The Bank of Jamaica (BOJ) has announced that Jamaican Government securities will no longer be available in paper form as of May 1, the date now agreed for the launch of the new fixed-income central-securities depository (CSD).

"All securities issued as of that date will be in electronic form as paper certificates will no longer be provided," the central bank said in a statement Friday.

The CSD will become the central clearing house for all securities issued by both the Government and the BOJ. It will also become the settlement unit and custodian of issued securities.

A public forum to explain the new system to investors is set for Monday, April 27, 10:00 a.m., at the central bank's auditorium.

The depository will be owned and operated by the BOJ. Its administration will fall to the Electronic Securities Depository Department (ESDD) of the central bank.

"... It is expected that the implementation of the CSD will increase efficiency in the Government debt-securities market while eliminating the risk associated with paper-based securities," said the central bank.

BOJ deputy governor Living-stone Morrison, a chief architect of the new system, will open Monday's forum.

business@gleanerjm.com