The Jamaica Stock Exchange and the Georgetown Chamber of Commerce and Industry (GCCI) are to sign a Memorandum of Understanding (MoU) before the end of the year which could aid in the establishment of a vibrant stock market.
This is one of the outcomes of the now annual conference hosted by the Jamaica Stock Exchange (JSE) which was in Guyana for the second time from October 8 to 9 this month.
According to the Managing Director of the JSE Dr. Marlene Street Forrest, the JSE which is ranked as one of the best stock markets in the world has been enabling growth in Jamaica and Guyana with its immense potential can build an equally vibrant market. She was speaking in an interview with Stabroek News.
To facilitate the enhancement of the local stock market the JSE has engaged the Georgetown GCCI by way of conversations over the past year and now a MoU to begin the developments to be clinched by the end of this year.
“What we have in the MoU is the relationship we are fostering, market education, technology and the regulatory framework that could lend its self to the establishment of a stock market”, she said.
At this point she highlighted that following a meeting with President Irfaan Ali back in March of this year he had given the commitment that the government is on board to develop Guyana’s stock market through an enhanced regulatory framework.
“The Government is on board. When we met he said he will be looking to engage with us. The government is interested in a deeper relationship with us for the development of the capital markets, and I am sure they are doing the necessary reviews of their regulations to facilitate that”, Street Forrest said.
And on the heels of the enhancement moves, appearing on a panel discussion at the two-day conference, President of the GCCI Kester Hutson called on the Government of Guyana for “help” to establish a Junior Stock Exchange market in Guyana stating that “We recognize there is need for a junior stock market in Guyana, and it’s very important for the government, to recognize that we are we are calling for help. We need it. The small and medium sized enterprises (SMEs) specifically need to have access to capital”.
Having had the main objective to ensure people with a passion for stock investment find the investment or network to expand their business meant the conference which will now be an annual one is expected to return to Guyana around the same time as the conversation continues even as the expectation is that steps will be made to enhance Guyana’s stock market by the end of this year.
At the moment the Guyana Association of Securities Companies and Intermediaries Inc (GASCI) organizes the local stock exchange and supervises the stock market which has fifteen companies which merely enables trading of shares. There is no listing for the raising of capital.
Looking back at last year, Street Forrest stated that this year “was a better conference as the Georgetown Chamber of Commerce spoke to the fact that we are going to be deepening the stock market, if it is developing the current or producing another. Since the first conference they are inclined.”
The Regional Investments and Capital Markets Conference was first started in 2006 and has become an annual event. The Conference attracts executives and sponsors from different industries in Jamaica and across the region. Jefferies Group LLC is the Conference’s main overseas sponsor, a leading global investment banking firm that provides investors, companies and governments with a full range of investment banking and wealth management services across the financial spectrum.
The conference saw in attendance Senior Minister within the Office of the President with responsibility for Finance and the Public Service Dr. Ashni Singh; Komal Singh, Chairman of the Private Sector Commission of Guyana Limited; Steven Whittingham, the Chairman of the Jamaica Stock Exchange; Ramsay Ali, President of Guyana Manufacturing and Services Association/CEO Sterling Products Limited; Gregory Fisher, Managing Director, Jefferies Private Wealth Management; Angus Young, Chief Executive Officer NCB Capital Markets, Andrea Kelly, General Manager JCSD and JCSD Trustee Services; Andre Gooden, Group Business Development Manager (JSE).
