Managing Director of the Jamaica Stock Exchange (JSE) Marlene Street Forrest says the entity has undertaken several initiatives, and programmed many others, in its quest to ensure the sustainability of its operations.

Speaking during the digital launch of the JSE’s Private Market platform on January 11, Street Forrest said successful engagements pursued in recent years include migrating the JSE’s business activities to the NASDAQ trading platform and developing the JSE platform.

Also undertaken were implementing a new fund management system, piloting digital currency trading, developing a mobile app for Apple devices, undertaking phase three of the online trading platform, and upgrading the e-campus website.

Street Forrest said upcoming programmed engagements largely relate to bolstering the cybersecurity/information technology (IT) risk governance framework; trading of government bonds, in collaboration with the Ministry of Finance and the Public Service and Bank of Jamaica; data commercialisation; and implementation of direct market access solutions and short-selling.

Short-selling is an investment or trading strategy that speculates on the decline in a stock or other securities price.

Street Forrest said these measures are intended to facilitate an inclusive space for securities investors and issuers, thereby yielding several benefits, in keeping with the JSE’s mission to provide a fair, efficient and transparent stock market.

Among the benefits, she said, are continued confidence in the JSE, noting that despite taking a hit from the coronavirus (COVID-19) pandemic, “our market is resilient”; risk reduction; timely processing of transactions; and shorter settlement cycles.

Regarding the private market, which will facilitate the listing of bonds and equities securities on the NASDAQ platform, Street Forrest said the JSE acknowledged that “it is not perfect”.

“We know that, as with other markets, we may be required to lobby for other companion laws or changes to regulations to enhance its efficiency. However, we begin the journey and understand that the conversation continues for future facilitation, whether from our brokers, issuers, government or the JSE pool,” she said.

Noting that history has shown that major successes are achieved through stakeholder collaboration, Street Forrest assured that the JSE “will work with all parties to ensure that their requirements for growth are met”.

JIS