Jamaica Stock Exchange to spend US$590,000 on technology upgrade, new products
The Jamaica Stock Exchange (JSE) this year will spend US$590,000 (Ja$68m) to roll out new products and services, including online trading, a "mobile friendly" website, and mobile applications, says general manager Marlene Street Forrest.
The spend will also cover the planned launch of new markets and tradable products, electronic ticker boards, and enhanced data services.
Street Forrest said Friday that the investments in technology, to date, had enhanced the performance of the exchange, noting that investors traded some 2.7 billion units in 20,000 transactions during 2014. The trades were valued at $14.8 billion.
"It would have been virtually impossible to do this unless the technology existed to effect the transactions securely. Investors have confidence that the exchange can manage the level of volume and that their investments are secure," said the JSE's boss.
Technology also facilitated electronic custody of securities, pledging of securities - a service offered to lending institutions - real-time update of inventory positions in client accounts, real-time market data dissemination, remote trading via secured wide area network, remote viewing access for trading, live stock ticker, and market data feeds, which provide real-time statistics to financial institutions such as Bloomberg and DirectFN.
Direct FN is a platform for connecting global markets, providing the financial community with a single platform to view real-time prices and related information for multiple asset classes.
Street Forrest said the JSE also used web technology to provide real-time market statistics, online statement access, electronic submission of financials by listed companies and an e-commerce facility to register and pay for membership online.
She said the exchange is soon to accept payment for JSE eCampus courses online.