Barbados on track to becoming financial center of choice with launch of International Securities Market

Barbados’ vision of becoming the international financial wealth management center of choice in the western hemisphere is closer to reality.

That’s the view of International Business Minister Donville Inniss, as the Barbados Stock Exchange launched the International Securities Market (ISM) this week. He said the move was in sync with his ministry’s goals for the development of the country’s international business and financial services sector.

An ISM is a market for the listing and trading of securities of issuers, which might or might not be incorporated in Barbados, that would otherwise be listed and traded on other exchanges around the world.

While commending the CEO and General Manager of the Stock Exchange, Marlon Yarde, and his team for piloting the initiative, Inniss made it clear that the work was not fully completed.

“As these products are activated here, they have the immediate impact of placing Barbados on the same or, rather, equal footing as many of our competitor jurisdictions such as the Bermuda Stock Exchange, and the Cayman Stock Exchange. We must therefore be aware that flexibility is a crucial component in the formulation of a successful matrix of products, the provision of services and legislation,” the minister contended.

He said it was anticipated that participants in the ISM, likely to be international offshore banks and international business companies, would continue to be subjected to prudential regulation by the Central Bank of Barbados.

“They would also continue to be regulated by the Financial Services Commission for takeovers, insider trading and market manipulation. This would enable the BSE to ensure a strong regulatory focus for the ISM which is absent in many less regulated offshore international centers,” Minister Inniss explained.