Business

Proven acquires JSE member dealer license

Sunday, October 14, 2012    

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Proven Wealth has become the newest member dealer on the Jamaica Stock Exchange (JSE).

The company was awarded a dealer license last week, the JSE announced on Friday. The licence will allow Proven to partake in the full suite of opportunities presented on the stock exchange, including the ability to buy and sell listed securities on behalf of their clients or on their own behalf and bringing companies and listings to market, said the JSE.

"The stock exchange welcomes Proven Wealth as our newest member dealer and expects that they will bring new vibrancy and their own brand of energy to the market," said JSE general manager Marlene Street-Forrest.

Street-Forrest noted that it is the first license that has been issued by the JSE since it was demutualized in 2008.

"This licence issue is therefore a significant accomplishment, as the commercial arm of the JSE seeks to attract new listings to the market and grow the investor base," she said.

The licence makes Proven Wealth the JSE's 12th Member Dealer. The other dealers are: Barita Investments; Capital & Credit Securities; First Global Financial Services; JMMB Securities Limited; M/VL Stockbrokers; Mayberry Investments; NCB Capital Markets; Pan Caribbean Financial Services; Scotia Investments Jamaica; Stocks and Securities; and Victoria Mutual Wealth Management.

Proven Wealth CEO Chorvelle Johnson said the licence affords the company the opportunity "... to bring the high quality of service to the equities market that we have been delivering to the fixed income and the securities dealers' market; our goals are to bring new investors to the market and to increase and improve their portfolios."

Johnson added that it would be great to see fixed income instruments traded on the market and promised that Proven will be pushing for this to happen.

"We also feel that Foreign Direct Investments is not exclusive to brick and mortar, therefore part of the strategy Proven Wealth will be perusing is going aggressively after Frontier Funds and Emerging Market Funds to be a part of our listings," she said.

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