TTSE Launches US$ Market

A press release from the Trinidad and Tobago Stock Exchange (TTSE) this week, points out that they will also be launching a US$ market for securities. Jamaica launched theirs recently (July 2011).

I’d encourage them to ensure their US$ exchange is fully apart of their website, and to ensure the market can get reports on the instruments on that index. There are instances where it is obvious that JSE was not fully prepared for the launch of their index.

The full release reads:

The Trinidad & Tobago Stock Exchange Limited (TTSE) was established in 1981. Currently there are thirty-nine (39) local and regional securities listed on the Exchange with a total market capitalization of approximately TT$91 billion (US$14 billion), twenty-four (24) government bonds with a total face value of approximately TT$14 billion (US$2 billion), and two (2) corporate bonds with a total face value of TT$800 million (US$125 million). These listings offer the market a range of investment opportunities comprising equities, mutual funds, government and corporate bonds.

On Friday 26th August 2011 the TTSE formally launches its US Dollar Securities Market to cater to the needs of investors who are interested in investing US Dollar denominated securities on the local Exchange. There will be US Dollar equity, debt and mutual funds markets that will mirror the existing TT Dollar equity, debt and mutual funds markets.

Keeping true to its mission to “facilitate the efficient mobilization and allocation of capital”, the TTSE is establishing a formal secondary market for USD securities which is intended to offer new investment opportunities that provide further portfolio diversification to investors.

Only US Dollar Securities which have been registered with the Trinidad and Tobago Securities and Exchange Commission (SEC) would be eligible for listing on the TTSE. Presently there are approximately twenty-five (25) US Dollar bonds registered by the SEC and outstanding with maturities ranging from 2012 to 2030 with a face value of US $1.1billion.

The market will open on August 26th with the listing of 120 million convertible redeemable preference shares issued recently by Sagicor Financial Corporation (SFC).

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