December 2016 | Business View Caribbean

48 49 BARBADOS STOCK EXCHANGE “At that point, we still had the responsibility to regulate the members and the companies listed on the Stock Exchange,” explains Yarde. “We had 16 ordinary members and four des- ignated members, which are various interest groups in the society who, at the time of es- tablishment, the government thought should have a say in how the Stock Exchange was run. They included the Central Bank of Barbados, the Barbados Bar Association, the Barbados Chamber of Commerce and Industry, and the Barbados Ministry of Banking and Finance.” In December 2015, the BSE demutualized, moving from being a member-owned com- pany to a shareholder-owned company. “The main advantage is it gives us flexibility in our capital structure, and allows us to bring in strategic partners as shareholders,” says Yarde. “Now, you can buy shares in the company and become a part owner. So, if we wanted to have an arrangement with a larger, more developed exchange, it allows us to bring capital or ex- pertise into the company.” Another initiative that occurred– this one in March, 2016 - was the creation of an inter- national securities market (ISM). “It’s basically a new trading platform of the Barbados Stock Exchange, which allows us to list securities of international companies that are domiciled in Barbados,” Yarde says. “One of our main eco- nomic drivers, outside of tourism, is our inter- national business and financial services sector. We know in the international market, persons are always looking for jurisdictions to raise The main advantage is it gives us flexibility in our capital structure, and allows us to bring in strategic partners as shareholders. Now, you can buy shares in the com- pany and become a part owner. So, if we wanted to have an ar- rangement with a larger, more developed exchange, it allows us to bring capital or expertise into the company. MARLON YARDE GENERAL MANAGER