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Caribbean
Development Bank (CDB)
The Caribbean Development Bank (CDB) was established by the Agreement
which was signed on October 18, 1969, at Kingston, Jamaica, and
entered into force on January 26, 1970, for the purpose of contributing
to the harmonious economic growth and development of the member
countries in the Caribbean and promoting economic cooperation and
integration among them, having special and urgent regard to the
needs of the less developed members of the region. |
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Commonwealth
Secretariat
The Commonwealth is a voluntary association of 54 sovereign
states, which work together to achieve international goals. Spread
over every continent and ocean, the Commonwealth's 1.7 billion people
make up 30% of the world's population. Emphasizing equality, trust
and understanding, the Commonwealth facilitates the advancement
of democracy, human rights and sustainable economic and social development
within its member countries and beyond. With a common working language
and similar systems of law, public administration and education,
the Commonwealth has built on its shared history to become a vibrant
and growing association of states in tune with the modern world.
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Eastern
Caribbean Central Bank (ECCB)
The Eastern
Caribbean Central Bank, (ECCB) is the monetary authority for the
eight Eastern Caribbean islands of Anguilla, Antigua and Barbuda,
Dominica, Grenada, Montserrat, St Kitts and Nevis, St Lucia and
St Vincent and the Grenadines. Established in 1983, the ECCB is
headquartered in Basseterre St Kitts. It is one of four multi-state
central banks in the world.
The
Bank’s core purposes are:
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To regulate the availability of money and credit;
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To promote and maintain monetary stability;
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To promote credit and exchange conditions and a sound financial
structure conducive to the balanced growth and development of
the territories of the participating governments, and
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To actively promote, through means consistent with its objectives,
the economic development of the territories of the participating
governments.
These
are intended to support the efforts of member governments in advancing
economic development and improving the well being of the peoples
of the countries. While the first two objectives focus on the
management of the currency and monetary policy, the second two
speak to issues of supervision and regulation, the development
of money and capital markets as well as the Bank’s catalytic
role in the economic development of member states.
The
ECCB issues and manages a common currency for the area, the Eastern
Caribbean dollar, with a fixed exchange rate pegged at EC$2.70
to US$1.00, since July 1976. The Central Bank has the sole right
to issue notes and coins in its member countries.
It serves as a banker to its participating governments as well
as to the commercial banks operating in the area. Governments
maintain accounts with the Central Bank through which transactions
are processed. Loans may be made to participating governments
in the form of advances or through the purchase of treasury bills,
but the Agreement sets limits on the amounts of credit that can
be extended. Commercial banks also maintain accounts with the
Central Bank to satisfy statutory reserve requirements, to facilitate
inter-bank transactions and as a means of holding excess funds.
The Central Bank may also grant advances to commercial banks to
meet short- term needs.
Formulation
of monetary policy is the primary responsibility of the Monetary
Council. The Governor of the Bank reports to the Monetary Council
on monetary and credit conditions, and receives from the Council
directives and guidelines on matters of monetary and credit policy.
The Board of Directors is responsible for the policy and general
administration of the Bank.
The
Bank’s role of promoting a sound financial system is achieved
through prudential surveillance of the financial system, supported
by research activities and the promotion of initiatives to effect
supervisory and regulatory policies. The ECCB supervises and regulates
the operations of commercial banks. The objective here is to safeguard
the interest of depositors and to build up and maintain a sound
financial system. In keeping with this the Bank undertakes research
and monitors institutional developments to identify possible threats
to domestic financial stability.
In
fulfilment of its mandate to promote credit and exchange conditions
conducive to the balanced growth and development of the economies
of the territories of the participating governments, the Bank
is actively engaged in the development of money and capital markets.
Among its initiatives to date are the establishment of the Eastern
Caribbean Home Mortgage Bank in 1994, The Eastern Caribbean Institute
of Banking in 1996, the Eastern Caribbean Securities Exchange
in 2001 and the Regional Government Securities Market in 2002.
The Bank is currently developing two other institutions - the
Eastern Caribbean Enterprise Fund and the Eastern Caribbean Unit
Trust.
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Eastern
Caribbean Securities Exchange (ECSE)
The
ECSE is a regional electronic securities exchange designed to
facilitate the buying and selling of financial products, including
corporate stocks and bonds and government securities. Unlike traditional
exchanges that only provide a secondary-trading platform, the
ECSE offers both primary and secondary trading platforms, creating
a single focal point for all securities activities. The derived
benefits of this design include greater efficiencies and economies
of scale as well as an innovative way of raising capital. The
ECSE is the first regional exchange in the Western Hemisphere.
The ECSE is the region’s first market
of its kind in terms of market access, order execution and reporting
as well as trade settlement transcending across national boundaries.
The sophisticated nature of its trading system allows for automated
processing of orders from brokers located remotely in any of
the countries that form part of its market. The ECSE is set
up as a for-profit corporation. The ECSE’s two subsidiaries,
the Eastern Caribbean Central Securities Depository (ECCSD)
and the Eastern Caribbean Central Securities Registry (ECCSR)
ensure an efficient registration and post-trade processing environment.
Clearing and settlement functions are performed by the ECCSD
and the registration of securities holders and processing of
corporate actions on behalf of issuers are done by the ECCSR.
Since trading and post trading activities are fully electronic,
financial intermediaries are able to trade securities and settle
positions, in an equitable, secure and reliable manner from
remote workstations. Settlement takes place at T+1, that is,
one day after trade date. This timely settlement cycle greatly
diminishes the risk of settlement default. In keeping with the
state-of-the-art nature of this market, securities in the ECSE
market are held in an un-certificated form. This means that
there are no physical securities certificates. Securities holders’
records are maintained electronically at the registry.
The central
vision of the ECSE is to employ its unparalleled technological
resources to link pools of liquidity for the region’s
corporate sector and government issuers. The logic of this vision
leads to regional linkage. The benefits are significant for
all market participants. By connecting investors and issuers
across the broader Caribbean, the ECSE aims to be the pivotal
institution driving the creation of a single securities market
in the CARICOM region.
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Global
Corporate Governance Forum
Co-founded by the World Bank and the Organisation for Economic
Co-operation and Development (OECD), the Global Corporate Governance
Forum is an advocate, a
supporter, and a disseminator of high standards and practices
of corporate governance worldwide, especially in developing countries
and transition economies. Through its co-founders and other donors,
including the governments
of India, Luxembourg, the Netherlands, Norway, Sweden, Switzerland,
the United Kingdom, and the United States, the Forum brings together
developed and developing countries. It taps the private sector
through its close working relationship with the International
Finance Corporation, and the Forum's own Private Sector Advisory
Group of international business leaders, investors, and
professionals. The Forum's work program was launched in 2002 in
Monterrey, Mexico at the Financing for Development meetings organized
by the United
Nations. |
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