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Chief Regulatory Officer (CRO) of the Jamaica Stock Exchange (JSE), Wentworth Graham, has stated that the institution is now much stronger, as a result of the redefining of its operations.
Mr. Graham made the statement at a recent Community Forum at the St. Gabriel’s Anglican Church Hall, May Pen, Clarendon hosted by the Financial Services Commission (FSC) to help citizens better understand the financial system and how to manage their money effectively.
“By no short account should one believe that the JSE, or any other corporate entity that is part of the financial system, was established as fully outfitted, clearly defined and structured entities. What we see of the JSE today is a graduation, transformation and adjustment to the requirements of time. Without the changes the company would not be able to fully satisfy its mandate”, he stressed.
According to the CRO, the relevance and understanding of the JSE ought to be assessed, within the context of the critical micro systems, such as its operational structure, knowledge and talent. As a conduit for capital mobilization and investment, its institutional construct, he said, has to be considered in determining effective money management by all.
Over the past two years, the JSE has separated its commercial and regulatory functions, with the regulatory functions being supervised by the Regulatory and Market Oversight Committee (RMOC) of the JSE and its operational arm the Regulatory and Market Oversight Division (RMOD). The RMOD is responsible for Listed Company Compliance, Risk Assessment, Market Surveillance and Member-Dealer Regulation among other things.
“The separation of the commercial operations from its regulatory and market oversight functions has helped to eliminate any perception of conflict of interest, and ensures a fair, orderly and transparent market for shares and other securities traded on the Exchange. There is a clear focus to advance and bolster the relevance of the institution, by recognizing critical role and responsibilities and providing the requisite resources to satisfy the expectations of stakeholders,” Mr. Graham informed.
“Today the JSE provides access to the market 5-days per week..currently there are 11 member-dealers with some having operations in major towns across Jamaica and even the wider Caribbean, North America, Canada and Europe. And yes, the market operates with an Electronic Trading Platform that allows traders to trade remotely and satisfies a shortened settlement cycle,” he also explained.
Prior to these changes, the JSE traded 3 days per week, had 4 member-dealers, posted market participants’ quotations on a chalk board and settled shares on a 9-day rolling settlement cycle.