Executive chairman of the Jamaica Stock Exchange, Roy Johnson says that more discussions and evaluations were needed on the effects that the Caribbean Single Market and Economy (CSME) will have on capital market stakeholders in the Caribbean.

This issue, he says, will be one of the many topics highlighted at next year's Jamaica Stock Exchange (JSE) inaugural Regional Conference on Investments and the Capital Market. The Jamaica Stock Exchange in collaboration with the international firm of Oppenheimer and Company Inc will be hosting the conference, which will run from January 17 to 19, 2006 at the Half Moon Club, Rose Hall, Montego Bay.

The Jamaica Observer is one of the sponsors.

"...We are concerned that although the CSME agenda has advanced significantly there has probably not been enough discussion and analysis of the ultimate impact of the region's capital markets," Johnson said speaking at the press briefing in Montego Bay yesterday.

He added, "Caricom has drafted and circulated a financial services agreement which is aimed at providing a formal framework for harmonisation and conversions of financial services in the region. We believe the impact of this financial services agreement and its impact on the development of the capital markets need to be very clearly understood by all the stakeholders who are concerned."

At the same time the JSE boss charged that there was not enough understanding of the likely CSME impact for market actors to "properly position themselves".

Noting that the CSME was a tool to be used for development and growth in the region, Johnson charged that if the region did not know how to use the 'tool' it would not benefit from the birth of the CSME.

He, however, gave an assurance that the JSE was positioned to engage in discussions in developing practical strategies for the utilisation of the CSME to achieve growth in the region, through the development of the region's capital markets.

Additionally, Johnson argued that there was a need for concerted regional commitment - and not lip service - to developing strategies for the realisation of a regional stock market.

"While there has been calls from various segments of stakeholders, there needs to be a frank and open consideration of the issues and a detailing of what various stakeholders groups need to bring to the table in order for this to be accomplished in a specified time".

The JSE boss acknowledged that market players had been taking steps in their individual territories towards the development of their capital market, but said that in order to grow, the entire region should be encompassed "to attract more capital to our market".

"If we are to survive the stormy and challenging financial seas ahead I believe it would be better to be a seaman on a large ship than the captain of our own small canoe. We need to look beyond our own individual market. We need to broaden the discussion and speak about capital markets in the region".

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