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US Denominated Securities Coming to JSE

(KINGSTON, June 29, 2011): The Jamaica Stock Exchange will be hosting a press conference at its Head Office, 40 Harbour Street, Kingston on July 5, 2011 at 10:00 a.m., to announce the introduction of a US Denominated Securities market. Trading on this market could begin as early as July.

In her overview of 2010 performance of the JSE, at the JSE’s AGM and speaking to the JSE’s operational plans for 2011 and beyond, JSE General Manager, Mrs. Marlene Street Forrest stated that ‘while the market was on the uptick, it was not growing as fast as initially anticipated.  Therefore, one of the Company’s main objectives is to further diversify its revenue streams. The JSE diversification plan is aimed at having more products available to investors and facilitating of the listing of US Dominated Securities on the Exchange’.

The JSE’s Listing Committee will shortly consider an application made by Proven Investments for the listing of a US Denominated Securities and if approved, the listing of Proven Investments will take place on July 14, 2011. The Stock Exchange is inviting companies that want to list US Denominated Securities to contact the JSE, as the Stock Exchange and its members stand ready to assist these companies through the listing process. Mrs. Street Forrest added that, “since the Junior Market has been introduced, over 5,000 additional investors have been added to the market. Therefore, to keep their interest in the market, new and attractive products have to be made available”.

The US Denominated Securities Market is historic as it will be the first time that this type of securities will be listed and traded on the Exchange and settled through the Jamaica Central Securities Depository (JCSD), a subsidiary of the JSE.