Who We Are
The Eastern Caribbean Securities Exchange (ECSE) is a fully electronic regional exchange that was promoted by the Eastern Caribbean Central Bank (ECCB), as a part of a programme to develop money and capital markets in the Eastern Caribbean Currency Union (ECCU). The ECSE, was launched in October 2001, along with two subsidiaries, the Eastern Caribbean Central Securities Registry (ECCSR) and the Eastern Caribbean Central Securities Depository (ECCSD), to provide the infrastructure for the trading, clearance and settlement of financial assets on the Eastern Caribbean Securities market (ECSM) and, subsequently, the Regional Government Securities Market (RGSM).
The markets were developed in response to identified gaps in the financial infrastructure in the Eastern Caribbean Currency Union (ECCU), where financial intermediation was based primarily on bank financing, leading to a bank-centric financial system. Additionally, there were limited investment opportunities, inadequate pricing and distribution mechanisms for securities, and minimal capital flows across ECCU.
The ECSE and markets it hosts were expected to lead to more efficiency in the mobilisation and allocation of resources, which would contribute to a reduction in the cost of raising capital and an increase in the returns to investors. Specific objectives included:
- The efficient mobilisation and allocation of financial resources for productive purposes
- The provision of organised avenues for foreign investment via linkages to the international markets, as well as, access to international savings
- The reduction of over-dependence on debt financing for production and business activity; and
- The provision of mechanisms and tools for the conduct of effective monetary policy.
To achieve these objectives, a number of design choices were adopted to contend with the geographic realities of the ECCU, as a multi-state region. What emerged, therefore, is a modern, state-of-the-art regional exchange built to embody some of the most technologically advanced securities market features. The ECSE is the first fully electronic regional securities market in the entire Western Hemisphere. It operates in a fully dematerialised environment; trades are settled on a one day after trade (T+1) cycle and cleared on a delivery against payment (DVP) basis.
To provide the Eastern Caribbean Currency Union (ECCU) with an accessible market place in which to issue and trade securities, to clear and settle trades, and to register companies in a transparent, seamless, confidential and secure manner
To be the medium of choice for wealth creation and capital‑raising in the Eastern Caribbean Currency Union.