Listed on the JSE Main Market are ordinary and preference shares, which represent various business sectors: banking and finance; manufacturing; retail; communications; insurance; leisure; conglomerate; services and real estate. The criteria for listing on the JSE Main Market are as follows:
- Must be incorporate or registered and operating in a business in a CARICOM country.
- The total issued share and loan capital of the company must be J$200,000 or more; the share capital portion being not less than $100,000.
- All of the issue of the security which is the subject of the request for listing is to be issued and fully paid.
- Ordinary Shares/Stock -The issued nominal value must be $250,000 or more; and a minimum of 100 share/stockholders holding not less than 20% of the issued ordinary capital
- Irredeemable Preference Shares and/or Preference Shares convertible into Ordinary Shares/Stock: Issued nominal value must be $500,000 or more
- Redeemable Preference Shares: Issued nominal value of $100,000 or more.
The Jamaica Stock Exchange launched the Junior Market on April 1, 2009, that is designed to encourage and promote investment in Jamaica’s entrepreneurship, employment and economic development. The Junior Market will allow investors to put capital into legitimate small and medium sized companies (SMEs) whose shares trade on a special JSE platform. This represents an exciting opportunity for SMEs to raise capital, and to contribute to the growth and development of the Jamaican economy. The Junior Market was established as a result of the collaborative efforts of the Government, the Board of the JSE, the Financial Services Commission and Steering Committee composed of key stakeholders. Listed on the JSE Junior Market are ordinary and preference shares, which represent various business sectors: banking and finance; manufacturing; retail; insurance; leisure; services and real estate. The criteria for listing on the JSE Junior Market are as follows:
- Incorporated with limited liability in a CARICOM country; and
- A minimum of 25 share/stockholders holding not less than 20% of the issued ordinary capital; and
- Fully paid, subscribed participating voting share capital is not less than J$50 million and not more than J$500 million.
The JSE tracks the performance of the market by maintaining indices. The JSE uses the weighted average market capitalization method to calculate its indices. The index is calculated by dividing the aggregate market capitalization by a base divisor. The JSE Junior Market Index measures the performance of all the ordinary shares listed on the Junior Market. Settlement is done at T+2 and daily information is disseminated on the activities of this market through the usual channels inclusive of the JSE’s website
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The performance of all the companies with ordinary shares listed on the JSE Main and Junior Markets is tracked by the JSE Combined Index. Tracking the performance of both markets by one index will allow investors, analysts and researchers to see the performance of the overall market at a glance without having to look at the markets separately. The JSE Combined Index will provide a daily indicator of the overall performance of the market and its movement. The JSE Combined Index commenced on April 1, 2011.
On July 5, 2011, the Jamaica Stock Exchange launched the US Dollar Equities Market. This Market will allow companies to list their shares in US dollars and also allow for trading and settlement to take place in US dollar. This is a first in the English Caribbean. This market further expands the product offerings of the JSE, and its listings and provides additional investment options for persons interested in diversifying their portfolios via the Exchange. This market is governed by the rules of the Main Market of the Exchange and trading operates according to the trading rules for all the securities listed on the JSE. Similar to the other markets, settlement is done at T+2 and daily information is disseminated on the activities of this market through the usual channels inclusive of the JSE’s website.
The Jamaica Stock Exchange launched the Bond Market in June 2013 as a means of:
- Increasing the number of options available for corporations to efficiently raise capital
- Widening choices that individuals and corporate investors have to invest
- Assisting the efficiency of monetary management
The JSE bond market is a facility where investors buy and sell debt securities, either directly from the borrower at issue or afterwards from other investors. This market will facilitate the trading of bonds with the aim to increase efficiency, transparency and liquidity of the bond market. Any company that is incorporated in a Caricom Country may list its fixed income securities on the JSE Bond Market. Similar to the equities market, companies interested in listing their bonds will be required to follow the requirements as outlined in the JSE Rule Book (Main Market).