The Bank of Jamaica (BOJ) said that it has been taking significant steps to launch its long-awaited electronic foreign exchange trading platform (FXTP) with a pilot phase expected to begin on June 1.

The pilot will run during what the central bank deems as a delay period brought on by the impacts of the novel coronavirus pandemic, during which time deposit-taking institutions (DTIs) will be allowed to trade while cambios will familiarise themselves with the system as observers. These observers will be able to see all daily trades in real time, which will help them to make informed decisions when approaching the market to buy or sell foreign exchange though unable to take part.

In a release this week, BOJ said that after the pilot phase the actual platform, including all authorised FX traders (DTI’s and cambios), will be introduced gradually in three phases. The first two phases, they said, will be introduced by the end of this year and the third by early next year.

http://www.jamaicaobserver.com/business-report/boj-readies-electronic-fx-trading-platform_195086