JSE boss explains process to handle clients' funds after SSL suspension

Speaking Wednesday on Power 106 FM Real Business with host Ralston Hyman, Mrs Street Forrest says the JSE will be advising all SSL clients in short order on the way forward. 

“I’m going to just set it into context,” she said before explaining further that “the Jamaica Stock Exchange provides that member dealer agreement.

“The securities are held at the Jamaica Central Securities Depository (JCSD) that is the subsidiary of the Exchange (JSE). So the member dealer agreement terminates their agreement to trade on the Exchange. There are the securities that are still under SSL at the Jamaica Central Securities Depository, and that’s the securities of those clients.

“So generally speaking a customer of one broker can ask for the movement of its assets to another broker. That happens as a common occurrence. Obviously now many persons would be wanting to a transfer, and so the JCSD is providing the SSL account holders with the opportunity to transfer their accounts through the member dealer process.

“And so shortly we will be contacting all of the clients of SSL to advise them on how that process can be executed efficiently. Actually too what we will be doing is having dedicated staff just to provide guidance to those persons calling in.”

Stocks and Securities Limited have been embroiled in a massive financial fraud investigation after one of its now former employee Jean Ann Panton confessed to fleecing several clients including sprint legend Usain Bolt.

The matter is now before the court with Panton remaining in police custody after she was twice denied bail following two hearings before a magistrate.