The Stock Exchange
The TTSE was formally opened on October 26th, 1981 with 37 listed securities, becoming the second Stock Exchange in the CARICOM region after Jamaica.
The TTSE was established under the provisions of the Securities Industry Act 1981, which was later repealed and replaced by the Securities Industry Act 1995, and thereafter by the Securities Act, Chap. 83:02.
The Stock Exchange is the nation’s centralized market place for the buying and selling of shares, bonds and other securities. In addition to increasing the investment options available to investors, it also provides a mechanism through which companies can raise capital for expansion purposes by issuing stocks and bonds.
1. Investors can gain access to ownership in some of the largest and most profitable local and regional companies. Shareholders have the right to vote on certain company decisions and attend Annual General Meetings.
2. Investors can earn additional income from dividends and interest payments.
3. Investing can grow your wealth over time as share prices rise.
4. Shares can be used as collateral for loans from financial institutions.
1. Supports national economic growth by helping local companies raise capital to expand operations, invest in technology, and create local jobs.
2. Encourages entrepreneurship and private-sector development by providing local and regional businesses — including SMEs — with an alternative to bank financing.
3. Channels savings from individuals, pension funds, credit unions, and institutions into local investments, keeping capital working within the domestic economy.
4. Promotes transparency, good governance, and accountability among listed companies, strengthening confidence in the local business environment.
5. Supports financial inclusion and investor participation by giving individuals the opportunity to own shares in local companies and participate in national wealth creation.
Stocks and Bonds
1. Stocks represent ownership in a company while bonds represent a loan to a company or the government.
2. Shareholders may receive periodic dividend payments from the company depending on its performance while bondholders receive fixed interest (coupon) payments on predetermined coupon payment dates.
3. Shareholders usually have voting rights in company decisions while bondholders do not have ownership or voting rights.
4. In liquidation, bondholders are paid before shareholders.
Investing In The Stock Market
Once you determine that you want to invest in the stock market, you can visit any of the Brokerage Firms registered with the TTSE (https://dev.stockex.co.tt/equity_brokers/). Before a broker can buy or sell shares, you must open a Trinidad and Tobago Central Depository (TTCD) account with the broker.
If you wish to sell shares and have the physical share certificate in your possession, you must deposit these shares into your TTCD account before they can be sold. Once the registrar of the company confirms that the shares are valid, you can place an order to sell the shares.
After you have purchased or sold shares, your broker would provide you with a contract note which is a legal document which specifies the volume and value of shares bought or sold, the transaction price, the Stock Exchange transaction charge and the commission payable to the broker. In the case of a purchase, the contract note is your proof of legal ownership until the settlement date (two (2) business days after the trade has occurred.
Only the shares of companies registered with the Trinidad and Tobago Securities and Exchange Commission (SEC) and listed on the Stock Exchange, can be bought or sold on the Exchange. This means that a company wishing to make its stocks available for public trading must meet the Listing Requirements of the Exchange and the conditions of the SEC, which are a set of pre-determined standards.
The TTSE has both TTD and USD equity securities, mutual funds, corporate bonds and government bonds. The TTSE also has a specialized market for small and medium enterprises (SME). The TTD equities are separated into various sectors such as Banking, Conglomerates and Manufacturing.
The price of a security is determined based on the demand and supply for the security.
The opening price is what a share is worth at the start of the trading day.
The closing price is what a share is worth at the end of the trading day.
The video below further explains the closing price and how it is calculated.
The current day’s trading summaries can be accessed on the TTSE website after the market closes at 12:00pm on that day. Historical information is also available on the TTSE website. Interested individuals can also subscribe to receive the trading summaries via email at the end of every trading day.
Go directly to the Company Registrar of the listed company. Usually you will be required to sign a letter of indemnity and have information on your lost certificates published in a daily newspaper for one day. Upon completion of this exercise, a new certificate will be issued.
Yes. Click the link below to see the full list of all Brokerage Firms registered with the TTSE.
Submit the complaint in writing to the Chief Executive Officer of the Trinidad and Tobago Stock Exchange Limited.
When making an investment decision, these are some of the things you should consider:
1. Your investment goals – Consider whether you are investing for the short or long term, your purpose for investing, your expected returns, and how much risk you can tolerate.
2. Market and economic conditions: Review current market trends and broader economic factors that may affect performance.
3. Associated costs and fees: Consider all applicable fees related to trading
4. Financial health of the investment: Examine the company’s financial strength, profitability, and stability.
You can reach out to your stockbroker for more information.
The Trinidad and Tobago Central Depository
The traditional way of settling transactions through the delivery of a physical paper security certificate has the potential for errors. For example, certificates can be lost, damaged, or even proven invalid. Experience has shown that when trading activity on the Exchange increases, these manual problems also increase. The TTCD modernized this by creating a secure, digital environment.
Enhanced Security & Transparency
The TTCD allows investors to deposit their physical certificates through a stockbroker for safe keeping. The deposited securities are recorded in a secure TTCD account opened by the stockbroker in the name of the investor. These shares are registered in the name of the TTCD and held on behalf of investors, so the investors maintain all their entitlements. While stockbrokers may provide periodic statements, investors can access and track their real-time holding purchases, sales and pledges via TTCD E-portal.
Efficient Settlements & Faster Trading Cycles
Apart from safekeeping, the depositing of certificates at the TTCD improves the efficiency of the settlement of transactions. When a trade occurs over the exchange, The TTCD confirms payment with Central Bank of Trinidad & Tobago (CBTT) and then simultaneously:
- Decreases the shares in the seller’s TTCD account.
- Increases the shares in the buyer’s TTCD account.
By coordinating the exchange of shares for payment, the TTCD ensures a seamless and secure transfer of ownership for both parties. By automating this transfer of title systems, the TTCD has significantly reduces settlement risk and paves the way for a T+1 (next-day) settlement cycle.
This refers to the period of time specified for the settlement of transactions between member firms. When the Exchange began operations in October 1981 the settlement cycle was T+10 which meant that all transactions were settled 10 business days after the trade date. The settlement period was initially reduced from T+10 to T+5 and is currently T+2. On settlement day, legal ownership is automatically transferred from the seller to the buyer.
After the worldwide capital market collapsed in 1987, regulators worldwide decided that, there was need for stronger measures to reduce risk and promote safety and soundness in the securities market. As a result, the Group of Thirty (30) nations spearheaded a movement to standardize operating procedures and regimes of clearing and settlement systems in capital markets through the establishment of Central Securities Depositories. Accordingly, the Group stated that an effective way to reduce risk was to reduce the settlement period for securities’ transactions. It is imperative that the TTCD meet international standards, which would motivate foreign shareholders to participate in our local market, and at the same time ensure that we do everything to improve safety. We therefore support the international standard of T+2 for settlement of trades.
Efficiency Gains
The use of the automated book entry system for the transfer of securities eliminates manual errors and allows for the reduction in the settlement cycle from T+10 to T+2.
Safe-keeping of Certificates
Certificates kept at home or elsewhere are always in danger of being defaced, misplaced, lost, or destroyed. If an investor experiences this misfortune, a duplicate certificate would have to be requested from the company’s registrar or transfer agent which takes approximately 3-4 weeks. However, all securities which are deposited with the TTCD are kept in the vaults of the Central Bank of Trinidad and Tobago.
Convenience in disposing of securities
If an investor wishes to sell part or all their securities deposited at the TTCD, there will be no need for the physical delivery of certificates. The investor can simply place an order with their stockbroker for execution.
Attraction of foreign investment
Foreign institutional investors were always interested in investing in our market, but were reluctant to do so because of the absence of a Central Depository in Trinidad and Tobago. Now we can expect foreign investors to invest in our market, which will certainly help the Exchange and the economy.
Deposits
Certificates deposited via a stockbroker are recorded as an electronic entry in a TTCD account.
Withdrawals
Shares are removed from the TTCD and a certificate is issued by the registrar of the listed Company.
Inter/Intra Member Movements
Movement of shares from one account to another with the same stockbroker or from an account with one stockbroker to an account with another stockbroker.
Pledges
The offering of shares as collateral via the TTCD to financial institutions for credit/loan facilities.
Cross Border transfers
Shares can be transferred between the Depositories in Trinidad, Jamaica, Barbados or the Eastern Caribbean for trading or safe-keeping purposes.
Corporate Actions
Entitlements for shares lodged with the TTCD are distributed to investors. e.g. Dividends, Bonus and Rights Issues.
To open an account with the TTCD an investor will need two valid forms of identification and must sign a client agreement form with the stockbroker.
The Depository (TTCD) is the infrastructure for the Capital Market. It holds the shares in electronic (dematerialized) form so it can be moved instantly between buyers and sellers without needing to issue new paper certificates every time a trade happens.
The Registrar Department maintains the “Master List” of every single shareholder, regardless of how they hold their shares.
- Physical Shares: If an investor still has a physical paper certificate in their possession, the Registrar has a record of that specific certificate number and the owner’s name.
- Electronic Shares: When physical share are converted and registered with the TTCD, the Registrar Department updates their list to show that those shares are now held “electronically” by the TTCD on behalf of that investor.
- The Registrar ensures the total number of shares on their list (Physical +Electronic) matches the total number of shares the company has issued.
Currently the TTCD acts as Registrars for:
Agostini’s Limited
Angostura Holdings Limited
Ansa McAL Limited
Ansa Merchant Bank Limited
CinemaOne Limited
Endeavour Holdings Limited
Eric Solis Marketing Limited
First Citizens Group Financial Holdings Limited
Guardian Holdings Limited
Guardian Media Limited
L.J. Williams Limited
Massy Holdings Ltd.
Medcorp Limited
National Enterprises Limited
National Flour Mills Limited
National Investment Fund Holding Ltd
One Caribbean Media Limited
Point Lisas Industrial Port Development Corporation Limited
Prestige Holdings Limited
Republic Financial Holdings Limited
Scotiabank of Trinidad and Tobago Limited
Trinidad and Tobago NGL Limited
Trinidad Cement Limited
The West Indian Tobacco Company Limited
Unilever Caribbean Limited
Statements show activity in the shareholder’s account held under a stockbroker. They can be accessed anytime and at no cost via the TTCD E-Portal platform.
You can also request statements from the TTCD by visiting our office with a form of identification and one will be generated at a cost of $3.00 per page
For more information about the TTCD you can call any stockbroking firm or visit us at:
The Trinidad and Tobago Central Depository Limited
10th Floor
Nicholas Tower
63-65 Independence Square
Port of Spain
Telephone: (868) 625-5107-9 / (868) 625-7148
Fax: (868) 623-0089
What is Online Trading
Online Trading refers to the buying and selling of securities via the internet through an Online Trading Platform. The TTSE facilitates online trading via its online trading platform called the TTSE Online Platform (TOP). New and existing investors can visit TOP at www.top.stockex.co.tt. to create a profile and request to open a brokerage account.
Click the link below for more information and FAQ’s about TOP.
Online Trading has multiple benefits:
• Manage all your trading accounts on one platform
• View real-time market activity; for example: trade volume and market depth
• Manage your funds – add funds for trading to your account and request funds after the sale of shares
• Manage your stock portfolio – you can place orders at any time of the day which will then be executed during Market Hours (9:30 a.m.–12:00 p.m., Monday–Friday, excluding public holidays and Carnival Monday and Tuesday)
• Monitor your transactions and check your stock performance and access your trading statements at your convenience
All investments involve risk, and there is always the possibility of losing money when investing in securities regardless of the method used. Before investing in the stock market, both new and experienced investors should understand their investment goals, the basics of investing and their personal risk tolerance. It is recommended to consult a financial advisor or a Stockbroker to ensure you have the necessary information before you make a trade.
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