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Barbados and the Caribbean Stock Exchange

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Barbados and the Caribbean Stock Exchange

Barbados will be one of three countries to initiate the first phase of a long-mooted unification of Caribbean Stock Exchanges, aimed at providing a one-stop shop for foreign investors.

The Caribbean Exchange Network (CXN), will initially link the stock markets of Barbados, Trinidad & Tobago and Jamaica. The other Caribbean exchanges are expected to join in phase two.

No date has yet been set for the CXN launch, but CEO and General Manager of the Barbados Stock Exchange, Marlon Yarde, says the technology is already in place and the official opening is pretty much imminent.

The Guyana-based Caribbean Community (CARICOM) has called a meeting in Barbados to hear the status of the launch plan.

After that, Mr. Yarde said, the securities regulators are expected to meet to approve phase one of the CXN.

Work will then get underway on phase two of the project – the linking up with Stock Exchanges in Guyana, Suriname and the Windward and Leeward Islands that make up the OECS.

Another aspect of phase two is establishment of an International gateway, where investors from outside of the region can readily buy Caribbean stocks.

Foreign brokers will simply use the International gateway to execute direct trades with any of the countries in the CXN.

Stock Market operators envisage that since all the exchanges will now be under a single umbrella, Caribbean stocks will be more attractive to foreign investors.

In addition, they contend that the bottom line for the Caribbean will be higher liquidity from the expanded interaction of buyers and sellers.

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February 28th, 2008