Feb 2010 Financial News

Caribbean exchanges to install fully integrated trading platform

Feb 05, 2010

TRAYPORT Exchange Systems has announced two new contracts with the Barbados Stock Exchange and the Dutch Caribbean Securities Exchange NV. Trayport's Exchange Trading System will provide both exchanges with a fully integrated trading platform allowing them to develop their markets in debt and equity securities.

Trayport Exchange Systems will replace an existing exchange system at the Barbados Stock Exchange (BSE). It will supply an advanced equities and bonds trading system which will also support clearing, settlement, depository, and registry through integration with the Depend product from Percival Systems.

BSE is headquartered in the capital city of Bridgetown and was established in June 1986. It is among four major regional Caribbean stock exchanges. The others are the exchanges of Jamaica, the Eastern Caribbean, and Trinidad and Tobago. It is working with the Jamaica and Trinidad and Tobago exchanges in a cooperation programme known as the Caribbean Exchange Network (CXN), which will facilitate the establishment of a regional capital market in the Caribbean.

"The Barbados Stock Exchange had been diligently seeking an adaptable and modern electronic trading platform offering us the ability to expand our trading of equities, bonds and other investment instruments. The Trayport Exchange Trading system met our criteria, and with some minor enhancements for our specific market requirements, will provide tangible benefits to us. In addition, the integration with Percival's Depend product will allow us to expand our capability with state of the art clearing systems as we seek to establish an International Securities Market," said Marlon Yarde, CEO & General Manager Barbados Stock Exchange.

The Dutch Caribbean Securities Exchange (DCSX) is a newly formed exchange in Curaçao, Netherlands Antilles and plans to become an International Exchange for listing and trading domestic and international securities.

DCSX will provide a time and cost efficient listing and trading service for international and regional corporations and investment funds. This will enhance Curaçao's position as a leading financial services jurisdiction.

Trayport Exchange Systems won the contract with DCSX after a formal tender process. Contracts were agreed following a design study and agreement of project and system scope. Trayport will be deploying its Exchange Trading System with some minor enhancements for local market requirements and expect a go-live in the first quarter of 2010.

Luis Santine, CEO for the Dutch Caribbean Securities Exchange, said, "We were impressed by Trayport Exchange System's ability to support both our current and future requirements. Complementing the services offered by the financial institutions and service providers in the Dutch Antilles, Trayport's Exchange Trading System will enable DCSX to offer services to issuers of government-owned bonds wishing to tap the local and regional capital markets. This supports the development of our equity, ETF and bond markets. The flexibility and scope of the system were major factors in our procurement decision. We spoke to a number of exchange suppliers, but believe Trayport is the only one which will enable and foster our growth as a leading exchange in the region."

Adrienne Muir, head of Trayport Exchange Systems, said, "The contract with Barbados Stock Exchange and the Dutch Caribbean Securities Exchange is part of our growing partnership with exchanges in the Caribbean, as they develop their business in the region. Trayport's Exchange Trading System now gives exchanges a fully integrated front to back solution with support for clearing, settlement, depository, and registry. This reflects the importance markets worldwide place on our systems allowing exchanges to grow as their markets develop.


Source:
Jamaica Observer
Friday, February 05, 2010

http://www.jamaicaobserver.com/business/trading-platforms_7390284