INTRODUCTION

The Bermuda Stock Exchange (BSX) is in expansion mode. Its regulatory framework and operational procedures are being enhanced to modernise the market, giving it a comprehensive edge in the offshore capital markets.

In 1992, trading moved from weekly to daily sessions and the trading system was enhanced by the introduction of electronic price dissemination, trade confirmation and the trade reporting system based on the Bloomberg Financial Markets System (BFMS).

HISTORY OF THE BSX

The BSX, the island's only stock exchange, was established by Bermuda's three banks in 1971 as an unincorporated association. In 1992 The BSX was incorporated as a limited liability company. In 1995, The BSX extended trading membership invitations to locally owned brokers and has now increased its number of trading members to eight. Trading memberships are alos available to international brokers who meet the BSX's requirements, without limitaion on numbers.

In 1996 The BSX was designated an "offshore securities market" within the meaning of Rule 902(a) of Regulation S under the United States Securities Act 1933. With this acheivement it is now possible for US institutions to buy and sell securities listed on The BSX in transactions effected through the exchange in reliance on the safe harbour of the Securities Act registration requirements.

Nomura Securities (Bermuda) Ltd. was approved

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