Barbados needs to build on its success in the offshore business sector as it seeks to establish an international securities market.
This is the view of attorney-at-law Dr Trevor Carmichael, who said Barbados had a culture and institutional framework that would enable it to benefit from internationalizing the trading of securities.
Barbados’ position “has been further enhanced by the professional connections which have been forged over a carefully guided development of the international business sector”, he said.
Carmichael made the comments as he delivered the feature address at the Barbados Stock Exchange’s 25th Anniversary Lecture and cocktail reception at the Frank Collymore Hall last Tuesday.
The legal expert in international business noted that law firms, hedge fund managers and investment counsel were some of the key actors who have long been successful as international service providers.
“The groundwork has been laid not only in having fashioned a very successful international business climate but also in making important advancements in the local stock market structure itself,” he stated.
The attorney noted that Barbados’ “response must be quick and all of the necessary legislative amending work needs to be fast-tracked using volunteer efforts where available and which will surely not compromise the plan but only add to its efficiency and speed”.
“We have to shame our professionals into volunteering for the national effort,” he remarked.
Carmichael said the case was also enhanced by the success stories of Bermuda, the Cayman Islands and the Channel Islands which leveraged their international business standing to successfully operate international securities markets.
