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'One-Stop Shop' For Bahamians To Trade Globally

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

A bank has unveiled an online trading platform to give Bahamian investors direct "one-stop shop" access to the US and global financial markets.

Cornèrtrader, a subsidiary of Bahamas-based Cornèr Bank (Overseas) subsidiary, said the initiative was designed to exploit the Central Bank of The Bahamas' steady exchange control liberalisation that had reduced exchange costs from 25 percent to five percent.

Christine Russell, chief executive of Cornèr Bank (Overseas), said: "With the reduction of fees and liberalisation of exchange control, a new world of possibilities has opened up. As a leader in progressive banking and as a committed partner to The Bahamas, Cornèr has seized the opportunity to offer international trading to Bahamians .

"Our trading offering provides a 'one-stop shop' service. We facilitate all of the regulatory exchange control requirements on behalf of the client, thereby ensuring the ease of business and the client's only role is to start trading."

Ms Russell said the platform gives Bahamian investors the ability to participate in the "wider world of investment" beyond this nation's borders, with the bank committed to providing continuous education about the markets, allowing users to trade remotely.

The platform boasts no management fees, seamless access to world markets and transparent conditions on pricing.

Cornèr Bank executives said during a reception to launch the platform last week that Bahamians have long been consumers of products from major companies such as Amazon and Samsung but have been limited in their ability to invest in such companies.

"For as long as those of us in this room can remember, we have been consumers of products abroad, but limited in participating in the ownership of the companies that manufacture those products or provide the services we consume," Ms Russell added.

"Bahamians could buy a Blackberry, but not readily invest in Blackberry. Later we could buy a Samsung phone, but not easily invest in Samsung stock. Even more glaring, as an example, we can purchase items easily through a 'click of a mouse' on Amazon, but not readily invest in Amazon; all three tradeable securities on the international markets."

Luca Salzborn, chief operating officer of Cornèr Bank Group, and executive director of Cornèr Bank (Overseas), said: "We are very excited to bring this opportunity to Bahamians, and we would like to a knowledge the Central Bank of the Bahamas that has paved the way for this platform to become reality thanks to its continuing liberalisation exchange control.

"We are passionate about what Cornèrtrader can offer; its ability to provide access to a wide variety of trading products; real time news and analysis; watch list capabilities and; most of all; its portability."

CAPTIONS

Cornèr Bank (Overseas) has unveiled its new Cornèrtrader platform, allowing Bahamians to enjoy direct access to buying and selling shares on the global financial markets. (Front) Christine Russell, Cornèr Bank (Overseas) chief executive; and (L to R) Cornèrtrader's team: Myriam Larbi-McKenzie, Birgit Ludig-Dridi, Rosalyn Brown and Davide Bonetti

In attendance at Cornèr Bank (Overseas) unveiling of its Cornèrtrader platform were, L to R, Robert Lotmore, chairman, Securities Commission of The Bahamas; John Rolle governor, Central Bank of The Bahamas; and Jerome Pyfrom, partner, Holowesko Pyfrom Fletcher. (Photo by Ronnie Archer for DPA.)

Cornèr Bank's Rosalyn Brown and Luca Salzborn, Cornèr Bank Group's chief operating officer, during the launch event for the bank's Cornèrtrader platform. (Photo by Ronnie Archer for DPA.)

Comments

TheMadHatter 1 year, 8 months ago

"...to exploit the Central Bank of The Bahamas' steady exchange control liberalisation that had reduced exchange costs from 25 percent to five percent. "

LOL - so if you can earn like 9% in a trade then subtracting out the 5% to Central Bank, you will make 4%. Minus brokerage fees too.

So Bahamians can be like other people in the world markets as long as we pay our new black slave masters (who replaced the previous white slave masters) a 5% fee.

Poor Bahamians - even with "independence" - we just can't win. Now, we're our own enemies.

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John 1 year, 8 months ago

‘The platform boosts no management fees.’ Try accessing the site and you get an error saying you don’t have permission to acc. As for the Central Bank’s 5 percent fee. Even you use credit cards for a foreign purchase there is a 5 % ‘conversion’ in addition to other fees. Our dollar must no longer be on par.

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StillStix 10 months ago

Is this a 5% fee to purchase the foreign currency needed to trade, or 5% on earnings? The last option is an out right rip off.

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StillStix 10 months ago

What makes matter worse is we aren't charge a 5% exchange rate at a bank to purchase US currency or any other currency... Why is the rate so high to purchase the same currency to trade globally?

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