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Untitled Document

JSDA Council Bulletin (February 09, 2009)


 

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

From the President’s Desk

FINANCIAL SERVICES COMMISSION(FSC)

The JSDA Officers attended an introductory meeting with the new Executive Director of the FSC, Mr. Rohan Barnett, on January 21.Another meeting with the FSC was convened on February 6 and discussions held on the following issues:

·Unit Trust

·National Payment Systems (CSD & RTGS)

·Foreign Exchange Transactions

·Issues related to the Sophisticated Investor

·Capital Standards (Margin R)

·FSC Fees

Mr. Rohan Barnett has pledged to allocate the resources of the FSC towards resolving the Unit Trust issue.

BANK OF JAMAICA (BOJ)

National Payments Systems

A CSD/RTGS Question & Answer document has been circulated to the membership.Of note, intraday liquidity will now be provided to all participants of the RTGS ‘via bilateral collateral arrangements in which a 25% market value ‘haircut’ will be applied to the collateral.’With respect to the treatment of REPO’s in the CSD, the JSDA Sub-Committee is proposing that ‘Broker/Dealers consider setting up Trust Companies or other forms of Special Purpose Vehicles with TRNs as the sole entity holding securities for their retail clients in the CSD, using the pledge option;’ and that ‘Broker/Dealers create individual accounts in the CSD for their institutional clients and counter parties (other broker/dealers) and utilize the pledge option for these trades.’The BoJ will be dispatching schedules for the immobilization of existing securities.

ALTERNATIVE CAPITAL ADEQUACY MODEL

The IMF has expressed some concerns with respect to the Margin R model.The JSDA Sub-committee should meet with the relevant parties to address the concerns.

JSDA PUBLIC EDUCATION PROGRAMME

Publication of Industry Data

The structure for the publication of the industry data will take the form of a simplified balance sheet.The Sub-Committee will meet to develop a draft/template which will be sent to the Council for review.It is estimated that the cost for publication will be approximately $250,000.00.Discussions to this end are currently ongoing with the Herald and the Gleaner.

Marketing Plan

The membership has proposed that the Association invite Mr. Rohan Barnett, Executive Director of the FSC to be the guest speaker at the JSDA annual members’ luncheon.Members are being encouraged to invite their clients to the function.

BUSINESS ENVIRONMENT

The dialogue with ICAJ with respect to the development of the yield curve continues.The yield curve for December 2008 will be released shortly.

GENERAL

Development of a Code of Conduct for JSDA Members

The President has proposed that there should be a code of conduct for the Association which would include, inter alia, standards/eligibility for membership.


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