Trinidad and Tobago Stock Exchange

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 Commission[1].

The TTSE is located at the Nicholas Tower building on Independence Square in Port of Spain.

See also

• Economy, Economy of Trinidad and Tobago, Trinidad and Tobago, Trinidad and Tobago dollar
• Barbados Stock Exchange
• Eastern Caribbean Securities Exchange
• Guyana Stock Exchange
• Jamaica Stock Exchange

External links

• Trinidad and Tobago Stock Exchange - official website