The Bolsa de Valores de Santo Domingo (BVSD) has announced that it has contracted the services of an international financial consultancy group with a view to improving its current operations. The deal, they maintain, will allow the local stock exchange to compete on a level playing field with other Central American and Caribbean nations. Nasdaq Stock Market will include the BVSD in a Capital Market Harmonization program under the auspices of the Inter-American Development Bank(IDB) through the Multilateral Investment Fund.
The US$1,603,70 scheme, which aims to integrate the capital markets throughout the Caribbean Basin, envisions the establishment of a Regional Compensation and Liquidation Chamber as well as common standards for automated share trading. Signatories to the same agreement include the stock exchanges in Jamaica, Trinidad & Tobago, Barbados, and the Dominican Republic. The turn-key project will last for 18 months.
Attending the signing ceremony were Wain Iton, the scheme’s manager and also general manager of the Jamaican Stock Exchange, who acted as the Nasdaq representative and Donald R. Creus, BVSD’s executive director.