Jamaica Stock Exchange inks partnership with Kenya’s Nairobi Securities Exchange

Jamaica Observer | The Jamaica Stock Exchange (JSE), in paving the way for more cross-border listings locally, has signed its latest memorandum of understanding (MOU) with the Nairobi Securities Exchange (NSE) in Kenya in a move to forge stronger ties with Africa.

In a virtual signing ceremony late last month, managing director of the JSE Marlene Street Forrest in welcoming the historic partnership said it unlocks an enormous opportunity for the cross listing of stocks and other investments by locals in the African country and vice versa. This, as it also opens avenues for closer collaboration guided by mutually agreed principles.

“We entered this partnership because the visions and strategies of the NSE are in sync with those of the JSE and as a result, we have identified this as a partnership that will do well. Having also noticed some similar products and services in both markets, our aim is to capitalise on these,” Street Forrest further said as she pointed to the training institute and the derivatives market among the top areas of focus.

“This signing forms part of our strategic plan and I know that it will [trickle down] to the growth and development of both markets,” she added.

Expressing similar sentiments Geoffrey Odundo, CEO of the NSE, in calling for scaled-up relationships in light of the cultural similarities, said this offsets the need to have more tangible deliverables.

“For us this is a great opportunity from which we have a lot to learn from each other. We want to make this MOU active by starting with some of the easier discussions around products and more importantly, about building on the liquidity of our markets through cross listing,” he said in his remarks at the virtual launch.

The JSE, now partnering with a growing list of countries across Africa, has already signed an MOU with Ghana and remains in dialogue with other states such as Sierra Leone as it works to strengthen African-Caribbean relations. Banking on the tenets of commonality, a shared past and common objectives, markets across both regions believe they can work together for the common good.