Stock Exchange: 3,000 new broker accounts opened in 2024

CEO of the TT Stock Exchange (TTSE) Eva Mitchell says about 3,000 new client brokerage accounts were opened in 2024 – double the number for the same period last year.

Mitchell, delivering the opening remarks at the annual TTSE Capital Market Conference at Hyatt Regency Trinidad, Port of Spain, on October 30, said the surge “signals growing trust in our digital platforms and the increasing participation of retail investors in shaping the future of our market.”

Highlighting TTSE's initiatives to create an accessible and growth-oriented market, Mitchell stressed the organisation’s commitment to “creating a landscape that meets regulatory expectations but also fosters growth, encourages investment and provides solutions that make our market accessible and dynamic.”

She said the TTSE welcomed 1,300 new investors after revised SME listing requirements made market entry more attainable.

The TTSE now requires SMEs to offer only 20 per cent of their issued share capital to list, a reduction from the previous 30 per cent threshold.

This change, Mitchell explained, was “designed to make this pathway more accessible for companies to raise capital while still providing investors with ample opportunities.”

Mitchell also detailed several regulatory updates designed to enhance market efficiency and transparency, such as shortening the settlement period from T+3 to T+2 and revising the closing price calculation to stabilise stock pricing.

The TTSE, she added, has proposed extending trading hours to better serve retail investors and accommodate increased market activity. Retail clients, who now represent 80 per cent of trades by number, contributed to transaction values surpassing $500 million for the year to date, with 31 per cent of trades facilitated through the TTSE’s online trading platform.

Mitchell addressed a need to digitise the bond market – a shift she described as vital to advancing market efficiency and competitiveness.

“The initiative to digitise the bond market is not a matter of just keeping up with other markets, but it’s about laying the groundwork for a future where we lead in efficiency, innovation and accessibility.”

A dematerialised bond market would lower funding costs, increase liquidity and expand opportunities for collateral-backed instruments, creating deeper engagement and new financial product options.

The TTSE held 25 educational webinars and strengthened partnerships for financial literacy in schools, aimed at cultivating future investors and boosting investor knowledge and accessibility.

Mitchell said TTSE’s fruitful strategic marketing campaigns have bolstered brand visibility and trust, contributing to the rise in new accounts and trading activity.

Finance Minister Colm Imbert also spoke, lauding multimedia and business solutions company Solis for “biting the bullet” and putting in the work to become listed on the stock exchange. In September, Solis became the first company listed on the TTSE in over five years, shortly after launching an initial public offering (IPO).

He said the government’s tax breaks and other incentives offered to small and medium enterprises in the last and previous budgets would have been key to Solis’ decision.

"We will continue to work with and support the TT Stock Exchange and TT Securities and Exchange Commission to improve and update their rules and regulations, particularly, and this is my issue, to deal with market manipulation."