Dennise Williams, Staff Reporter
Keith Duncan, president and chief executive officer of JMMB Ltd.
AS JAMAICA Money Market Brokers (JMMB) continues its expansion plans outside the island, the company recently launched a new product locally aimed at euro investors.
JMMB's new marketing manager, Marguerite Cremin, explained to the Financial Gleaner that, "We have introduced the Euro Save Smart and Sure Investor products to our suite of products to further enhance our clients' ability to achieve currency diversification. This product is excellent for individuals who want to diversify across currencies, but also believe that the U.S. dollar is losing its appeal as the international store of value."
Currently, only a handful of brokerage houses offer euro money market products, with NCB Capital Market's Euro Repo as one example.
INTEREST RATES
In terms of interest rates on the products, Ms. Cremin said, "Interest rates range from 3.05 per cent to 5.45 per cent, depending on the value and duration of the investment. One can lock in rates for 30, 60, 90,180, 270 or 365 days at different interest rates."
Additionally, Ms. Cremin hinted at new products on the horizon. "Since November, the team has been working on several new products that JMMB will use to bring real excitement to the market."
Looking back at JMMB's Central American expansion plans, Keith Duncan, group chief executive, said that his company's first objective is to establish a presence in the Dominican Republic.
Mr. Duncan went on to explain that in terms of Costa Rica, "We are doing exploratory work downthere; our due diligence continues. So right now we are focused on recruiting staff in the Dominican Republic."
He continues, "In terms of expansion to North America, we haven't submitted documentation to the regulators but establishing offices there is a part of our 2025 Strategic Vision."
Ms. Cremin explained that JMMB's vision is to have the company traded on the Jamaica Stock Exchange, Caribbean exchanges, NASDAQ and other international exchanges by 2025. The goal is for the company to be a market leader internationally and to have it listed among the Fortune 500 companies by then.
