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Untitled Document

JSDA Council Bulletin (March 01, 2005)

In an effort to promptly disseminate to our members, information on critical issues in the securities sector, we have developed a Bulletin. This will be a monthly publication highlighting issues from our Council Meeting. We hope you will find this useful and we look forward to your feedback. From the President’s Desk
Jsda Public Education Initiative
The JSDA has embarked on an initiative to educate the public on the scope of the securities industry as one of the Association’s strategic activities for the year 2005. To this end, Mr. Julian Mair has prepared 10 topics to be developed into articles for publication as under:


What is a security


Who are securities dealers, and what role do they play in the economy


Picture of dealer community


How safe are your investments (2-3 Part series)
5. No Deposit Insurance / No problem
6.   In the event of an institutional failure what percentage of funds managed by sectors covered by the JDIC would be protected (industry averages) translate in real dollars

 Regional Leaders

8. We are Bank of Jamaica Primary Dealers and JSE Stock Brokers
9. JSDA Members improve efficiency of local business
10. JSDA Members support local community
Arrangement will be made with the print media houses to have a standard/dedicated column for the publication of the series of these articles.
The JSDA has been in the process of engaging PricewaterhouseCoopers (PwC) to research and develop an appropriate Capital Adequacy Requirements model. The Consultants have submitted a draft engagement letter for the Evaluation of the Money Market Regulatory Framework outlining the scope of work, their approach to the engagement, their core team and estimate of time for completion and project cost. Council has reviewed the document and will seek clarification on issues surrounding ownership of documents and the copyright clause included in the Terms of Business.
Partnership For Progress
Partnership for Progress has presented a proposal to the JSDA to consider providing a pool of funds at concessionary rates for the sole benefit of the Small and Medium Enterprises sector. It was agreed that The JSDA’s participation in this initiative would be highlighted in the public education programme (article 10 –JSDA Members support local community) outlined above.
Financial Services Commission
A letter was received from The FSC regarding the Financial Services Commission (Overseas Regulatory Authority) (Disclosure) Regulations, 2004. The letter made reference to the (“the Amendment Act”), which was recently passed by the Houses of Parliament, and which would lead to the widening of the list of persons to whom the Financial Services Commission (“FSC”) may disclose information under section 16 of the Financial Services Commission Act (“FSC Act”). It was agreed that Mr. Mark Golding would examine the document and draft a response to the FSC.
Market Analysis
A yield curve, developed from information gathered from ten (10) of the players in the market, was generated by the Market Sounding Committee as shown in the graph below:
It was reported that the Central Bank significantly reduced repo rates on March 7, 2005: 30day – 180day tenures were reduced by 55 basis points and 270day -365day tenures by 50 basis points.
Recent and current issues
March 1, 2005 March 9, 2005
FR Inv. Deb. 15.00% 2009 Series as   Treasury Bill
Tenure: 51 months Tenure: 273 days
Maturity date: May 25, 2009 Maturity date Dec. 9, 2005
Coupon: 15% p.a. Avg. Yield: 14% 
Int. payment frequency: Quarterly Yield Range 13.75% - 14.05%
Amount issued: $1.3 billion Offer volume $300,000,000
It was noted that the market was beginning to accept longer term instruments which are typically bought by pension funds.
Jsda Data Form
Members are urged to submit the JSDA data form (circulated by email) which was designed to gather relevant industry statistics in order to justify JSDA membership fees for each institution for the year 2005. The data is also required for use in the public education campaign being undertaken by the JSDA. The information provided should be as at December 31, 2004.

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