Developing a Government Securities Market - The Case of Jamaica

CARIBBEAN REGIONAL TECHNICAL ASSISTANCE CENTRE (CARTAC) Workshop on Debt Management Policies ST. GEORGE’S, GRENADA 22 – 24 NOVEMBER , 2006

DEVELOPING A GOVERNMENT SECURITIES MARKET Current Practices & Key Challenges - The Case of Jamaica – Presented by Ian M. Scarlett

Contents ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Snapshot of Jamaica by Location

Platform for a Sound Government Securities Market ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Role of the Securities Dealer ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Basis for Promoting an Efficient Securities Market (Current Practice) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Standards for Retaining Primary Dealer Designation - BoJ ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

: ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Reporting Requirements for Primary Dealers in Jamaica

Regulatory Framework The Regulatory Framework for the efficient functioning of the Securities Dealer Market in Jamaica is organised through the following: ,[object Object],[object Object],[object Object],[object Object],[object Object]

Regulatory Framework Cont’d ,[object Object],[object Object],[object Object],[object Object],[object Object]

Reasons for Issuance Domestic Debt The Government’s borrowing requirements for each financial year are determined by the MoFP, based on the fiscal programme, and are set out in the budget presented to Parliament at the beginning of the financial year. The Minister of Finance and Planning also presents the Debt Management Strategy to the Parliament at the beginning of the financial year. The strategy accounts for the past financial year and outlines the plans for the current year and the medium-term. Since 1999, the strategy has been published with widespread circulation including that via the internet . ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Type of Instruments Currently in Issue The Government currently employs a variety of debt instruments to satisfy its borrowing requirements. The instrument marketed is a function of the effective portfolio management as well as the implementation of the debt strategy. The type of instruments offered and managed in Jamaica are long, medium and short term in nature and include : ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Stock of Outstanding Domestic Debt (by Loan Type) (Sept 2006)

Holders of GoJ LRS and Investment Debentures/Bonds (August 2006)

Holders of GoJ US$ Bonds and Notes (A ugust 2006)

Stock of Outstanding External Debt (by Creditor Category) (Aug 2006)

Bank of Jamaica Open Market Operations (Outstanding COSH’s J$Mn)

Challenges to an Efficient and Effective Securities Market ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

List of Designated BOJ Primary Dealers (15) Alliance Investment Management Limited Barita Investments Limited Capital & Credit Securities Limited Citifinance Limited Dehring, Bunting & Golding Limited First Global Financial Services Limited FirstCaribbean Int’l Securities Limited Jamaica Money Market Brokers Ltd. JN Fund Managers Ltd. Mayberry Investments Limited NCB Capital Markets Limited Pan Caribbean Financial Services Ltd. RBTT Securities Jamaica Limited Victoria Mutual Wealth Mangt. Ltd Scotia Jamaica Investment Management Limited

Developing a Government Securities Market - The Case of Jamaica

Recommended

Recommended

More Related Content

What's hot

What's hot (20)

Viewers also liked

Viewers also liked (13)

Similar to Developing a Government Securities Market - The Case of Jamaica

Similar to Developing a Government Securities Market - The Case of Jamaica (20)

Recently uploaded

Recently uploaded (20)

Developing a Government Securities Market - The Case of Jamaica