what will be the first phase of the Bermuda Electronic Securities Trading (BEST) system.

The system will allow members to trade securities over the network, expected to be completed within three months.

"There are three phases to the implementation of its fully automated trading system,'' the BSX stated in a press release. "Once the communications link is established, trading members will have the option to have a real-time connection or dial-up facility. Traders would pay only for the real-time connection.

Phase two of the plan will see the installation of the BEST system, followed by installation of GlobalScrip, the new electronic settlement system.

BCS Agencies Ltd., formerly known as Bermuda Computer Services, has been awarded the contract to set up the network linking the BSX with local trading members.

International trading members will be connected through IBM's global network link, described as the world's largest comercial data network.