Acting CEO of the The Trinidad and Tobago Securities and Exchange (TTSEC), Lystra Lucillio has said the securities market has, and continues to contribute significantly to the country’s GDP.
She said as at July 31, 2020 the securities market was valued at over TT$325 billion--approximately twice the size of T&T’s GDP for 2018.
Lucillio who was speaking at the launch of the commission’s Electronically Advanced Submission interface or EASi platform said TTSEC’s role as the regulator of the securities industry began some 23 years ago, in 1997.
At that time, there were 77 registrants since then, both the market and the number of market players have grown significantly as to date, there are over 570 registrants.
“In the midst of this digital era and rapidly evolving securities industry, we are adapting our traditional processes to better meet the needs of our market participants as well as investors and potential investors.
“Several international regulators have already been utilising technological platforms to engage with and regulate their markets,” Lucillio said.
She said the EASi platform is aligned with the commission’s vision to be an agile and effective regulator by using technology to transition into a digital economy.
“This transformation for the TTSEC involves the utilisation of digital technology to enhance the way in which we collect, process and develop reports. In essence, it can be considered a type of supervisory technology or SupTech,”Lucillio explained.
EASi also ties into the Commission’s “Go Green” initiative, aimed at adopting a more sustainable and cost-efficient work environment, as it will significantly reduce the use of paper and delivery cost.
Going forward, the commission will be advancing the capabilities within the EASi platform to:
1. Enable Registrants to submit Micro and Macro Prudential Reporting (MMRF) Forms;
2. Leverage the business intelligence features; and
3. Further generate comparative statistics, and analyse data.
“The TTSEC is bridging the gap between regulation and economic development, and making it easier and more efficient to do business in T&T,” Lucillio added.