Iton THE COUNCIL of the Jamaica Stock Exchange is ensuring a smooth transition in the recruitment and engagement of a successor to its general manager of 16 years, Wain Iton.
Mr. Iton's resignation which was announced on January 5, becomes effective April 6, 2004. The Council and Mr. Iton have agreed that he will remain as a consultant for an additional three months beyond the effective date of his resignation.
SOUND ACHIEVEMENTS
In a statement, JSE Chairman Roy Johnson has placed on record the Council's deep appreciation to Mr. Iton for his 16 years of dedicated service and sound achievements. "We commend him for his role in helping to bring about the modernisation of the Jamaica Stock Exchange, for paving the way towards a Caribbean market through the Regional Harmonisation Project, which he chaired, as well as for helping to strengthen public confidence in our market."
"During Mr. Iton's tenure, the Stock Exchange grew from a two day per week, paper-based, manual trading system handling about 6,500 transactions annually, with market capitalisation of about $4.3 billion, to a five-day, electronic trading platform and securities depository system, which last year processed close to 30,000 transactions, with market capitalisation of $292.3 billion.
LAYING THE FOUNDATION
"These accomplishments have contributed greatly towards laying the foundation upon which we can guide the Stock Exchange to even greater heights," Mr. Johnson said, "and we are delighted that we will be able to call on Mr. Iton's knowledge and experience as we go forward."
For his part, Mr. Iton emphasised that his leaving the Jamaica Stock Exchange was strictly a personal decision in keeping with his own career options.
"I am prepared to make myself available to the Council of the Stock Exchange as long as it may be necessary to recruit and effect a smooth transition to my successor as well as to ensure the continuity towards the greater achievements in store for the market and for our investors," He said.
FUTURE DIRECTIONS
Among the targets set by the JSE Council upon which the incoming general manager will be required to focus are:
The transformation of the Jamaica Stock Exchange from its present non-stock, not-for-profit, mutual organisation to a share issuing, for profit company with the possibility of being listed on the Jamaica and regional stock exchanges.
The completion and putting into effect corporate governance principles and standards for the Stock Exchange itself as well those that will be enforced for listed companies within the market.
The development and carrying out of a business model for the Stock Exchange that emphasises market development.
Stock Exchange business expansion through the implementation of a fixed income securities depository.
The support and furtherance of the continuing move towards a regional market.
