Caribbean Union Stalled by Takeover, Enforcement

Plans to establish a pan-Caribbean exchange are regaining momentum, according to Osborne Nurse, head of Trinidad’s SEC. The initiative has been stalled by several factors, including the Neal & Massy takeover of Barbados Shipping which consumed that country’s SEC for several weeks – and disagreements between Jamaica, Trinidad & Tobago and Barbados on how to enforce the local rules on foreign brokers. This coming Thursday, a meeting between the three commissions will be held in Barbados to further discuss the second issue. The proposal is to allow for a mutual recognition of each exchange’s regulations, thereby allowing these to discipline any infraction committed on their domestic exchange. The process, originally expected to be up and running by now, is still at least a month away from becoming official.