Left: Hilary Phillips Qc, named chair of the JSE's new market regulatory committee. Right: Marlene Street-Forrest remains JSE general manager in charge of the commercial operations. - File photos

The Jamaica Stock Exchange (JSE) has reformulated itself into two divisions in a split-off of its regulatory functions from the commercial side of the operations that took effect Tuesday.

It is one of the most tangible steps yet in the process of demutualisation to public owner-ship, broadening the company's ownership beyond the narrow confines of the 11 brokerage houses that are now its shareholders.

"This is one in a series of changes that will be made in the first half of 2008," said a JSE statement announcing the new-look exchange whose base is at Harbour Street, Kingston.

JSE chairman Curtis Martin said the new structure was modelled off the New York Stock Exchange.

"We are only taking a tried and proven leaf from their book," he said.

Under the new structure, JSE general manager Marlene Street-Forrest continues to report to the JSE board, but only in relation to the operation of the exchange as a business.

Her portfolio includes product and service development, or more precisely income generating activities.

The more fundamental changes at the exchange relate to its regulatory functions.

Wentworth Graham assumes the newly created post of chief regulatory officer, in charge of the expanded market regulatory division.

Portfolio

Graham's portfolio spans market regulation, but he will continue to have responsibility for marketing and trading, which means he will be the overseer of listed companies to ensure compliance with trading and other rules of the exchange.

Graham, whom the JSE says has some ten years in the business, will now answer directly to a four-member Regulatory and Market Oversight Committee chaired by Hilary Phillips, QC, a member of the Jamaica Bar Association.

He was previously answerable to Street-Forrest as assistant general manager in charge of the marketing operations and trading department.

"These changes are geared towards improving the JSE's regulatory standards and efficiency," said the exchange.

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