Jamaica Stock Exchange

Last updated

Jamaica Stock Exchange
JAMAICA STOCK EXCHANGE LOGO.jpg
Type Stock exchange
Location Kingston, Jamaica
Founded1968
Key peopleMarlene Street Forrest (MD)
Ian McNaughton (Chairman)
Currency Jamaican dollar
No. of listings120 [1]
Market cap US$15.96 Billion [2]
Indices
  • JSE (Main) Index
  • JSE All Jamaican Composite Index
  • JSE Select Index
  • JSE Cross Listed Index
  • JSE Junior Market Index
  • JSE Combined Index
  • JSE USD Equities Index
Website www.jamstockex.com

The Jamaica Stock Exchange is the principal stock exchange of Jamaica, also known as JSE. Incorporated in 1968, JSE opened in 1969 in Kingston, Jamaica. Today, the JSE is one of the largest stock exchanges in the Caribbean by size and market capitalization. As of 30 September 2019, there is a total number of 85 companies and 120 securities listed to the JSE, and a market capitalization of just over JM$2 trillion. [3] The Jamaica Stock Exchange is composed of multiple markets: Main Market, Junior Market, USD Market, and Bond Market. The JSE is also recognized as one of the most sector-diverse exchanges in the Caribbean. The key sectors include banking and finance, retail, manufacturing, insurance, leisure, communications, conglomerate, and services and real estate. [4] The current chairman is Ian McNaughton and the deputy chairman is Gary Peart. The managing director is Marlene Street Forrest.

Contents

Vision

The JSE's aim is to the facilitate growth and development of companies and the economy in Jamaica by allowing for "the mobilization, exchange and expansion of capital while providing a return on equity that is acceptable to our shareholders." [5]

History

The four founding members were Willard Samms of Annett & Company Limited, Raglan S. Golding of Capital Market Services (Ja) Ltd, Edward E Gayle of Edward Gayle & Company Ltd, and Anthony Lloyd of Pitfield Mckay Ross & Co Ltd.[ citation needed ]

The market was initially known as the "Kingston Stock Exchange". It started trading operations on Monday, 3 February 1969. It was restricted to brokers who traded both as agents and as principals.[ citation needed ]

In 1989, the JSE opened a subsidiary, the Jamaica Central Securities Depository (JCSD) to facilitate electronic transfer and settlement of securities. Services later expanded to include registrar, transfer and paying agency.[ citation needed ]

In 2008, JCSD founded a subsidiary, JCSD Trustee Services Limited, to provide trustee services.[ citation needed ]

On 3 June 2008, JSE demutualized and listed on its own Exchange.[ citation needed ]

On 14 October 2014, JSE became the 16th announced member of the United Nations Sustainable Stock Exchanges initiative. [6]

On 7 May 2015, JSE launched its new online trading platform. [7]

On 18 January 2019, JSE was named the world's top-performing stock exchange by Bloomberg Businessweek. [8]

On 11 December 2019, it became public knowledge that the JSE had partnered with Toronto-based FinTech Blockstation to enable the issuance of digital assets including Security Token Offerings (STOs)/Tokenized IPOs, with Trinidad-based e-commerce platform WiPay planning to be of the first to take advantage in 2020. [9]

In December 2019, JSE advised that they had successfully migrated to Nasdaq's trading (Nasdaq Matching Engine) and surveillance (Nasdaq Market Surveillance) platforms. [10] [11]

Market index data

The formula used by the JSE to compute the listed indices. The formula shows the relationship between prices and total market capitalization and how that causes the index to increase and decrease . JSE Market Index Formula.png
The formula used by the JSE to compute the listed indices. The formula shows the relationship between prices and total market capitalization and how that causes the index to increase and decrease .

There are currently seven market indices that are maintained by the JSE:

See also

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References

  1. "Jamaica Stock Exchange's Market Capitalization Surpassed the $2 trillion-mark". Jamaica Stock Exchange.
  2. "Jamaica Stock Exchange's Market Capitalization Surpassed the $2 trillion-mark". Jamaica Stock Exchange.
  3. "Jamaica Stock Exchange's Market Capitalization Surpassed the $2 trillion-mark with QWI Investments Limited Listing". Jamaica Stock Exchange. 30 September 2019. Retrieved 30 September 2020.
  4. Cassell, Warren Jr. "List of the Major Stock Exchanges in the Caribbean". Investopedia. Retrieved 30 September 2020.
  5. "About". Jamaica Stock Exchange. Retrieved 30 September 2020.
  6. CFI. "Mukhisa Kituyi, UNCTAD: Sustainable Stock Exchanges and the 21st Century Challenge for Global Finance". CFI. Retrieved 23 October 2014.
  7. "JSE launches online trading platform - Business". Jamaica Observer.
  8. Regan, Michael P. (18 January 2019). "Welcome to Jamaica, Home of the World's Best-Performing Stock Market". Bloomberg Businessweek. Retrieved 18 January 2019.
  9. "Jamaica Observer Limited". Jamaica Observer. Retrieved 3 January 2020.
  10. "Jamaica Stock Exchange Limited (JSE) Goes Live on Nasdaq Platform".
  11. "Jamaica Stock Exchange Leverages Nasdaq Technology to Amplify its Offerings".
  12. "Jamaica Stock Exchange's Market Capitalization Surpassed the $2 trillion-mark with QWI Investments Limited Listing". Jamaica Stock Exchange. 30 September 2019. Retrieved 30 September 2020.
  13. "Market Data". Jamaica Stock Exchange. Retrieved 30 September 2020.