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Untitled Document

JSDA Council Bulletin (May 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 Presidentís Desk
 
Jsda Public Education Programme
Mr. George Roper has agreed on behalf of the FSC to write one of the series of articles in the public education initiative. The President has volunteered to have the Marketing Department of Dehring Bunting & Golding anchor the publication of the articles and has suggested that members begin to generate these articles within the next 2 weeks.
 
Website Development
Digital Technology Incorporated (DTI) has quoted a cost of $35,000.00 for creation of a website consisting of 3 pages with a monthly maintenance fee of $700.00. Council agreed that the JSDA website would consist of approximately 4 to 5 pages with a log in feature for member institutions and this would add to the development cost. It was considered that the associated cost could be recovered from the sale of links to the websites of member institutions and promotional banners. The website would offer the following:
(a) Information Page with Mission and Vision Statements
(b) Monthly Newsletter Link
(c) Letters/Correspondence of interest from FSC
(d) Links to individual member institutions’ website
(e) Education type page
Ms. Schnoor agreed to arrange a meeting with DTI and the Secretariat for a tutorial on how to upload information and general maintenance of the website.
 
Market Analysis Report

The yield curve below is based on information gathered from 10 of the players in the market:

There is an indication of the current appetite for variable rate instruments among Broker-Dealers. A sampling of the current brokers within the market revealed an increase in trading activity particularly in the most recently issued GOJ instruments. It was noted that the Bid Rates in the JMMB Yield curve are above the levels at which securities are actually traded. However the midpoint has some marginal differences when compared to the JSDA Yield Curve.
JSDA COMPOSITE 14.53% 14.78% 15.08% 15.78% 18.38%

JMMB

MID-POINT
14.57% 14.72% 14.92% 15.61% 17.86%
ACTUAL TRADES 14.45% 14.55% 14.60% 14.65% N/A
 
Recent and current issues
 
April 26-29, 2005  May 10-13, 2005
GOJ FR INVESTMENT DEB. 2009 At         

GOJ VR INVESTMENT BOND Series M

    
Tenure: - 48 months Tenure: -  30 Months
Maturity date: - April 29, 200 Maturity date: - Nov. 13, 2010
Coupon - 14.625% p.a. Coupon: -  13.45%
Int. Pymnt. Freq. - Quarterly Reset: -  1.5% WATBY
Amount issued - $6.79 billion Int. Pymnt. Freq - Quarterly
    Offer volume - Unlimited
 
Consultancy
The FSC has indicated a willingness to join with the JSDA in this venture however, the engagement of the consultant should be through competitive tendering and they could not guarantee that PwC would be the consultants engaged to conduct the research. Council had contacted USAID regarding financial assistance to conduct the research but they advised that they have already allocated all their funds for this year. A similar request was made to CIDA who indicated that they do not fund such projects. It was noted that a possible window through JAMPRO Private Sector Development Programme may exist and it was decided that this would be followed up by the Secretariat.
 
Financial Services Commission
The FSC Securities Bulletin on Early Warning Tests was discussed at length and a sub-committee was formed to meet with Mr. George Roper of the FSC to discuss these concerns. Council will examine the FSCís Discussion Paper on Proposed Amendment to the Securities (Mutual Funds) Regulations and prepare feedback for discussion at the next Council Meeting.
 
Risk Management Seminar
A seminar on Risk Management will be hosted at the PSOJ Secretariat with presenter, Mr. Aaron Hou, Risk Manager, Jamaica Money Market Brokers. The seminar will be opened to the JSDA membership, free of cost.

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