Caribbean Exchange Network Hopes for Q4

The Caribbean Exchange Network (CXN) is expected to start trading this year, according to Marlene Street-Forrest, general manager of the Jamaica Stock Exchange. “We are looking at the beginning of the last quarter [to start operating],” Street-Forrest says. Several targets for starting trade on the platform – which attempts to bring critical mass to a group of relatively insignificant markets – were missed last year. In June, the regulators of Trinidad, Jamaica and Barbados completed a review of documentation for the exchange and now the final review is on its way, Street-Forrest says. “I can report that they have indicated that we will be given that approval,” Street Forrest adds. The CXN aims to allow issuers in participating territories to be able to trade in other jurisdictions through their local exchanges. The first phase of this union will include Trinidad & Tobago, Jamaica and Barbados, while the second phase should include other exchanges in the Caribbean. The stock exchanges of the three participating countries submitted to their respective regulators rules for approval in October 2007. Slow progress leaves many observers skeptical that CXN will become a reality in the near term.