JSE - Jamaica Stock Exchange Ltd.

06/20/2024 | Press release | Distributed by Public on 06/20/2024 16:54

Jamaica Stock Exchange’s 47th Annual General Meeting

The 47th Annual General Meeting (AGM) of the Jamaica Stock Exchange (JSE) was held on Thursday, June 20, 2024, in hybrid format at the JSE's new multipurpose building at 38A Harbour Street, Kingston. The JSE's Chairman, Mr. Julian Mair, chaired the meeting.

"The Management and staff of the Exchange have worked tirelessly to keep the Company profitable during what has been and continues to be a turbulent time for markets across the world. Thanks to their unwavering commitment and dedication, the Jamaica Stock Exchange Group was able to achieve a profit in excess of Four Hundred Million Jamaican Dollars (JMD $400 Million) in 2023," Mr. Julian Mair said. "In keeping with the Company's objective of mobilizing capital, the JSE saw 14 listings in 2023, which was an increase from the 12 listings in 2022," he further stated.

In looking at 2024 and beyond, JSE's Chairman highlighted the Company's major milestone, "As we celebrate our 55th Anniversary in 2024, we will reflect on the JSE's journey thus far and look to chart the course ahead. We look forward to achieving the following in the upcoming year:

i. Continued diversification of the JSE revenue stream
ii. Regional expansion
iii. Increased public financial literacy
iv. Continued system automation, and
v. Pursuing additional collaborations to foster the Company's growth and development."

Dr. Marlene Street Forrest, Managing Director of the Jamaica Stock Exchange, speaking at the AGM said, "In 2022 and 2023 the market attracted 24,365 and 42,690 new investors, respectively. Despite the economic conditions in 2023 which impacted Market activities, Online Trading registered $7.6Bm in transaction value on the JMD Market and $1.22m on the USD Market.

She announced several significant developments in the market:
i. JSE Mobile App has been redesigned for greater functionality and setting the ground work for seamless integration with JtraderPro in a subsequent rollout later in 2024.
ii. New Stock Market Game Portal. The Stock Market Game has been an invaluable tool for market education. This move not only ensures stability but also sets the stage for future upgrades, enriching market education and gaming experiences. The new game portal will be available the beginning Q3 2024.
iii. Data Commercialization - During 2023, the second phase of the data commercialization framework commenced, with the project to implement a JSE Data Shop. The Data Shop will allow the JSE to commercialize its 55- year-old library of data. The Project will be completed by the third quarter of 2024.
iv. Enhancement of the Online Trading Platform to elevate user experience and interface aesthetics scheduled for Q4 2024
v. Continuing our robust Cybersecurity activities to bolster defenses against evolving threats
vi. Advancing the implementation of the Data Privacy Governance Framework to ensure regulatory compliance and data protection
vii. Upgrading the JCSD Settlement Platforms to optimize operational efficiency and transactional reliability.
viii. Continuing our readiness for the trading of government of Jamaica bonds on our trading platform making bonds more accessible to retail investors.

After the termination of JSE's AGM, Ms. Suzette McNaught, Manager of Information Technology at the Jamaica Stock Exchange, demonstrated the newly designed JSE Mobile App to the shareholders. She explained that the app has more features than previous versions, allowing users to keep abreast of market information and news at any time.

At a special Board Meeting after the AGM, The JSE's Board of Directors elected a new Chairman and Deputy Chairman, Mr. Steven Whittingham, Chief Operating Officer of the GraceKennedy Financial Group, and Independent Director, Mr. Steven Gooden, respectively.