A Trading Member is a market participant that engages in trading on the board of the ISM.

The Role

Trading Members may fall into one, some or all of the following three categories:

1) Brokers – A Broker is a person who will engage in the business of effecting transactions in securities for the account of others/third parties. Brokers will only be allowed to trade on behalf of Qualified Investors. A Qualified Investor is a person who has such knowledge and experience in financial, securities, investment and other business matters that he or she is capable of evaluating the merits and risks of the prospective investments and who subscribes for securities of an issuer in an amount of at least $US 100,000.00.

2) Dealers – A dealer is a person engaged in the business of buying and selling securities for his own account.

3) Market Makers – A market maker is a broker-dealer firm that assumes the risk of holding a certain number of shares of a particular security in order to facilitate the trading of that security. If the Exchange considers it to be in the interest of the ISM that liquidity in a particular security be improved, it may enter into agreements whereby one or more ISM trading members assume the role of market maker for such security. Market makers must introduce buy and sell orders (quotes) into the order book, continuously or in response to specific requests, subject to market-making regulations prescribed from time to time by the Exchange.

For more information on the role of Trading Members, click HERE.

The Mandate

It is expected that trading members shall operate with integrity, competence and capability, and financial soundness.

Review Timeline

The ISM’s Executive Committee is committed to reviewing all ISM Trading Member Application Forms within 2 weeks of submission.

Registration Documents


An applicant for approval as a Trading Participant on the ISM, under the Trading Membership Rules, must file a completed “Application Form for Approval as a Trading Participant of the ISM” with the Barbados Stock Exchange.

This form can be found under Appendix 1A of the Definitive Guide to being a Trading Member on the International Securities Market.

For more information, please consult the following: