Mon | Sep 25, 2017

JSE gets green light for online trading platform

Published:Friday | May 1, 2015 | 5:00 AM
JSE general manager Marlene Street Forrest.

Jamaica Stock Exchange has got approval from the Financial Services Commission for its new online trading platform, General Manager Marlene Street Forrest said on Wednesday.

The platform will now be rolled out later this month.

"We have received the no-objection letter from the FSC, our brokers who have agreed to be in on the pilot are still committed to the process, and we expect that we will fulfil the public's expectation," Street Forrest said.

Persons had written in to say they had observed that the banner promising online trading had disappeared, then reappeared on the JSE's website over the last couple of months. The roll-out was previously scheduled for April.

"The online trading platform will be launched in early May ... With every project there are challenges but, as a team, we work at finding the solutions to them," the JSE GM said.

Trading by retail investors is new to the Jamaican market. "After it is launched, we will be able to gauge the market's reaction and interest," Street Forrest said.

The JSE predicts that the new platform will eventually grow annual trading volumes by about 10 per cent. The exchange processed some 20,000 transactions last year, representing volumes of 2.7 billion units and value of $14.8 billion.

The online platform being developed by JSE's technology partner, Software Architects Limited, is expected to open access to the market and broaden the base of persons who can trade stocks to include individual professionals and students, as well as Jamaicans residing overseas.

Trades by retail investors will still be settled through licensed stockbrokers and will be subject to JSE cess and broker fees.

avia.collinder@gleanerjm.com