Author Bios
Dennise Williams
Dennise Williams, a doctoral student at Mona School of Business, is Vice-President, Marketing at Mayberry Investments Limited.
Aritcles by this author:
In recent years, several Jamaican companies have used the Jamaica Stock Exchange as a source for business expansion capital. Using the equity market as a capital structure tool has allowed these firms to build capacity within the midst of the recession which started in 2008, and is, by many accounts, still on-going.Subscription Only
What exactly defines innovation, especially within the financial landscape? Intuitively, one understands that innovation is about creating something new. Within the financial landscape that would then mean creating and marketing new investment securities.
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The Junior Market of the Jamaica Stock Exchange was envisioned as a tool to allow businesses with a capital base of between $50 million to $500 million to access low cost capital by selling no less than 20% of the business to the public, comprised of at least 25 shareholders. Launched in 2008, the Junior Market has allowed several companies to raise nearly J$1 billion in less than 18 months and created a resurgence in Employee Share Ownership Plans (ESOPs).
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The Jamaica Debt Exchange (JDX) allowed the country to reduce its debt obligation by exchanging high interest government paper for lower interest paper at longer maturities. Collectively, Jamaican taxpayers have benefited from a lower debt profile and interest savings of over US$500-million in 2010. That said, Jamaican borrowers have yet to reap the benefits of a low interest rate regime. Hence the paradox – it costs the nation less than 9% per annum to borrow money from local investors, yet borrowers continue to pay upwards of 33% to borrow money from the financial sector.
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