By Vinette K. Pryce
New York, New York
In his homeland Jamaica, Prime Minister P.J. Patterson’s most contentious, political rival through four terms is known as a bell ringer. Fact is, his party’s only threat – the Jamaica Labour Party and their supporters -- are known as bell ringers.
And while any affiliation to that term may offend his supporters, they would be proud to see the leader of the ruling People’s National Party listed now one of only two from the West Indies as a bell ringer at the New York Stock Exchange.
Here to celebrate the 50 th anniversary of his island’s promotional arm, the Jamaica Tourist Board, the prime minister joins Grenada’s Keith Mitchell on the short list of dignitaries from the region to open trading at the New York Stock Exchange.
“I feel a great honor in ringing the bell,” Patterson said moments after joining members of his island’s own stock exchange, the Minister of Industry and Tourism Aloun N’dombet Assamba, and stock exchange directors on the special platform of honor.
As a leader on the Caribbean financial stage, Patterson said Barbados, as well as Trinidad and Tobago are among the nations solidly partnered for revenue trading opportunities.
Although government securities are not listed, they are traded on an over-the-counter market regulated by the central bank. Trades are reportedly executed by the Exchange’s broker members who trade mainly as agents for their clients and are allowed to trade on their own account.
The Jamaican Stock Exchange is said to be thriving and of world-class standard. “It has enjoyed spectacular growth,” the prime minister said, “more companies are now listed on the Exchange.”
“We are open for business,” he said “considerable amounts of investment opportunities are available in Jamaica.” He placed bauxite at the top of the island’s resources. He described its quality as “top level.”
When the bell rang at 9:30 a.m. on Friday, Jamaica’s permanent secretary Barbara James, Leo Williams, Caribbean Business Development Manager, Michael Muirhead, Roy Johnson, Executive Director, Jamaica Stock Exchange, Marlene Street, General Manager, Jamaica stock Exchange, Chris Berry, Director, Mayberry Investments, Mark Berry, vice chairman and CEO, Mayberry Investments, Air Jamaica’s George DeMercado, Carrole Guntley, director general, ministry of tourism and industry, Harold Doley III, Principal, The Lugano Group, Dr. Gordon Shirley, Ambassador, Jamaica, former City Councilwoman Una Clarke, Horatio Sparkes, Deputy Comptroller for Pensions in NY, witnessed the historic event.
With the flags of Jamaica and the USA on either side of the real-time clock, a 360 degree Ipix image boasted Jamaica’s historic impression on the world financial marketplace. From the gallery, Jamaica Information Service represented the country’s media with a camera crew.
The Jamaica Stock exchange was incorporated on Aug. 14, 1968 as a private limited liability company.
Trading began in Feb. 1969 with 34 companies listed.
The exchange is owned by its broker members and is governed by a 15-member board of directors known as the Council.
Business sectors represented on the exchange include banking, and finance, manufacturing, communications, tourism, trading and insurance. The company with the highest market capitalization of J$198.2 billion is First Caribbean International Bank.
As of Dec. 31, 2004 market capitalization was listed at J$879.29 billion. That amount represents almost 72 percent above the 2003 figure of $366.41 million. With more than 86,000 transactions throughout the year, market capitalization has grown 297 percent over the past three years.
The NYSE was organized May 17, 1792.
The first listed company was Bank of New York in 1792.
And the longest company listed is Con Edison. It was formerly listed in 1824 as New York Gas Light Company.
Patterson visited New York to receive the first Caribbean Tourism Organization’s Distinguished Service Award as well as celebrate the 50 th anniversary of the Jamaica Tourist Board.