Where We Came From, Where We Are Going

The Barbados Stock Exchange (BSE), formerly the Securities Exchange of Barbados, was re-incorporated on August 2, 2001 with the passage of the Securities Act 2001-13, which also enabled the establishment of the Barbados Securities Commission which, on April 1st, 2011 was subsumed by the Financial Services Commission (FSC). The Commission is responsible for regulation of the Barbados Capital Market, including all public companies whether listed or not.

The Barbados Stock Exchange and its wholly owned subsidiary, the Barbados Central Securities Depository (BCSDI) are designated as Self Regulatory Organizations (SROs) under the Securities Act 2001-13 but are regulated in turn as well by the Financial Services Commission.

The BSE is an association of Member-Brokers, operating a central marketplace for trading Securities.

The original trading facility, the Securities Exchange of Barbados, was established in 1987 under the Securities Exchange Act, Cap 318A, of 1982. The Securities Act 2001-13 repealed and replaced the original Act of 1982. However, the BSE remains a privately owned (by its Members), non-profit organization.

The affairs of the BSE are administered by a Board of Directors through a General Manager. The Board of the BSE consists of four designated members, four elected and one independent. The four designated members represent, the Central Bank of Barbados, the Bar Association, the Barbados Chamber of Commerce and Industry and the Institute of Bankers. The elected members are chosen from the Membership of the Stock Exchange.

The Board of Directors set By-Laws and Rules to regulate the affairs and business of the Exchange. Included in the By-Laws and Rules are standards and rules of conduct to which members must adhere. Only Registered Brokers, representing Members of the BSE are allowed to trade securities on the Exchange.

Currently there are 27 listed companies on the Board of the BSE including 4 cross-listed companies from within CARICOM but outside of Barbados.

Chairpersons and General Managers

Over the years the Barbados Stock Exchange and its forerunner the Securities Exchange of Barbados has been served with some outstanding Chairpersons. The first was Mr. Colin Goddard who served from June 1, 1987 to December 17, 1997. He was followed by Mr. Shastrie Ablack who served from December 17, 1997 to November 1998. The Third Chair was Mr. Neville Smith who served from June 18, 1999 to May 4, 2000. He was followed by Dr. Patricia Downes-Grant who served from July 14, 2000 until November 23, 2004. Mr. Andrew St. John was the fifth Chairman of the Exchange; his tenure was from November 23, 2004 to March 12, 2009. Our current Chairman is Dr. Grenville Philips who assumed the Chair at the Board Meeting of March 12, 2009.

The Exchange has been ably served by its three General Managers and one Acting General Manager over its twenty-five year history. They were Mr. Anthony Johnson who was General Manager from February 1, 1986 to June 30, 1994. Mr. Johnson was responsible for the setting up the Securities Exchange of Barbados and he saw the first trades occur on June 12, 1987. He was followed by Mrs. Virginia Mapp who served from September 1, 1994 to December 31, 2002. Mrs. Mapp was responsible for the transition of the Exchange from the Securities Exchange of Barbados to the Barbados Stock Exchange Inc. on August 2, 2001 and also the move from an open out-cry method of trading to full electronic trading. During 2003, from January 1, 2003 to October 31, 2003, Ms. Tessa Pickering acted as General Manager. During this period Ms. Pickering oversaw an important change within the electronic trading engine with the introduction of tightly-coupling system. The system of tight-coupling ensures that trades are transmitted as “matched” transactions. This means that details of the trades from buyer and seller have already been matched (and verified) by the computer. The current General Manager of the Barbados Stock Exchange Inc. is Mr. Marlon Yarde who took up the position from November 1, 2003. He has the mandate of promoting the activities of the Exchange through education to foster an environment of confidence and trust in the activities of the capital markets, so that all Barbadians would participate in the trading of financial instruments. Under his watch the BSE has successfully implemented two new software systems – Percival Software Limited’s Depend depository solution and Trayport’s Global Vision securities trading solution. Mr. Yarde continues to work tirelessly to see the formation of the Caribbean Exchange Network (CXN); the Regional Capital Market and the establishment of the International Securities Market (ISM).