The Jamaica Stock Exchange (JSE) has launched the Social Enterprise Stock Market, which is an additional market under the JSE and will join the main market, the junior market and the US dollar market which are trading stock daily.
Five entities have so far been approved for trading on the exchange and these include, the Agency for Inner-City Renewal (AIR), Alpha School of Music, Choose Life International, DeafCan Coffee and Praise Jamaica.
It proposes is to initially establish a self-sustaining Jamaica Social Investment Exchange(JSIX) for the “Not for Profit” Sector and to establish in the second phase, as the upcoming legislation allows, the Equity or Impact Investment based model, the Jamaica Impact Investment Exchange(JIIX).
It will engage the Financial Sector and the entire economy of the country towards a greater good, which encompasses sustainable development with people at the centre, growing the Social Economy, which is now approximately 3.5% of Jamaica’s US$17B economy, largely comprising “Not for Profits” or NGOs.
Prime Minister Andrew Holness, who officially declared the exchange open on Tuesday night at the official opening of The Jamaica Stock Exchange Investments and Capital Markets Conference, said that these five companies, which can be described as social enterprises, have been vetted by the Jamaica Stock Exchange and approved to be listed.
Prime Minister Holness said that these companies are good entities which you can put your philanthropic giving and that he endorsed them, encouraging all Jamaicans to participate by giving to them.
In the meantime, the Prime Minister underscored the importance of having a robust stock market that can be used to address social and public interests as it ensures that each enterprise meets certain standards of accountability in both fiduciary and governance.
The Jamaica Social Stock Exchange (JSSE) is being pioneered by the Jamaica Stock Exchange (JSE), not just as a Corporate Social Responsibility (CSR) activity of the JSE, which it is initially, but is actually innovating the Financial Sector to the promotion of the Social Capital Markets.