Barbados Launches International Securities Market
by Mike Godfrey, Lowtax.net, Washington
21 March, 2016
The Barbados Stock Exchange (BSE) has formally launched an international securities market (ISM).
The ISM will operate as a separate market from the BSE with distinct rules that apply to membership, trading, clearing and settlement, and the listing of securities. As such, the ISM will be able to attract issuers from both Barbados and international markets that may otherwise be listed and traded on other exchanges, the exchange said.
Barbados's Minister of Industry, International Business, Commerce, and Small Business Development, Donville Inniss, applauded "the vision and determination of the BSE in the launch of the International Securities Market, as it aligns with the futuristic view which my Ministry has articulated as a goal for the development of our international business and financial services sector. It also brings our vision of Barbados becoming the international financial wealth management center of choice in the western hemisphere one step closer to reality."
"The new international securities regime represents a pivotal part of an ongoing process whereby Barbados transforms its international business services into an all-encompassing jurisdiction of choice for serious international financial planning. It is multi-faceted and multi-layered giving great scope to the serious international tax and financial planner," added Trevor Carmichael, Chairman of Chancery Chambers, a Barbados-based law firm.
According to the exchange, the fees for listing on the ISM are at least 30 to 50 percent lower than those of larger exchanges in North America and Europe.
"Though attractive to international companies of all sizes and from all regions, the Barbados ISM will be particularly attractive to companies that would value the lower listing fees and robust, yet right -sized regulation to be found in Barbados," said Marlon Yarde, CEO & General Manager, BSE Inc & Barbados Central Securities Depository Inc. "Traditional markets for Barbados in North America and Europe will likely be early adopters of the ISM. However, we anticipate that the ISM will be well received by international businesses globally."
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