LIVINGSTONE Morrison officially assumed the role of chief executive officer at the Jamaica Stock Exchange (JSE) on September 8, 2025, succeeding Dr Marlene Street Forrest who retired after more than two decades at the helm.

Morrison brings a combination of regulatory experience, leadership roles in central banks, and nearly two decades of involvement with the JSE to the position which has been upgraded from that of a managing director to CEO.

“The role upgrade to CEO reflects a new chapter but continuity in our mandate and strategic direction,” said Morrison in his first detailed interview since assuming the post. He emphasised that the JSE’s strategic plan covering 2023 to 2027, which he helped shape as a JSE director, remains the foundation of the exchange’s work. The focus now is on execution and sequencing initiatives to deliver measurable value to shareholders and stakeholders in the shortest possible time.

Key ongoing projects include the introduction of trading in government securities, modernisation of trading technology platforms, and the development of a micro market, targeting a launch by April 2026. These initiatives are designed to broaden investor access and deepen market liquidity.

Morrison underlined the importance of balancing the JSE’s role as a market utility supporting the financial system’s stability with delivering shareholder value. “We have to ensure the utility remains strong and viable while also considering the interests of investment holders and dividend outcomes,” he explained.

Reflecting on his background, Morrison cited over 30 years at the Bank of Jamaica, including over a decade as Deputy Governor, where he oversaw payment systems development such as JAM-CLEAR and RTGS (Real-Time Gross Settlement). These infrastructures underpin the improvements in trading and settlement processes now seen at the JSE, including the dematerialisation of government securities.

“At the Bank, I drove initiatives to build payments and settlement systems that enhance financial stability. This expertise supports our current efforts to modernise trading in government securities and expand market functionalities,” Morrison stated.

Among planned expansions is the introduction of more sophisticated trading tools such as short selling, though these will carefully consider market readiness and regulatory frameworks. A key part of this involves stakeholder engagement, with active collaboration planned between government agencies, the Central Bank, brokers, investors, the Financial Services Commission, and global partners including the New York and Canadian stock exchanges and the Ghana Stock Exchange.

On innovation and capacity building, Morrison is conducting workshops and informal CEO luncheon meetings to gather insights from both senior and younger staff. He emphasised a team approach to leverage the extensive skills within the JSE. Innovation, as described by Morrison, involves operational efficiencies and smarter work methods rather than technology for its own sake.

The legacy of Dr Marlene Street Forrest’s leadership was acknowledged as a substantial platform, especially her role in transforming the exchange through demutualisation and establishing the Junior Market. This smaller market segment provides capital raising options for small and medium-sized enterprises (SMEs), a sector comprising over 90 per cent of Jamaican businesses, with clear capacity for growth.

“We are maintaining and building upon the foundations established under Dr Street Forrest,” Morrison said. “The growth in the Junior Market has been rapid, but there is ample opportunity to expand further and educate more market participants.”

His senior managers echoed the focus on market education and expanding participation. Andrea Kelly, general manager of the Jamaica Central Securities Depository, highlighted ongoing efforts to use the JSE’s eCampus platform to provide educational resources targeted at both institutional and individual investors. “Our programmes aim to ensure investors have the knowledge to effectively participate in the market,” Kelly remarked.

Andre Gooden, business development manager, explained the proactive outreach to companies to encourage listing and capital raising. “We are engaging viable enterprises to highlight how listing on the exchange can diversify financing options and attract a broader investor base.”

Chief Regulatory Officer Andrae Tulloch underscored the role of stakeholder engagement in regulatory matters. “Engagement helps address challenges that cannot be solved in isolation by the exchange alone,” Tulloch noted.

Neville Ellis, marketing and communications manager, pointed to the wide-ranging public education initiatives. “We have programmes from primary schools through to workplace outreach aimed at equipping Jamaicans with the knowledge and pathways to invest,” he stated.

In the broader economic context, Morrison acknowledged that market activity naturally fluctuates with economic cycles. However, he described the exchange as a utility ready to serve the market consistently by ensuring timely, transparent information dissemination. “Confidence in the exchange’s integrity and information is critical to market stability.”

Looking ahead to the new micro market and innovations in digital assets, Morrison noted infrastructure and regulatory preparations are advanced but stressed the importance of market readiness and stakeholder cooperation before full deployment.

In summary, Morrison’s early tenure focuses on delivering the 2023-2027 strategic plan through targeted project execution, strengthening the exchange’s infrastructure and educational programmes, and deepening stakeholder collaboration. While the JSE’s role as a financial market utility continues, emphasis remains on increasing market participation, diversifying products, and maintaining regulatory standards.

“The stock exchange continues on a path of steady transformation with a clear mandate to support Jamaica’s capital market development,” Morrison concluded. “There is continuity in our strategy and leadership approach, with sustained commitment to delivering value and improving market function.”

JSE, holding CEO luncheons to gather insights and foster a culture where “innovation means working smarter”. (Photo: Karl Mclarty)

Dr Marlene Street Forrest, CD, who concluded her tenure as managing director of the Jamaica Stock Exchange (JSE) in September 2025, after more than two decades of “exceptional and transformative leadership”. Her trailblazing legacy includes the demutualisation of the JSE and the establishment of the Junior Market, for which she will be conferred with the Order of Jamaica.

Steven Whittingham, chairman of the Jamaica Stock Exchange (JSE) Board, who led the transition to new leadership. On the appointment of Livingstone Morrison as CEO, Whittingham stated: “His strategic insight, regulatory depth, and unwavering commitment to Jamaica’s economic progress make him ideally positioned to lead the JSE into its next chapter.”

The Jamaica Stock Exchange headquarters in Kingston