Time for a single regional stock exchange, says private sector group

President of the Caribbean Association of Industry and Commerce (CAIC), Carol Evelyn warned of dire consequences for the region\'s economic future if a single stock exchange is not created within the 15-member Caribbean Community (CARICOM), according to a report on www.cananews.net.



\"The private sector is again calling for the establishment of regional stock exchange and regulatory framework in order to make the markets truly efficient to raise capital and function as one economic space,\" he said in an address to the opening of a special meeting here to assess the state of play for the CARICOM Single Market and Economy (CSME).



Evelyn said a single stock exchange for the region would enhance the promotion of the movement of capital across the region, increase investment opportunities, encouraging optimum financing for regional firms and increasing the attractiveness of the CARICOM as an area for investment.



\"If a regional stock exchange is not implemented in due time, more and more of large companies will have no choice but to list outside of the region which is certain to be a set of irreversible decisions,\" he said.



Evelyn also called on governments to quicken the pace on the establishment of the CARICOM Financial Services Agreement (CFSA), which he said would enhance the environment for regional companies to operate within the CSME that creates one economic space among member states.



Most of the CARICOM countries operate their own stock exchanges with the Jamaica Stock Exchange (JSE), Trinidad and Tobago Stock Exchange Limited and Barbados Securities Exchange Inc spearheading efforts for a new Caribbean Exchange Network (CXN) that will, initially, harmonise three of the largest stock markets via a common trading platform.