We would like to thank you for your contribution and support throughout the year 2008 and wish for you a prosperous and productive 2009.

From the President’s Desk

FINANCIAL SERVICES COMMISSION(FSC)

The JSDA/FSC quarterly meeting that was scheduled for 11 December 2008 was postponed to facilitate the attendance of the new Executive Director who will join the FSC on 5 January 2009.

BANK OF JAMAICA (BOJ)

National Payments System

There are some uncertainties surrounding the treatment of REPO transactions and the Payment Systems and concerns with respect to how broker dealers who are not Primary Dealers will conduct settlement with the CSD.These concerns are being brought to the attention of the Central Bank.

The JSDA Sub-Committee is currently preparing a paper which will present a case to the BoJ for the provision of intraday liquidity for Primary Dealers.

ALTERNATIVE CAPITAL ADEQUACY MODEL (MARGIN R)

The Secretariat made an initial payment of J$1.0m to JMMB to partially compensate the institution for its development of the Margin R Model. Members are urged to submit their contribution towards this project as soon as possible.

The relevant JSDA team will meet with the FSC/IMF team to discuss the Regulator’s formal endorsement of the Model.

JSDA PUBLIC EDUCATION PROGRAMME

The JSDA Marketing Committee has recommended that the JSDA host Quarterly Breakfast Press Briefings as a part of its public education drive.

INSTITUTE OF CHARTERED ACCOUNTANTS OF JAMAICA (ICAJ)

The JSDA and ICAJ are in discussions regarding the Association’s move towards establishing a local composite curve.ICAJ has indicated that the development of a yield curve is urgently needed.