JSE National Investor Education Week – Bell Ringing Ceremony & Launch of ISIN

Good Morning and Welcome.

I wish to thank you all for coming to the bell ringing ceremony which is designed to achieve three objectives, that of recognizing:

(a)                   The National Investor Weeks of activities

(b)               Signaling to the market that today the Jamaica Stock Exchange has officially taken over the role as issuers of International Securities Identification Numbering (ISIN) for the local market.

(c)                    Awarding Grants of Fifty-Thousand Dollars ($50,000) to ten (10)

small entrepreneurs that have been adjudged by a panel comprised of representatives from RBC, First Global, Jamaica Business Development Corporation (JBDC) and the JSE, as those that have met the suitability criteria for these funds.

As we celebrate our 50^th year of independence and the 5^th Anniversary of the National Investor Education Week, our focus continues to be that of providing a multi-dimensional approach to sharing with our fellow Jamaicans, information about the importance of the Equities market as a means of creating individual wealth for the long-term, and at the same time providing the market with the capital for businesses to expand and grow.

ISINs facilitate:

·         A Universally recognized identification for millions of unique financial instruments.

·         Coverage of corporate, government, municipal and international securities.

·         ISINs are the most popular form of identifier and are recognized by most issuers of global securities and instruments than any other identifiers.

·         It offers standardized descriptions for data attributes for a range of securities offered worldwide.

·         Provides RED Codes that identify credit default swap entities.

In short, ISIN identifiers support the accurate and efficient clearance and settlement of securities, as well as processing associated with income payments made during the life cycle of an issue. This enables holders, analysts and brokers to rapidly identify and access issue-specific data. It also enables custodians and sub-custodians easy communication of securities transactions. Finally, it allows for the accurate management of transactions and analyses of historical data by Depositories. ISIN providers bring unique coverage, consistency and expertise to the global securities marketplace.

Each security on the Jamaica Stock Exchange is given an ISIN and over the past years CUSIP Service Bureau has provided this service to Jamaica. CUSIP demonstrated true professionalism and was always willing to go the extra mile to facilitate us. We wish to thank them for the stellar service they provided to this market.

The JSE determined however that based on the unique features of our new platform and in order to allow for greater internal efficiency, it would be prudent to take control of this process. With that in mind, we commenced discussion with the Association of National Numbering Agencies (ANNA) for Partnership status. The Association of National Numbering Agencies (ANNA) is an organization with roots in several territories with responsibility for issuing International Securities Identification Numbers (ISIN) as described by the ISO 6166 standard and the Classification of Financial Instruments Code as described by the ISO 10962 standard. The role of ANNA is typically assigned to the national stock exchange, central bank or financial regulator, but its functions may also be carried out by a financial data provider or clearing and custodian organization for that country.

This designation, as Partner of ANNA, allows the JSE to be numbering agent for securities issued in Jamaica. I would like to thank the Financial Services Commission and the Bank of Jamaica, as our application to ANNA was dependent on an approval and an endorsement from them that we were capable of maintaining the standards required by ANNA.

The Securities for which ISINs will be issued in Jamaica include debt instruments, commercial papers, equities and warrants. All ISINs will be generated and maintained by our Market Operations and Trade (MOT) Department to ensure effective and efficient services to all our stakeholders.

Today, I would like to thank ANNA for approving our application and for welcoming us on board. I wish to commend the members of the JSE & JCSD   team   comprised   of    Mr. Robin Levy,   Miss  Riccalya Robb, Mrs. Kadyll McNaught-Hermitt, Miss Suzette McNaught and Mr. Neville Ellis and the other support staff who worked assiduously in order to ensure that the implementation process went smoothly. We wish to also thank CUSIP for assisting us with the migration process.

As part of the on-going events to mark this period of celebrating our 50^th Anniversary of Independence, the JSE wished to show recognition to a few of the small entrepreneurs, given that this group of individuals/business owners plays an important role in the economic activities of Jamaica. Ten Grants of $50K will be awarded today to assist with start-up ventures or to existing businesses that demonstrate that they have a good plan and the need for the funds. The criteria was established and advertised. We were generally pleased with the level of details shown in the business plans that were submitted. We saw many creative ideas and projects. It really underscores the need for more attention to be placed in this segment of the market to assist with development and funding.

I wish to thank all those persons who were part of the week’s events and especially you here today who have once again demonstrated your commitment to the expansion of the securities market. Your participation and support means a lot to us and as usual our doors are always open to you.

I wish to take this opportunity to once again thank all our sponsors, RBC, Oppenheimer, Supreme Ventures, PanCaribbean Financial Services, First Global Financial Services, The Gleaner Company, JN Fund Managers, Barita for their support thereby enabling us to have another successful week of activities in which many more individuals are equipped with the knowledge of how to invest.

 Marlene Street Forrest