Stock Exchange using new method for closing prices
From Monday, the Trinidad and Tobago Stock Exchange (TTSE) will be adopting a new method of determining the closing price of stocks.
Managing director of TTSE Wayne Iton said the amendment to the rules which govern the Exchange is in keeping with international practice and will prevent the occurrences of market manipulation.
"People used to say that the market was subject to manipulation but now, you can't say that," Iton told the Express in a telephone interview yesterday.
"For a long time, the market has been plagued with situations where you have a very small trade, perhaps pretty close to the end of a trading session, having a material impact on the closing."
The amendment will result in the volume weighted average price (VWAP) being adopted as the method for determining the closing price for securities listed on the first tier, second tier and mutual fund markets of the Exchange, replacing the current board lot structure.
According to Iton, using the VWAP methodology to determine the closing price will paint a clearer picture of a day's trading activity.
He explained, "We take the total value, which is quantity by price, and you divide by the quantity. So you get an average price which reflects much better what happened in the day."
It will take out the extremities at both ends. If we had either small trades at high prices or small trades at low prices, you will consider the average price for the trading day. So it must be an improvement in terms of price discovery and give you a better read of the market."
The amendment was approved by the Trinidad and Tobago Securities and Exchange Commission and will bring the Exchange in line with the Barbados Stock Exchange and the Jamaica Stock Exchange, which also use VWAP to determine their closing prices.
Barbados Stock Exchange - News
The amendment was approved by the Trinidad and Tobago Securities and Exchange Commission and will bring the Exchange in line with the Barbados Stock Exchange and the Jamaica Stock Exchange, which also use VWAP to determine their closing prices.
As early as 1989, then prime minister of Jamaica, the Honourable Michael Manley made a call for the establishment of a Caribbean Stock Exchange. The logic was and is still compelling, that is, an increase in the overall efficiency of investments in the
FirstCaribbean aggressively acquired this position during the March quarter, buying between J$170 million and J$458 million worth of shares, based on comparisons of Jamaica Stock Exchange shareholder data and the GraceKennedy 2010 annual report.
Under the old system, the closing price would be $15 but under the new system the closing price would be $15.19 ($98750/6500). This amendment will bring the TTSE in line with the Barbados Stock Exchange and the Jamaica Stock Exchange which also use the
The subscription price which the IFC will pay for the common shares is US$1.63, which exceeds the current market prices of BDS$2.99 on the Barbados Stock Exchange, TT$8.05 on the Trinidad and Tobago Stock Exchange and 94.50 pence on the London Stock
Caribbean Exchange Network
The Barbados Stock Exchange or BSE is Barbados’ main stock exchange. Its headquarters are in the capital-city Bridgetown.
The Barbados Stock Exchange is among the four major regional Caribbean stock exchanges. The other three being the exchanges of Jamaica, theEastern Caribbean, and Trinidad and Tobago. The BSE is the third largest stock exchange in the Caribbean region. The BSE along with officials from Jamaica and Trinidad and Tobago are working to integrate these stock exchanges into a single unit known as the Caribbean Exchange Network (CXN)
The BSE is one of twenty-seven correspondent members of the World Federation of Exchanges (WFE).
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