Overview of the Jamaica Stock Exchange
The Jamaica Stock Exchange (“JSE”) is an august institution which was incorporated in 1968 and started operation in 1969. The JSE started its operation at the Bank of Jamaica (BOJ) building and moved to its present building situated at 40 Harbour Street in 1998. The JSE’s principal mandate is the mobilization of capital to facilitate the growth and development of companies and by extension the economy.
The JSE Group has evolved over time into a strong and reputable business. There were four founding members:
- Mr. Willard Samms – Annett & Company Limited
- Mr. Raglan I. Golding – Capital Market Services (Ja) Ltd.
- Mr. Edward E. Gayle – Edward Gayle & Company Ltd.
- Mr. Anthony Lloyd – Pitfield Mckay Ross & Co Ltd.
To contribute to the growth and development of the countries in which we operate by facilitating the mobilization, exchange and expansion of capital while providing a return on equity that is acceptable to our shareholders.
- To promote the orderly and transparent development of the stock market and the stock exchange in Jamaica.
- To ensure that the stock market and its broker members operate at the highest standards practicable
- To develop, apply and enforce the rules designed to ensure public confidence in the stock market and its broker members
- To provide facilities for the transaction of stock market business
- To conduct research, disseminate relevant information and maintain local and international relationships which can enhance the development of the Jamaica stock market.
The Basic Functions of the Stock Exchange
- To provide an additional channel for encouraging and mobilizing domestic savings
- To foster the growth of the domestic financial services sector
- To provide savers with greater opportunities to protect themselves against inflation
- To increase the overall efficiency of investment
- To facilitate privatization
- To improve the gearing of the domestic corporate sector and help reduce corporate dependence on borrowing.
Stock trading is restricted to Broker-members who trade both as agents and as principals. In the latter capacity, certain restrictions apply to transactions between a Broker and his own client.
The Exchange is governed by a Board of Directors which has the following composition:
- The Governor of the Central Bank ( Bank of Jamaica ) or his nominee
- A representative of the Ministry of Finance
- Three persons other than shareholders
- Up to ten shareholders representing members.