Trinidad and Tobago Stock Exchange
Encyclopedia
The Trinidad and Tobago Stock Exchange (TTSE) is the main stock exchange in the Republic of Trinidad and Tobago
. Currently the leading stock exchange in the Caribbean
region (by market capitalization), the Trinidad and Tobago stock exchange caters mostly to the strong financial position of many indigenous companies incorporated in Trinidad and Tobago. As a member-state of CARICOM
several companies from Barbados
, Jamaica
, and the Eastern Caribbean Securities Exchange
also cross-list their stocks onto the Trinidad and Tobago Stock Exchange.
The TTSE has experienced some slowdown, both in terms of activity and listings, within the last decade, stemming from legislation which restricted institutions from holding more than 10% of their portfolio in any single company's shares. The Global Recession (2007-2010) has also contributed to a depressed state of liquidity, listings and pricing on the TTSE.
As of May 2011 the TTSE Market Capitalization was estimated at TT$83.5 billion (US$13 billion), with conglomerates and financial institutions accounting for the vast majority of value. The companies with the greatest capitalisation on the exchange were Republic Bank
(RBL) and First Caribbean International Bank (FCIB), both with capitalisations of approximately TT$13.7 billion (US$2.1 billion) each. The combined value of these two companies account for just under 33% of the entire value of the TTSE.
The energy sector of Trinidad and Tobago, which is the main driver of the economy and the major source of revenue for the country, is poorly represented on the TTSE, with only the minor oil company, Moraven Holdings (MOV) and National Enterprises (NEL) offering any access to the local energy market. NEL is a government holding company which holds the state owned shares of the National Gas Company of Trinidad and Tobago, Atlantic LNG (Trinidad and Tobago), TRINGEN (ammonia production) and the National Flour Mills (NFM), which in itself is separately listed on the exchange.
Over the last four years, successive Ministers of Finance have mooted the idea to have large, successful state agencies list on the TTSE. These entities include, but are not limited to First Citizen's Bank, Petrotrin
, Hilton Trinidad and the Unit Trust Corporation of Trinidad and Tobago. There have also been calls to have NEL divested into it's individual entities and have these entities listed separately. In addition, suggestions have been made for large multinationals operating in Trinidad and Tobago to list depository receipts to allow wider national participation in these companies. Such companies include British Petroleum (Trinidad and Tobago Ltd), Mittal Steel and Repsol (Trinidad and Tobago Ltd). As a result of the sale of RBTT Holdings to the Royal Bank of Canada
in a cash and share deal in the late 2000s, a significant number of RBC shares are held by former shareholders of RBTT Holdings, which, at the time of its delisting, was one of the widest held shares on the TTSE.
The Trinidad and Tobago Stock Exchange falls under the jurisdiction of the Trinidad and Tobago Securities and Exchange Commissionhttp://www.ttsec.org.tt/.
The TTSE is located at the Nicholas Tower
building on Independence Square
in Port of Spain.
Trinidad and Tobago
Trinidad and Tobago officially the Republic of Trinidad and Tobago is an archipelagic state in the southern Caribbean, lying just off the coast of northeastern Venezuela and south of Grenada in the Lesser Antilles...
. Currently the leading stock exchange in the Caribbean
Caribbean
The Caribbean is a crescent-shaped group of islands more than 2,000 miles long separating the Gulf of Mexico and the Caribbean Sea, to the west and south, from the Atlantic Ocean, to the east and north...
region (by market capitalization), the Trinidad and Tobago stock exchange caters mostly to the strong financial position of many indigenous companies incorporated in Trinidad and Tobago. As a member-state of CARICOM
Caribbean Community
The Caribbean Community is an organisation of 15 Caribbean nations and dependencies. CARICOM's main purposes are to promote economic integration and cooperation among its members, to ensure that the benefits of integration are equitably shared, and to coordinate foreign policy...
several companies from Barbados
Barbados
Barbados is an island country in the Lesser Antilles. It is in length and as much as in width, amounting to . It is situated in the western area of the North Atlantic and 100 kilometres east of the Windward Islands and the Caribbean Sea; therein, it is about east of the islands of Saint...
, Jamaica
Jamaica
Jamaica is an island nation of the Greater Antilles, in length, up to in width and 10,990 square kilometres in area. It is situated in the Caribbean Sea, about south of Cuba, and west of Hispaniola, the island harbouring the nation-states Haiti and the Dominican Republic...
, and the Eastern Caribbean Securities Exchange
Eastern Caribbean Securities Exchange
The Eastern Caribbean Securities Exchange is the first regional securities market in the Western Hemisphere and a regional Stock exchange, established by the Eastern Caribbean Central Bank to serve the eight member territories of Anguilla, Antigua and Barbuda, Dominica, Grenada, Montserrat, Saint...
also cross-list their stocks onto the Trinidad and Tobago Stock Exchange.
The TTSE has experienced some slowdown, both in terms of activity and listings, within the last decade, stemming from legislation which restricted institutions from holding more than 10% of their portfolio in any single company's shares. The Global Recession (2007-2010) has also contributed to a depressed state of liquidity, listings and pricing on the TTSE.
As of May 2011 the TTSE Market Capitalization was estimated at TT$83.5 billion (US$13 billion), with conglomerates and financial institutions accounting for the vast majority of value. The companies with the greatest capitalisation on the exchange were Republic Bank
Republic Bank
Republic Bank is a leading bank and financial service provider in Trinidad and Tobago and one of the largest in the Eastern Caribbean. It has branches in Grenada, Guyana, Barbados, and offshore banking operations incorporated in the Cayman Islands...
(RBL) and First Caribbean International Bank (FCIB), both with capitalisations of approximately TT$13.7 billion (US$2.1 billion) each. The combined value of these two companies account for just under 33% of the entire value of the TTSE.
The energy sector of Trinidad and Tobago, which is the main driver of the economy and the major source of revenue for the country, is poorly represented on the TTSE, with only the minor oil company, Moraven Holdings (MOV) and National Enterprises (NEL) offering any access to the local energy market. NEL is a government holding company which holds the state owned shares of the National Gas Company of Trinidad and Tobago, Atlantic LNG (Trinidad and Tobago), TRINGEN (ammonia production) and the National Flour Mills (NFM), which in itself is separately listed on the exchange.
Over the last four years, successive Ministers of Finance have mooted the idea to have large, successful state agencies list on the TTSE. These entities include, but are not limited to First Citizen's Bank, Petrotrin
Petrotrin
Petrotrin, the Petroleum Company of Trinidad and Tobago is the major State-owned oil company in Trinidad and Tobago. The company was established in 1993 by the merger of Trintopec and Trintoc, two state-owned oil companies. A third company, Trinmar was later merged into the company...
, Hilton Trinidad and the Unit Trust Corporation of Trinidad and Tobago. There have also been calls to have NEL divested into it's individual entities and have these entities listed separately. In addition, suggestions have been made for large multinationals operating in Trinidad and Tobago to list depository receipts to allow wider national participation in these companies. Such companies include British Petroleum (Trinidad and Tobago Ltd), Mittal Steel and Repsol (Trinidad and Tobago Ltd). As a result of the sale of RBTT Holdings to the Royal Bank of Canada
Royal Bank of Canada
The Royal Bank of Canada or RBC Financial Group is the largest financial institution in Canada, as measured by deposits, revenues, and market capitalization. The bank serves seventeen million clients and has 80,100 employees worldwide. The company corporate headquarters are located in Toronto,...
in a cash and share deal in the late 2000s, a significant number of RBC shares are held by former shareholders of RBTT Holdings, which, at the time of its delisting, was one of the widest held shares on the TTSE.
The Trinidad and Tobago Stock Exchange falls under the jurisdiction of the Trinidad and Tobago Securities and Exchange Commissionhttp://www.ttsec.org.tt/.
The TTSE is located at the Nicholas Tower
Nicholas Tower
Nicholas Tower, situated on Independence Square, Port of Spain, Trinidad and Tobago is the second tallest building in Trinidad and Tobago, as well as in the English-speaking Caribbean. It has an elliptical floor plate and stands 21 floors tall and 88 Meters high. Construction was completed in 2003...
building on Independence Square
Independence Square (Port of Spain)
Independence Square lies near to southern end of Port of Spain, Trinidad and Tobago. Formerly named Marine Square, it was re-named in honour of Trinidad and Tobago's independence from the United Kingdom in 1962. The Square runs from east to west and is bounded on the north side by King Street...
in Port of Spain.
See also
- EconomyEconomicsEconomics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek from + , hence "rules of the house"...
, Economy of Trinidad and TobagoEconomy of Trinidad and TobagoTrinidad and Tobago has earned a reputation as an excellent investment site for international businesses and has one of the highest growth rates and per capita incomes in Latin America. Recent growth has been fueled by investments in liquefied natural gas , petrochemicals, and steel. Additional...
, Trinidad and TobagoTrinidad and TobagoTrinidad and Tobago officially the Republic of Trinidad and Tobago is an archipelagic state in the southern Caribbean, lying just off the coast of northeastern Venezuela and south of Grenada in the Lesser Antilles...
, Trinidad and Tobago dollarTrinidad and Tobago dollarThe dollar is the currency of Trinidad and Tobago. It is normally abbreviated with the dollar sign $, or alternatively TT$ to distinguish it from other dollar-denominated currencies. It is subdivided into 100 cents... - Barbados Stock ExchangeBarbados Stock ExchangeThe Barbados Stock Exchange or BSE is Barbados' main stock exchange. Its headquarters are in the capital-city Bridgetown.The Barbados Stock Exchange is among the four major regional Caribbean stock exchanges. The other three being the exchanges of Jamaica, the Eastern Caribbean, and Trinidad and...
- Eastern Caribbean Securities ExchangeEastern Caribbean Securities ExchangeThe Eastern Caribbean Securities Exchange is the first regional securities market in the Western Hemisphere and a regional Stock exchange, established by the Eastern Caribbean Central Bank to serve the eight member territories of Anguilla, Antigua and Barbuda, Dominica, Grenada, Montserrat, Saint...
- Guyana Stock ExchangeGuyana Stock ExchangeThe Guyana Stock Exchange is the newest exchange in the Caribbean Community bloc of countries. Trading began June 30, 2003 and takes place weekly via word of mouth on the trading floor supported by an electronic limit order book. Several companies in Trinidad and Tobago have considered...
- Jamaica Stock ExchangeJamaica Stock ExchangeThe Jamaica Stock Exchange is the principal stock exchange of Jamaica. It is known as the JSE. It was founded in 1968 in Kingston, Jamaica and its current executive chairman is Mr Roy Johnson....
External links
- Trinidad and Tobago Stock Exchange - official website