The Jamaica Stock Exchange (JSE) is pleased to announce that the Board of Directors of the Jamaica Central Securities Depository (JCSD), a wholly owned subsidiary of the JSE, has granted approval for the brokers to create JCSD generated accounts immediately when opening a broker account for a new customer. This approval of immediate activation became effective February 11, 2019 and has been implemented since.
The JCSD recognizes the need for accounts to be opened more speedily and this move will result in accounts being opened on a timely basis thus improving the efficiency of the depository account opening process for the Brokers and the Investors.
Mrs. Marlene Street Forrest, Group Managing Director of JSE stated, “The JSE is delighted with the move, as more Jamaicans seek to open JCSD accounts to facilitate the purchasing of securities on the secondary market. Our system must be geared towards speed in processing these accounts, therefore, we must endeavour to meet customers’ demands for efficiency in processing their accounts. I am expecting that through improvement such as these more investors will be encouraged to participant in the market. We anticipate an increase to 30% over the next 5 to 10 years”
According to Ms. Andrea Kelly, General Manager of the JCSD and its subsidiary JCSD Trustee Services Limited (JCSDTS), “I believe the decision to allow brokers to activate new JCSD accounts was a natural progression for the market as it is a beneficial move for all parties involved and will result in greater efficiency and investor satisfaction.”
The JCSD, which has make this key decision, is divided into two departments: The Depository Services Unit, which provides – Depository Services; Custody and Settlement Services; Pledging of Securities registered in the JCSD and Inter-CSD movements between Regional CSD’s and the other department is the Registrar Services Unit, which offers Registrar Services and Transfer and Capital Distribution Agent Services. The JCSD’s subsidiary, the JCSDTS offers Trustee Services. In 2018, the JCSD celebrated its twentieth year of operations and the JCSDTS celebrated its tenth year.