Regardless, thanks to platforms like DEPEND and REVENUE, the exchange has also been able to prioritize settlement efficiency. “When I first came to the stock exchange, the settlement cycle was T+5. In that, a trade occurs on one day and settlement occurs five days later. Then we moved to T+3 and shortened the settlement cycle. And earlier in 2024, we moved to a settlement cycle of T+1,” Yarde says, explaining that this significantly improved transaction speed and reduced settlement risks. Despite having such powerful supporting platforms, the BSE’s success is also built on strong relationships with key market participants, including brokers, listing sponsors, regulators, and institutional investors. The exchange works closely with nine registered brokers who facilitate trading and connect investors with market opportunities. Listing sponsors—often, legal firms—also play a vital role in attracting new listings to the exchange, particularly within the ISM. Additionally, to ensure regulatory oversight, another cornerstone of its operations, the exchange collaborates closely with the FSC to uphold international best practices and protect investors. “Our regulator is very supportive, they know what we’re trying to achieve, and they support us in our endeavors. We talk with each other and make sure that we are on the same page as it relates to taking regulatory action so that we do not appear to operate at cross purposes. They let us take the lead on matters under our purview as a self-regulatory body, but we do not do anything before we say to them, this is what is happening. This is what we are considering doing. Do you have any thoughts on this matter?’ And they let us know if they think we are moving in the right direction or if we should look at another approach,” Yarde says. Over the years, the BSE’s international collaborative 33 BUSINESS VIEW CARIBBEAN VOLUME 12, ISSUE 03 THE BARBADOS STOCK EXCHANGE (BSE)
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