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CSD means Central Securities Depository.
The main role of the CSD is to provide a modern electronic clearing system that enables securities settlement, transfer and custody of domestic issues of Bank of Jamaica (BOJ) and Ministry of Finance (MOF) 'Government of Jamaica' (GOJ) Fixed Income Securities. The CSD is to Securities what the JCSD is to Stocks.
The "Go Live" date is scheduled for May 15, 2009.
No, in the first instance, only all BOJ securities purchased after May 15, 2009 will be electronically held in client’s individual CSD account with their broker.
BOJ will be immobilizing existing securities. BOJ is to announce the schedule for dematerialization of all BOJ securities. However, holders of BOJ securities may choose to hold their paper certificates until redemption date, they only need to surrender the certificate if they wish to trade the certificates.
Each person's stockholder information must be created in the Depository prior to surrender and they must register their holdings with a Broker. Holders will be required to sign an indemnity form at the time of surrender. Upon surrender the following information must also be provided:
Yes. All Ministry of Finance offers and auctions will be done on EGATE after ‘Go Live’. Only purchases of BOJ securities will done in the CSD Auction Module.
Accounts will have to be created in the CSD for clients – corporate, retail, local and foreign - to facilitate the transfer of ownership.
Yes. A TRN is required for all participants and all stock holders, regardless of their nationality (Jamaican or foreign) and status (company or individual).
Applications for TRN are done through the Taxpayer Registration Centres (TRC). Overseas client can apply for TRN by sending a completed, signed and notarized TRN Form, notarized picture ID (i.e. copy of Password or Drivers License) and notarized authorization letter giving his/her agent in Jamaica (a relative, broker/dealer) authority to apply for a TRN at the TRC. The TRN application is also available online at www.jamaicatax-online.gov.jm.
Each client is required to provide the following information for validation in the CSD, which are their TRN, Date of Birth and Gender. This is required for all holders of the security.
Each company is required to provide the following information for validation in the CSD, which is their TRN, Branch Number and Business Start Date (this is not the Incorporation date).
The BOJ will be providing a schedule in the near future.
No. Only designated domestic (Jamaican Dollar) security issues will pass through the CSD.
The CSD system is expected to aiding the removal of the existing systemic risks embedded in Jamaica's payment systems, as identified in the IMF & World Bank Financial Sector Assessment Programme (FSAP) done in the year 2005.
The CSD database is replicated across three (3) systems at the BOJ, namely; the Backup Site, Training and Development Site and the Production Site. Participants may also make bilateral arrangements with the BOJ for the temporary use of their facilities for emergency transactions in cases of system failures.
The CSD System is owned and operated by the BOJ.
Yes it is.