May 26, 2020
Bank of Jamaica’s (BOJ’s) ongoing reform of the foreign exchange (FX) market is poised to take another significant step.
The long-awaited electronic FX Trading Platform (FXTP) is almost here.
The platform will facilitate real time electronic FX trading and observation of trades between all authorized FX traders – namely Deposit Taking Institutions (DTI’s), and cambios for the USD/JMD currency pair.
For greater transparency, a select list of large corporate clients involved in buying and selling FX has been provided by the relevant umbrella organizations (PSOJ, JMEA, SBA, MSME Alliance and the JCC) to be added to the system as observers. While they will be unable to take part, these observers will be able to see all daily trades in real time which will help them make informed decisions when approaching the market to buy or sell foreign exchange.
The intended implementation of the platform this year has been slightly delayed by the systemic impact and distraction of COVID-19, plus the need to fine-tune the system to accommodate specific internal compliance requirements of DTI’s. These requirements include limits on exactly how much FX they can trade with non –DTI’s, and so to facilitate seamless trading when the system is implemented, protocols will be built into the system for each cambio that a DTI may trade with.
Please click below for more information.
Analyst Certification -The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation (s) or view (s) expressed by that research analyst in this research report.
Company Disclosure -The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.
