Barbados Stock Exchange

Last updated
Barbados Stock Exchange
Barbados Stock Exchange-1.jpg
Type Stock exchange
LocationBridgetown, Barbados
Coordinates 13°05′51″N59°37′00″W / 13.09750°N 59.61667°W / 13.09750; -59.61667
Founded1987
Key peopleMarlon Yarde (CEO)/(GM)
Currency Barbados dollar
No. of listings21
Market cap BBD$8.7 billion (Nov 2010) [1]
IndicesLocal
Cross listed
Junior market
Website www.bse.com.bb

The Barbados Stock Exchange or BSE is Barbados' main stock exchange. Its headquarters are in the capital-city Bridgetown. The body was established in 1987 by the Parliament of Barbados as the Securities Exchange of Barbados (SEB), and remained known as such until August 2, 2001. The unique four symbol alphanumeric Market Identifier Code (MIC) used to identify the BSE as defined under ISO 10383. [2] of the International Organization for Standardization (ISO) [3] is: XBAB. [4]

Contents

History

The body was established in 1987 by the Parliament of Barbados as a statutory body under CAP. 318A, Section 44 of the Securities Exchange Act (1982). Under this original charter it was constituted as the Securities Exchange of Barbados (SEB), and remained known as such until August 2, 2001, when Parliament repealed and replaced the prior act with an updated charter under The Securities Act 2001–3

Since July 4, 2001 the BSE has operated under a fully electronic trading utilizing the Order routing method. The electronic system succeeds the manual system, which comprised an open auction outcry method of trading.

Although it was given effect by Parliament, the BSE functions as a not-for-profit organisation which is privately owned (by its Members). Authority is vested in a Board of Directors, which is chaired by the General Manager.

The Barbados Stock Exchange is among the four major regional Caribbean stock exchanges. The other three being the Jamaica Stock Exchange, the Eastern Caribbean Securities Exchange, and Trinidad and Tobago Stock Exchange. The BSE is the third largest stock exchange in the Caribbean region. The BSE along with officials from Jamaica and Trinidad and Tobago are working to integrate these stock exchanges into a single unit known as the Caribbean Exchange Network (CXN) [5] [6] The Trinidad and Tobago exchange has mooted the establishment of some form of association with the U.S. or Canadian based stock exchanges going forward. [7]

As of 2009, officials at the stock exchange were investigating the possibility of augmenting the local exchange with an International Securities Market (ISM) venture. [8]

As of 2010, BSE was one of twenty-seven correspondent members of the World Federation of Exchanges (WFE). [9]

On 28 January 28, 2020 the Nairobi Securities Exchange Plc. in Kenya and BSE signed a joint Memorandum of Cooperation (MoC) to help promote links between Africa, Latin America, and the Caribbean regions. [10]

On March 23, 2014, BSE became the 112th announced member of the United Nations Sustainable Stock Exchanges initiative. [11]

Buildings and locations

The BSE was located at the 5th Floor of the Tom Adams Financial Centre; prior to relocating to 1st Floor, of Carlisle House on Hincks Street in Bridgetown. Most recently, it relocated to Eighth Avenue in the Bridgetown suburb of Belleville, St. Michael.

Past G.M.s

Listed companies

Formerly listed companies

Other companies: List of Barbadian companies

See also

Related Research Articles

<span class="mw-page-title-main">Barbados</span> Island nation in the Caribbean

Barbados is an island country in the Lesser Antilles of the West Indies, in the Caribbean region of North America, and is the most easterly of the Caribbean islands. It lies on the boundary of the South American and the Caribbean Plates. Its capital and largest city is Bridgetown.

<span class="mw-page-title-main">Bridgetown</span> Capital of Barbados

Bridgetown is the capital and largest city of Barbados. Formerly The Town of Saint Michael, the Greater Bridgetown area is located within the parish of Saint Michael. Bridgetown is sometimes locally referred to as "The City", but the most common reference is simply "Town". As of 2014, its metropolitan population stands at roughly 110,000.

<span class="mw-page-title-main">BWIA West Indies Airways</span> Defunct national airline of Trinidad and Tobago (1939–2006)

BWIA West Indies Airways Limited, known locally as "Bee-Wee" and formerly as British West Indian Airways and BWIA International Airways, was the national airline based in Trinidad and Tobago. At the end of operations, BWIA was the largest airline operating out of the Caribbean, with direct service to the United States, Canada, and the United Kingdom. Its main base was Piarco International Airport (POS), Piarco, with major hubs at Grantley Adams International Airport (BGI) and Cheddi Jagan International Airport (GEO) during 2006. It was headquartered in the BWIA Administration Building in Piarco, Tunapuna–Piarco on the island of Trinidad. The company slogan was Sharing our warmth with the world.

<span class="mw-page-title-main">CIBC FirstCaribbean International Bank</span> Barbadian subsidiary of CIBC

CIBC FirstCaribbean International Bank (FCIB) is a financial services company based in Barbados and the Caribbean subsidiary of the Canadian Imperial Bank of Commerce (CIBC). The bank was founded in 2002 as FirstCaribbean International Bank through the merger of the Caribbean operations of Barclays Bank and CIBC, and in March 2006 both CIBC and Barclays announced that Barclays wished to exercise their option to exit the Caribbean venture completely resulting in CIBC gaining majority-control of the bank. In June 2011, it was announced the bank would be renamed CIBC FirstCaribbean Bank "to be more closely aligned to the CIBC brand, while still maintaining the FirstCaribbean name and local identity." The majority of the bank's revenues are generated by its operations in Barbados, the Bahamas and the Cayman Islands.

Sunbeach Communications Inc. is an Internet service provider and mobile/wireless phone company located in Barbados. Since the mid-1990s, Sunbeach is one of the main competitors to the incumbent telecommunications company Cable and Wireless in providing Internet services. Sunbeach was badly affected by the financial crisis of 2008 leading to halted VC investments and the link disconnection on 23 March 2013. The Sunbeach website remains in a temporary state and offers no new products or further information. Customers found themselves without Internet and no official communication from the company on the morning of 24 March 2013. No statement has been received from the company since the disconnection until date (Q2-2016).

The Royal Bank of Trinidad and Tobago (RBTT) was a commercial bank based in Trinidad and Tobago and one of the largest commercial banking corporations in the Caribbean region. As of 2008 RBTT Holdings had a group asset base of over US$6.2 billion dollars. The RBTT group of companies operated several commercial banking businesses in other neighbouring islands, as well as various investment holdings in various parts of the Trinidad and Tobago economy. On 26 March 2008, RBTT Shareholders voted 98.18 percent in favour of selling the bank to the Royal Bank of Canada (RBC), who previously had divested the bank in 1987. On 16 June 2008, RBC completed the acquisition. RBTT Financial Holdings Limited and RBC Holdings Limited, a subsidiary of RBC, will amalgamate and continue as a wholly owned indirect subsidiary of RBC. The head office of the Caribbean operations for RBC will be located at Port of Spain, the capital of Trinidad and Tobago, and the site of RBTT's headquarters.

<span class="mw-page-title-main">Index of Barbados-related articles</span>

The following is an alphabetical list of topics related to the nation of Barbados.

<span class="mw-page-title-main">Trinidad and Tobago Stock Exchange</span> Stock index of Trinidad and Tobago

The Trinidad and Tobago Stock Exchange (TTSE) is the main stock exchange in the Republic of Trinidad and Tobago, and the largest stock exchange in the Caribbean region by market capitalization. As a member-state of CARICOM several companies from Barbados, Jamaica, Saint Vincent and the Grenadines and the Eastern Caribbean Securities Exchange also cross-list their stocks onto the Trinidad and Tobago Stock Exchange. The unique four symbol alphanumeric Market Identifier Code (MIC) used to identify the TTSE as defined under ISO 10383. of the International Organization for Standardization (ISO) is: XTRN.

<span class="mw-page-title-main">Republic Bank</span> Caribbean bank and financial service provider

Republic Bank Limited is a leading Caribbean financial institution headquartered in Trinidad and Tobago. It has operations in Anguilla, Barbados, the British Virgin Islands, the Cayman Islands, Dominica, Ghana, Grenada, Guyana, St. Kitts and Nevis, Saint Lucia, St. Maarten, St. Vincent and the Grenadines, Suriname and Trinidad and Tobago. It was formerly a division of Barclays Bank in Trinidad and Tobago.

Indo-Barbadian or Indo-Bajan, refers to Barbadians of Indian ancestry from the Indian subcontinent, including present-day Bangladesh and Pakistan. Currently, there is a 3,000-strong Indian community in Barbados.

<span class="mw-page-title-main">Outline of Barbados</span> Overview of and topical guide to Barbados

The following outline is provided as an overview of and introduction to Barbados:

The nation of Barbados has been a supporter of the Caribbean Community (CARICOM). Barbados was one of the four founding members in 1973 which then along with Guyana, Jamaica, and Trinidad and Tobago moved to establish the organization then known as the Caribbean Community and Common Market. This new organization became a successor to the Caribbean Free Trade Association (CARIFTA) of which Barbados was also a member.

<span class="mw-page-title-main">Barbados–Guyana relations</span> Bilateral relations

Barbados–Guyana relations refers to the current and historical relationship between Barbados and Guyana. The former maintains non-resident diplomatic representation from Bridgetown, while Guyana which prior had a High Commissioner to Barbados appointed its first resident Consul-General, Michael Brotherson to Bridgetown in January 2012.

<span class="mw-page-title-main">Barbados–Canada relations</span> Bilateral relations

Barbados–Canada relations are the bilateral relations between Canada and Barbados. In 1907, the Government of Canada opened a Trade Commissioner Service to the Caribbean region located in Bridgetown, Barbados. Following Barbadian independence from the United Kingdom in November 1966, the Canadian High Commission was established in Bridgetown, Barbados on 27 September 1973. There is a High Commission of Barbados in Ottawa and a Barbadian Consulate in Toronto. The relationship between both nations today partly falls under the larger gambit of Canada–Caribbean relations. As of 2014 it is estimated that as much as 8% of Canadian foreign investments in Barbados.

<span class="mw-page-title-main">Barbados–Trinidad and Tobago relations</span> Bilateral relations

Barbados and Trinidad and Tobago formally established diplomatic relations on Barbados' national date of independence, 30 November 1966. Barbados maintains non-resident representation to Port of Spain, and the Republic of Trinidad and Tobago maintains non-resident representation to Bridgetown. Both countries are members of many shared organisations, including the Association of Caribbean States, the Commonwealth of Nations, CARICOM, CARIFORUM, and the Community of Latin American and Caribbean States.

The nation of Trinidad and Tobago has been the leading supporter of the Caribbean Community (CARICOM). Trinidad and Tobago was one of the four members in 1973 which then along with Barbados, Guyana and Antigua and Barbuda moved to establish the organisation that today it known as the Caribbean Community and Common Market. The new organisation because a successor to the Caribbean Free Trade Association (CARIFTA) by the Treaty of Chaguaramas, of which Trinidad and Tobago was a leading member and also a founding member.

Sagicor Financial Company Ltd., traded as TSX: SFC, is a financial services conglomerate operating in Canada, the United States, Latin America, and the Caribbean region.

<span class="mw-page-title-main">University of the West Indies at Cave Hill</span> Education organization in Cave Hill, Saint Michael,, Barbados

University of the West Indies at Cave Hill is a public research university in Cave Hill, Barbados. It is one of five general campuses in the University of the West Indies system.

<span class="mw-page-title-main">Barbados–Mexico relations</span> Bilateral relations

Barbados–Mexico relations are the diplomatic relations between Barbados and the United Mexican States. Both nations are members of the Association of Caribbean States, Organization of American States and the United Nations.

References

  1. ↑ bse.com.bb
  2. ↑ ISO 10383
  3. ↑ International Organization for Standardization (ISO)
  4. ↑ codes, ISO 15022
  5. ↑ Getting a regional stock exchange off the ground [ permanent dead link ]
  6. ↑ CXN to come on stream in the near future
  7. ↑ TTSE eyes US, Canada [ permanent dead link ]
  8. ↑ H, R (2009-07-28). "Treaty network an advantage in securities trading". Barbados Advocate . Archived from the original on 2006-02-11. Retrieved 2009-07-28.
  9. ↑ World-exchanges.org Archived November 2, 2010, at the Wayback Machine
  10. ↑ Staff writer (28 January 2020). "BSE and Nairobi Securities Exchange PLC. in Kenya sign Memorandum Of Co-operation". www.bse.com.bb. Barbados Stock Exchange (BSE). Retrieved 3 April 2022.
  11. ↑ "UN SSE welcomes The Barbados Stock Exchange" (Press release). The UN Sustainable Stock Exchange initiative. 21 March 2022. Retrieved 4 April 2022.
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