The Jamaica Stock Exchange

The Jamaica Stock Exchange is the principal stock exchange of Jamaica. It is known as the JSE. It was founded in 1968 in Kingston, Jamaica and its current chairman is Mr Donovan Perkins.

History

The four founding members were:

– Mr Willard Samms – Annett & Company Limited

– Mr Raglan S Golding – Capital Market Services (Ja) Ltd

– Mr Edward E Gayle – Edward Gayle & Company Ltd

– Mr Anthony Lloyd – Pitfield Mckay Ross & Co Ltd.

The Stock Market commenced operations On Monday 3 February 1969 it commenced operations when Stocktrading was restricted to Broker-members who traded both as agents and as principals.

On 14 October 2014, it was announced that the Jamaica Stock Exchange became the 16th announced member of the United Nations Sustainable Stock Exchanges initiative.

HISTORY
The Jamaica Stock Exchange was incorporated as a private limited company in August 1968.

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.

Its principal objectives are:-

to promote the orderly 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 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 calculated to enhance the development of the Jamaica Stock Market.
The Stock Market commenced operations on Monday February 3,1969. Stocktrading 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 seatholders.
Up ten seatholders representing members.

ABOUT THE JSE’S HEADQUARTERS

THE home of the Jamaica Stock Exchange at 40 Harbour Street has an interesting history.

Historians believe that the site, together with the land next to it, may have once been an Arawak fishing village. Fresh water was said to be provided to the village by a network of underground springs which still exist today.

In modern times, the site has been occupied for over 100 years. The first structure, a private house, fell down in the 1907 earthquake. The building which replaced it was used for industrial purposes, and was acquired by the United Fruit Company in 1920 shortly after that company bought the adjacent Myrtle Bank Hotel. Both buildings were remodelled in the same style, with the architectural flourishes typical of the period. The Myrtle Bank Hotel was to become one of the most famous hotels in the world until it was destroyed by fire in the 1960s. The United Fruit Company made 40 Harbour Street its headquarters in Jamaica until the 1950s, and eventually sold it to the Urban Development Corporation in 1971. It was later acquired from the UDC by the Kingston Restoration Company and purchased by the Jamaica Stock Exchange in 1995.
Since its acquisition by the Stock Exchange the premises have undergone extensive renovation under the guidance of architect Raymond McIntyre of Apec Consultants. In converting it to a modern, functional home for the Exchange, the architect and his team have been successful in recapturing the elegance and ambiance of the gracious age in which the building was first constructed.

The Jamaica Stock Exchange is proud that it has been able, in its new headquarters, to add to the restoration of Downtown Kingston and to help preserve its architectural heritage.

Board DirectorsThe JSE Board is comprised of:

Mr. Donovan Perkins – Chairman – (President & CEO) Sagicor Investments Ltd

Mr. Dennis Cohen – Managing Director NCB Capital Market Ltd

Mr. Julian Mair – Group Investment Strategist, JMMB Securities Limited
Mrs. Rita Humphries – Lewin, Chairman – Barita Investments Limited
Mr. Christopher Berry – Chairman – Mayberry Investments Limited
Mr. Ed McKie – CEO/Chairman – M/VL Stockbrokers Limited
Mr. Mark Croskery – President/CEO – Stocks & Securities Limited

Mr. Lissant Mitchell – CEO – Scotia Investments Ltd.
Mr. Jason Chambers  – Vice President Investments First Global Services Ltd.
Mr. Allan Lewis – ( Deputy Chairman) Director – Victoria Mutual Wealth Management Ltd

Mrs. Marlene Street-Forrest – Board Secretary – General Manager, JSE

 

Independent Directors:

Mr. Livingstone Morrison – Bank of Jamaica

Miss Dian Black – Ministry of Finance & the Public Service

Miss Janet Morrison – Jamaica Bar Association
Mrs. Jane George – Private Sector Organization of Jamaica

Mr. Garth Kiddoe – Institute of Chartered Accountants

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