JSE Taps Blockstation for Crypto Trading
The Jamaica Stock Exchange (JSE) has selected Toronto-based Fintech company Blockstation to enable investors to trade blockchain tokens within a recognized and secure regulatory framework. Consequently, the JSE has signed an MOU paving the way for further collaboration.
After a comprehensive, global search for the most suitable online trading system to meet rising demand for digital asset investing, the JSE chose Blockstation’s end-to-end, electronic communication network and order management system to facilitate trading, clearing and settlement of blockchain tokens for its broker-dealers and their investing clients.
Through this agreement, JSE may become one of the first international stock exchanges to deploy an online digital currency and token-trading platform, including trading, quotes, execution and settlement services, in a format that aligns with current regulatory and compliance standards.
A live workshop was successfully completed with an initial group of five broker members and representatives from local regulators. Blockstation also previously completed successful beta tests in Jamaica with participating institutions.
“We are excited to implement this service with our clients, satisfying considerable investor interest in digital assets. We are also proud to be at the forefront of bringing innovation to capital markets,” said Marlene Street Forrest, Managing Director of the JSE. “We are very comfortable moving forward based on the training and support provided by Blockstation, and because their trading platform incorporates familiar compliance rules to ensure a fair marketplace.”
“It is very important for investors to be able to invest in digital assets through their traditional financial institutions,” said Kirk Brown, Head Trader for Sagicor Investments, a broker member of the JSE. “It’s exciting to be at the cutting edge where digital currency demand meets safe reliable access”.
It may take between 10 and 15 years for DeFi to be broadly accepted across financial markets.
Institutional investors are increasingly considering opportunities in the digital asset class.
Development of a transparent derivatives market is a critical inflection point for the nascent asset class.
Interest is expected to grow across crypto asset-based futures, options and NDFs.
The FCA has only approved a handful of UK-based crypto custodians.