Jamaican Stock Exchange to List Digital Currencies

Managing Director of the Jamaica Stock Exchange (JSE), Marlene Street Forrest said on Wednesday that the stock market is moving towards listing digital currencies, having completed a 60-day live trading pilot with Toronto-based private company, Blockstation recently, the Jamaica Observer reported.

The pilot was carried out with select regulated market participants including broker-dealers, market makers and the Jamaica Central Securities Depository (JCSD).

“The pilot has been very smooth so far and we are quite happy with the results. We are looking forward to moving to the next stage of the pilot which would eventually include the listing of security tokens,” Street Forrest said.

The objective of the pilot was to demonstrate the complete lifecycle of the digital asset ecosystem, including the JSE setting up and managing broker members and market makers on the platform.

It also saw broker members conducting daily trading and managing their client accounts, JCSD managing the clearing, settlement, and custody of cash and digital currencies, and overseeing compliance reporting and reconciliation across all organisations.

The trial included quotes, trading, and settlement services. The pilot also aimed to “demonstrate the complete lifecycle of the digital asset ecosystem, including the JSE setting up and managing broker members and market makers on the platform.” The Caribbean country’s securities depository body managed the clearing, settlement, and custody of cash and cryptocurrency while enforcing compliance reporting and reconciliation across all participating companies.

Blockstation, the Toronto-based startup, said listing of security tokens on the Jamaican bourse will be key to mainstreaming crypto assets and improving adoption.

“We are excited to have successfully implemented the first real end-to-end digital asset trading ecosystem with the JSE within their regulated environment,” Jai Waterman, Blockstation’s co-founder and chief enterprise architect, told the publication. “We are looking forward to onboarding, through the pilot exercise, the next wave of brokers and international investors who can enjoy the benefits of safe digital currency access through trusted financial institutions.”

 

Author

Andrew Rosenbaum

Andrew Rosenbaum

Andrew Rosenbaum has been a financial journalist and writer for 15 years.

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