The project to create a social stock exchange in Jamaica will be executed in two phases, the second of which requires the passage of legislation.
That, however, will not stall the launch of the project in January when the first component – the Jamaica Social Investment Exchange, or JSIX – which will facilitate fundraising by not-for-profit enterprises through an online platform, will start to operate.
The social exchange is the latest platform developed by the Jamaica Stock Exchange to facilitate the listing and trading of shares and other securities. The JSE’s last project of this scale was the junior stock exchange, which was also backed by legislation to incentivise listings through tax waivers.
As a snapshot on the prospective market, JSE cites data that values the not-for-profit and NGO sector at around 3.5 per cent of Jamaica’s US$17-billion economy – which would be about US$600 million.
People, planet and profit
The JSE, through its main, junior and USD markets, currently facilitates trading in stock market wealth of $1.5 trillion or US$11.7 billion, and growing.