The Jamaica Stock Exchange Limited

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What it is

The Jamaica Stock Exchange is engaged in the regulation and operation of a stock exchange and the development of the stock market in Jamaica — it performs the twin role of regulating participants in the market and operating the platform on which that market trades.

It operates through four business lines: Exchange operations, Depository Services, Investments, and Trustee Services. Depository Services handles the transfer and holding of securities, shares, stocks, bonds, and debentures, as well as registrar services.

Incorporated in 1968 and opened in 1969 in Kingston, the JSE is today one of the largest stock exchanges in the Caribbean by size and market capitalisation. In 2008, the exchange demutualised — separating regulatory from commercial functions — and became a listed company on its own Main Market.

The JSE has been recognised by Bloomberg as the world’s best-performing stock market for 2015 and 2018.

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Who owns it

After demutualisation, the JSE is widely held by Jamaican institutional and retail investors; a single controlling shareholder or block has not been disclosed in available sources. The company has 701,250,000 shares in issue.

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Who runs it

Steven Whittingham was appointed Chairman of the Jamaica Stock Exchange in 2024. He is also Chief Executive Officer of the GraceKennedy Financial Group.

Livingstone Morrison became CEO of the Jamaica Stock Exchange on 8 September 2025, succeeding Dr. Marlene Street Forrest. Morrison is a chartered accountant, former deputy governor of the Bank of Jamaica, and served the JSE for years as a director, former deputy chairman, and former chair of the exchange’s Regulatory and Market Oversight Committee.

The CFO of the JSE is not disclosed in available sources. The CEO role itself was simultaneously upgraded from Managing Director to CEO as part of the leadership transition.

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The money, in plain words

For the twelve months ended 31 December 2024, the JSE reported revenue of JMD 2.66 billion (USD 17.0m), a 22% increase over the prior year. Net profit for the period was JMD 496.02 million (USD 3.17m), a 19% increase from JMD 416 million in 2023.

It kept about 19 cents of profit from every Jamaican dollar of revenue — a net profit margin of 18.6% (our calculation), solid for a small exchange. The largest single income source was fee income, which reached JMD 1.96 billion (USD 12.5m), up 15% year-on-year.

A levy on transactions called “Cess” jumped 62% to JMD 521.78 million (USD 3.33m) — a sign the market itself was busier, since this charge rises with trading volumes. On the cost side, staff costs rose 16% to JMD 815.24 million (USD 5.20m), while property costs climbed 11% to JMD 378.01 million (USD 2.41m).

At a share price of JMD 13.10, the stock carried a price-to-earnings ratio of 18.5× — meaning investors were paying JMD 18.50 for each JMD 1 of annual profit, a modest premium for a regulated infrastructure business. Total assets stood at JMD 3.39 billion (USD 21.6m).

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What it is doing now

The most recent material move was a full leadership succession: after more than two decades, Dr. Marlene Street Forrest stepped down and Livingstone Morrison took over as CEO on 8 September 2025. Street Forrest’s legacy includes the demutualisation of the JSE and the founding of the Junior Market — the smaller-company segment — for which she received the Order of Jamaica.

Outstanding on the agenda are plans to introduce short-selling, digital or tokenised assets, and the trading of foreign stocks on the exchange. Morrison has pointed to the Junior Market as an area of particular opportunity, given that over 90% of Jamaican businesses are small and mid-sized enterprises.

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What to watch

• Volume dependency: The Cess levy’s 62% jump in 2024 shows that revenue is closely tied to trading activity — a quieter market compresses income fast.
• Cost creep: Staff and property costs are both rising faster than fee income; if revenue growth moderates, margins will feel the squeeze.
• New markets: Progress on short-selling, foreign-stock listings, and tokenised assets would open structurally new revenue pools and signal whether Morrison can shift the exchange from infrastructure utility toward growth platform.
• Ownership transparency: Specific shareholder block percentages are not publicly disclosed; any disclosed anchor investor or cross-holding would change the governance picture.

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This is news, not investment advice.