Capabilities
Centurion ISM
The Barbados Stock Exchange, commonly known as the BSE, is a privately owned (by its Members) non-profit organization. It exists as an association of Member-Brokers, operating a central marketplace for trading Securities. The original trading facility, known as the Securities Exchange of Barbados, was established in 1987 under the Securities Exchange Act, Cap 318A, of 1982. The original Act of 1982 was then repealed and replaced by the Securities Act 2001-13.
On August 2nd, 2001 with the passage of the Securities Act 2001-13 the Securities Exchange of Barbados, through re-incorporation, evolved into the Barbados Stock Exchange (BSE). The passage of this Act also enabled the establishment of the Securities Commission, which on April 1st, 2011 was subsumed by the Financial Services Commission (FSC). The FSC is responsible for the regulation of the Insurance sub-sector, Co-operative and Non-banking Financial sectors and the entire Barbados Capital Market, including Self-Regulatory Organizations and public companies whether listed or not.
The Barbados Stock Exchange and its wholly owned subsidiary the Barbados Central Securities Depository Inc. (BCSDI) are designated as Self Regulatory Organizations (SROs) under the Securities Act 2001-13 yet they are regulated in turn by the Financial Services Commission.
The International Securities Market (ISM) of the BSE is a dedicated market for the listing and trading of securities of Issuers who may or may not be incorporated in Barbados and would otherwise be listed and traded on other exchanges around the world.
The ISM will operate as a separate market of the BSE with a separate structure of rules applied to membership, trading, clearing and settlement, and listing of securities on this market. The General Rules of the Barbados Stock Exchange governing membership, trading, clearing and settlement and listing on the domestic market do not apply to the ISM other than using the same disciplinary/hearing process as outlined in Part II of the General Rules of the Barbados Stock Exchange which can be obtained from the BSE’s website – www.bse.com.bb.
In addition to domestic Barbados entities authorized to issue securities in foreign currency, ISM can accommodate internationally licensed corporate issuers (International Business Companies (IBCs), International Societies with Restricted Liability (ISRLs)), as well as other domestic and foreign entity types (Limited Partnerships, Limited Liability Partnerships, Incorporated Cell Companies and Other issuers) who may not be incorporated in Barbados.
Further it can be the medium for trading any form of security irrespective of ranking or priority (whether debt or equity instruments, as well hybrid security forms). A “private company” with one shareholder group can register its preferred debt instrument only. This is a boon, especially for securitization structures.
Links
ISM – Intro to ISM (PDF)
ISM – Ideal Listing Candidate & Listing Methods (PDF)
Rules (PDF)