Published: Wednesday July 2, 2008
Trinidad and Tobago's stock exchange, the largest in the Caribbean, is seeking to link up with bourses in the US and Canada to help attract investors and double the number of listings.
"The world over is consolidating,'' Wain Iton, chief executive officer of the Trinidad and Tobago Stock Exchange Ltd., said in an interview in New York. "We have to make a business decision.''
The Trinidad and Tobago stock exchange, with a market capitalisation of about US$10.4 billion, is less than one per cent the size of Brazil's, the biggest stock market in Latin America. Iton plans to increase the number of listed companies to 65 from the current 33 companies, which include First Caribbean International Bank Ltd. and retailer GraceKennedy Ltd.
Iton said he held talks with officials from the Toronto Stock Exchange and met with the Nasdaq OMX Group Inc. and NYSE Euronext about possible strategic alliances.
"The proposition for a large exchange owning a piece of Trinidad and Tobago or Jamaica exchanges is not particularly tempting right now, as we don't have too much to offer, being a small market and economies,'' said Iton.
The Trinidad and Tobago stock exchange started trading five days a week from April 1 as part of an effort to boost liquidity. The exchange also plans to further integrate with the bourses of Jamaica and Barbados.
Source: Trinidad Express Newspapers