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Caribbean Exchanges Network (CXN) Framework: Enhancing Regional Financial Markets

Explore how the CXN facilitates direct access to financial products across regional exchanges, fostering efficiency and growth in the Caribbean financial sector. Learn about objectives, network features, broker impacts, and Phase 2 advancements.

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Caribbean Exchanges Network (CXN) Framework: Enhancing Regional Financial Markets

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  1. Caribbean Exchanges Network (CXN)Framework and Infrastructure Presented By: Marlon Yarde December 5, 2013

  2. WHAT IS THE CXN? • The Caribbean Exchange Network (CXN) is a solution to allow investors, traders and brokers of all regional countries to have direct access to all financial products that are listed on regional securities exchanges

  3. OBJECTIVES OF THE CXN • Objectives: • To provide an additional channel for encouraging and mobilizing domestic and regional savings • To project a larger footprint for the interest of international investors • To foster the growth of the domestic financial services sector • To increase the overall efficiency of investment • To help reduce corporate dependence on borrowing and improve the gearing of the Regional corporate sector

  4. THE NETWORK • Access will be provided via each Exchange’s network. Members will not be required to make individual connections to each Exchange/Depository • Contingency: Appropriate backup systems will be implemented to mitigate against total failure of one exchange or the entire CXN • Telecommunication access– Should the TTSE network become inaccessible and there is still a connection to the other regions through the TTSE, the CXN will continue to operate (Example) • Application Access: Each jurisdiction will continue to control its own market. Access will be granted based on the role of the individual in the respective brokerage house, registrar and institutional investor. • System Administration & Maintenance • Day to Day administration will be de-centralized • Each system interface will be monitored by the technical team in the respective regions

  5. What is the real impact for Brokers? • Access to 100+ stocks in 3 markets • Larger pool of investors • If Trinidadian clients want to purchase stocks which are traded on Jamaican and/or Barbados Exchanges, then • Brokers will have to open account with CSD in these countries • Have with bank in local jurisdiction to facilitate settlement of CXN transactions via RTGS • Monitor 3 markets for best execution of cross listed stocks • Explain applicable fees and conditions to clients

  6. BrowseTerminal Foreign-based non-resident or otherInternational Trader CXN BrokersOrder Entry InternetPort MarketData Feeds Internet CXN OrderRouting Affirmations AutomatedTrading CH/Depository Foreign Broker Foreign Trader Local Trader Looking Forward Phase 2: • Connectivity for other Regional Exchanges • Integrated Platforms – One order book • Workstations populated using consolidated data feeds • Order routing through Fixed Gateway - automated order routing

  7. Thank You

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