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The Jamaica Stock Exchange (JSE) launched its online trading platform late last week in a bid to attract greater interest from investors as well as the youth demographic.
The trading portal, said to be the first of its type in Jamaica and the Caribbean, allows investors to buy and sell securities, view market performance, monitor their account balance and view statements. Previously, online trading was a function limited to stockbrokers as a result of various restrictions and highly priced transaction fees.
It was foreign interest that propelled the creation of the platform, mainly from the Jamaican diaspora, but also from other potential investors. A common question on JSE international tours was “how can we invest in an easier way?” JSE General Manager Marlene Street-Forrest told reporters.
The platform was launched to an audience of about 200 participants. Three of the four starting brokerages also had booths at the function, to sign up any new customers.
To use the platform, investors will first need an account with one of the four initial stock brokers: NCB Capital Markets; Victoria Mutual Wealth Management; Barita; or Sagicor Investments.
But that number could soon expand, as Street-Forrest expects other stock brokers to join, driven by increased customer demand.
Although investors will have 24-hour access, each transaction must be settled by a broker and will be executed only during business hours.
“This online portal will improve financial inclusion in Jamaica and the proportion of individuals who have access to financial institutions. It will also help to make the economy far more robust as financial inclusion in the Jamaican society will drive products such as online trading,” said Paul Golding, associate professor and dean at the College of Business and Management at the University of Technology, Jamaica, in his keynote address.
Allan Lewis, chairman of the JSE and senior vice-president of group strategy at Victoria Mutual Building Society, said the JSE plays a vital role in the growth and development of the country and has now placed the power of investments in the hands of the investor.
“Investors have been yearning for new innovations and investment solutions and online trading is one step in meeting their needs. This step, coupled with the prime state of the market, will ensure growth and high returns for Jamaica,” Lewis said.
Source: Jamaica Observer
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