KINGSTON, Jamaica – Several local stakeholders have welcomed the new Caribbean Business Exchange (CBX) cable television channel.
The CBX, which is a division of the Jamaica Stock Exchange (JSE), will provide 24 hours of news and information on local, regional, and global business, financial and capital market developments to more than 30 countries across the Caribbean.
The channel, that was formally launched on Wednesday by JSE Managing Director, Dr. Marlene Street Forrest, will broadcast on channel 143 on the Flow Network and 28 on Digicel.
Immediate Past President of the Jamaica Chamber of Commerce (JCC), Lloyd Distant Jr., who spoke at the launch, said CBX’s content will serve to expand investors’ access to information and provide deeper insights that allow them to make more informed decisions regarding existing and prospective investments.
“What I see this platform being able to do is provide clearer perspectives on the current operations and future direction of our industries and our companies, as well. This increased access to information… is very much about providing and improving transparency, which, of note, is one the JSE’s core values and one of the first of its listed objectives.”
Distant Jr. said consequent on the opportunity the platform presents to enhance financial literacy, the JCC “expects this to go a far way in bringing a new set of investors into the fold”.
“We consider this platform to be well needed, and we laud the JSE; we see this as… a monumental initiative. It is the JCC’s hope that as more information is disseminated, more businesses will contemplate utilizing the stock exchange as an approach to raising capital as well as streamlining and expanding their businesses,” he added.
NCB Capital Markets Limited Chief Operating Officer (COO), Tracey-Ann Spence, described CBX as a “game-changing venture”.
She noted that information remains a critical and necessary tool for day-to-day decision-making at all levels of the investment space.
“By launching the CBX, the JSE stands to bolster the expansion of access to vital information that will benefit all stakeholders within the financial ecosystem. It is this sort of cross-sharing of information that will bridge the gap in regional connectivity,” she added. Spence said the evolution of technology over the years has created a level of access to information “never before seen”.
This, she pointed out, has significantly increased the investor base as well as the number of companies seeking funding, via the JSE.
The COO noted, however, that while the public has “endless choices” in relation to data provided and consumed, the information may not [always] be accurate or may be presented in a format that’s not easily understood.
She said this poses a risk for investor education and financial literacy, overall, within the region.
Consequently, the COO added, the need for credible sources, such as the CBX, has proven “quite essential”.
“The CBX represents an excellent platform for market data and other information to be presented in a manner that… resonates with its target audience.”
Spence said NCB Capital Market commends the JSE on its latest initiative and anticipates the “incredible prospects” for the CBX.
“The JSE has our commitment to continue with the collaboration for the advancement of the Caribbean [business and financial] sector,” she assured.
Interim Chief Executive Officer for Barita Investments Limited, Dane Brodber, said it was “refreshing” to have a channel that “talks to us directly in the brokerage and analyst community throughout the region and to the wider regional investment community”.
“When I think about the Caribbean Business Exchange, I envision this being the outlet that investors tune in to when actively participating in the stock market, at any level… from those just learning… just trying to understand how it works and what the various companies are about… to seasoned investors looking for specific targeted insights to craft their next strategy or advance their portfolios and, of course, our fund managers,” he added.
Brodber said within what he described as a “fast emerging” business environment space, “I really look forward to the [CBX] establishing itself as an authority”.
Chief Executive Officer of the Fosrich Group of Companies, Cecil Foster, said the CBX’s offerings are welcome as, “for businesses like [ours], the Caribbean means a lot.”
He noted that when the JSE pitched the CBX’s concept to Fosrich just over a year ago, “we never hesitated [to endorse it]”, adding that “we committed to be on the platform immediately with sponsorship [among other things]”.
“We, at Fosrich, take our hats off to the marvelous work that the Jamaica Stock Exchange is doing, led by Dr. Marlene Street Forrest and her team. We are fully committed to being a part of this. I think with everyone seeking and needing financial information, this channel is going to be a tremendous success and is well-needed. I wish the JSE all the very best, as we move forward in changing the face of how business is done in the Caribbean region, and beyond,” Foster said.
Dr. Street Forrest, in her remarks, said the CBX is committed to providing market news, daily updates, and programs “reflecting our regional business realities in a timely manner”.
“In fact, I believe this network will be a tool to build regional business and financial development,” she added.
The Caribbean Business Exchange will broadcast under the tagline – ‘Your Region, Your Business, Your Source’.
