ISM Listing Sponsor Announcement – 2016/10/11
Barbados Stock Exchange Inc. Announces Its First International Securities Market (ISM) Listing Sponsor
Bridgetown, Barbados. October 7th, 2016 – The Barbados Stock Exchange Inc. (BSE) is pleased to announce that, effective September 14th, 2016, Centurion ISM Services Inc. was duly registered as a Listing Sponsor in good standing of the International Securities Market (ISM). As a Listing Sponsor, Centurion ISM Services Inc. is authorized to engage International Business Companies (IBCs), both domiciled in Barbados and abroad, which may be seeking a primary or secondary listing of securities. The Listing Sponsors primary role is to conduct the necessary due diligence on a company (Issuer) to ensure that it is fit and proper for listing on the ISM and act as liaison between the Issuer and the BSE. The Listing Sponsor is also responsible for ensuring that, once listed, the Issuer is in compliance with its continued obligations under the Rules of the ISM.
In response to the approval, Sir Trevor Carmichael, Q.C., Chairman of Centurion ISM Services Inc. noted, “Centurion is pleased to be a Listing Sponsor within the new International Securities Market platform of the Barbados Stock Exchange. Centurion highly values this new opportunity which adds great value to international clients with diversified portfolio activity. It is also in Centurion's view, a form of national contribution since the new ISM will surely make an important contribution in the product offerings within Barbados' international business environment."
Managing Director of the BSE, Marlon Yarde noted, “We are pleased that Centurion ISM Services Inc. made the decision to be a Listing Sponsor of the ISM. It is in fact only fitting, as the establishment of an international trading floor in Barbados has been a passion of Sir Trevor Carmichael for many years. He was instrumental in the establishment of the ISM’s forerunner – the Exempt Trading Floor – which had limited success. The ISM we envision, will be a vibrant market supported by a cadre of highly trained and experienced practioners much like the team at Centurion ISM Services Inc. We intend to attract similar practioners locally, creating a core group of Listing Sponsors on island, that can service the needs of prospective Issuers. I must note, however, that the ISM is open to the introduction of Listing Sponsors from other jurisdictions.”
About the International Securities Market (ISM)
The International Securities Market (ISM) was formally launched on March 15th, 2016 at the Hilton Barbados resort. The ISM is a dedicated market for the listing and trading of securities by Issuers, who may or may not be incorporated in Barbados, that would otherwise be listed and traded on other exchanges across the world.
The ISM is structured to operate as a separate market of the BSE, a self-regulatory organization, with a separate set of rules applied to membership, trading, clearing and settlement and listing of international securities only sharing the same disciplinary/hearing processes outlined in the general Rules of the BSE. The ISM is primed to offer a breadth of financial products but will initially focus on vanilla offerings namely: equities, bonds and other fixed interest securities and investment funds – both open-ended and close-ended.
About the Barbados Stock Exchange (BSE)
The Barbados Stock Exchange Inc. is one of the leading stock exchanges in the Caribbean region. It is located in Barbados – a premier location globally for international business and financial services. Formerly the Securities Exchange of Barbados, the BSE was re-incorporated on August 2nd, 2001 with the passage of the Securities Act 2001-13. As a result of the Act, the Barbados Securities Commission, now the Financial Services Commission (FSC), was established. The FSC has overall regulatory responsibility for the entire Barbadian Capital markets including all Self-Regulatory Organizations (SROs), of which the BSE and its subsidiary the Barbados Central Securities Depository Inc. (BCSDI) comprise, as well as all public companies whether listed or not.
The Barbados Stock Exchange Inc. is a member of the World Federation of Exchanges (WFE) with Correspondent Status.
About the Barbados and the International Business Sector
Barbados is a quality destination that is trusted and well regulated, following international best practice in capital market regulation. Though small in size, Barbados enjoys a stable and well-established democracy with a long tradition of respecting the rule of law and property rights and excellent infrastructure.
Barbados is the only low tax wealth management jurisdiction in the Caribbean with a comprehensive tax treaty network. Double taxation agreements (DTAs) ensure that foreign nationals – covered under Barbados’ international tax treaty network – are exempt from withholding taxes on dividends, interest or royalties realized locally. The island has 36 DTAs already in place and awaits the ratification of an additional 6 such agreements.
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