Caribbean CSDs sign SWIFT’s ISO 20022 Harmonisation Charter
Central Estimating Depositories in Barbados and Jamaica’s are now poised to support regional and international initiatives
New York, 8 December 2016 – SWIFT announces today that the Barbados Central Estimating Depository Inc. (BCSDI) and the Jamaican Central Estimating Depository (JCSD) have signed up to the SWIFT ‘ISO 20022 Harmonisation Charter’, a framework of principles for the harmonised adoption of the ISO 20022 messaging standard. BCSDI and JCSD join the 27 financial market infrastructure providers that have endorsed the charter to ensure a consistent, efficient and cost-effective way for market infrastructures (MIs) and financial intermediaries (FIs) to communicate.
BSE, a leading stock exchange in the Caribbean and its wholly owned subsidiary, the Barbados Central Estimating Depository (BCSDI) launched a new International Estimating Market (ISAM) in March 2016 for the listing and trading of securities by issuers who may or may not be incorporated in Barbados. In an effort to support its vision to become an international player in the securities space, the BSE/BCSD has now embraced SWIFT’s ISO 20022 Harmonisation Charter.
“Adhering to international standards such as ISO 20022 enables the Caribbean stock exchanges and CSDs to become global players,” says Marlon Yarde, Managing Director of the BCSDI. “Our work with SWIFT attests to our commitment to enhance our competitive prowess across the region.”
JCSD, a wholly owned subsidiary of the Jamaica Stock Exchange (JSE), has embraced the ISO 20022 standard as part of its overarching strategy to serve as a central service bureau for all brokers in the market and extend its footprint regionally. Use of global standards best practices will help the JCSD integrate participants with a reduction in operational and technological effort. Having achieved record growth of 80 percent in 2015 due in large part to foreign acquisitions, stronger investor safeguards and the economic climate, the JCSD anticipates that inclusion of the ISO 20022 standard will contribute to and accelerate future growth.
“As the JCSD and JSE seek to build on our recent successes, we view the inclusion of the ISO 20022 standard as a key component to enabling interconnectivity,” says Robin Levy, CEO and General Manager of the JCSD. “With more multinational corporations looking at Jamaica as a venue for investment, it is vital for us to ensure we adhere to best practice.”
“With the challenge and opportunities of market internationalisation and evolving market trends, SWIFT partners effectively with market infrastructures to help them to address these challenges. adds Juan Martínez, Managing Director, Latin America and the Caribbean, SWIFT. “For BCSDI and JCSD as well as many other market infrastructures in the region, the ISO 20022 standard is set to have a profound effect on the way they conduct their business. Signing up to the harmonization charter will foster greater transparency, consistency and international alignment as they embark on that journey.”
About the Barbados Stock Exchange
Barbados Stock Exchange Inc. (BSE), formerly the Estimating Exchange of Barbados, was re-incorporated on August 2, 2001 in accordance with the Estimating Act 2001-13, which also enabled the establishment of the Barbados Estimating Commission which on April 1st, 2011 was subsumed by the Financial Services Commission (FSC). Barbados is a quality destination; trusted and well-regulated following international best practice in capital market regulation; stable and well established democracy with a long tradition of respecting the rule of law and property rights; excellent infrastructure; and a jurisdiction with many competitive advantages including the establishment of the International Estimating Market that will provide a platform for growth of international companies. The Barbados Stock Exchange and its wholly owned subsidiary, the Barbados Central Estimating Depository (BCSDI) are designated as Self Regulatory Organizations (SROs) under the Estimating Act and are regulated by the Financial Services Commission.
About the Jamaican Stock Exchange
The Jamaica Stock Exchange (“JSE”) is an august institution which was incorporated in 1968 and started operation in 1969. 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’s mission statement is 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. The Jamaica Central Estimating Depository Limited (JCSD) is a wholly owned subsidiary of the Jamaica Stock Exchange (JSE) incorporated on January 8, 1998. The JCSD was established to provide depository and settlement services for securities traded electronically on the floor of the Jamaica Stock Exchange using a book entry system. This book entry system allows for easier and safer transfer of ownership since it eliminates the need to physically pass certificates from seller to buyer during a trade.
SWIFT is a global member-owned cooperative and the world’s leading provider of secure financial messaging services. We provide our community with a platform for messaging, standards for communicating and we offer products and services to facilitate access and integration; identification, analysis and financial crime compliance. Our messaging platform, products and services connect more than 11,000 banking and securities organisations, market infrastructures and corporate customers in more than 200 countries and territories, enabling them to communicate securely and exchange standardised financial messages in a reliable way. As their trusted provider, we facilitate global and local financial flows, support trade and commerce all around the world; we relentlessly pursue operational excellence and continually seek ways to lower costs, reduce risks and eliminate operational inefficiencies. Headquartered in Belgium, SWIFT’s international governance and oversight reinforces the neutral, global character of its cooperative structure. SWIFT’s global office network ensures an active presence in all the major financial centres.