More than forty five thousand shares at a total value of ECS 237,000 have changed hands on the Eastern Caribbean Securities Exchange (ECSE) since the start of operations three months ago. A small but significant beginning has been made with the shares of two companies being bought by people in the OECS from outside the companies’ country of incorporation.

Trading began on October 19, 2001, with the listing of two companies, the Bank of Nevis and Eastern Caribbean Financial Holding Company of St Lucia. At the close of operations on day one, only one security, Bank of Nevis, had traded just over two thousand shares at EC$5.00 per share. The total value of shares traded was EC$10,500. After 58 trading days, the total share volume for Bank of Nevis is over 34,000, with a share value in excess of EC$160,000. The current price per share is EC$4.50.

The Eastern Caribbean Financial Holding Company traded one hundred shares at EC$8.69 per share on its first trading day. Since that time, eleven thousand shares have changed hands, with the total value traded being more than EC$77,000.

Both companies have been trading at prices well above their par value, throughout the period. With a par value of one dollar per share, Bank of Nevis has traded in the range of EC$4.50 to EC$ 5.00. Eastern Caribbean Financial Holding shares have traded in the range of EC$6.50 to EC$8.69, with a par value of $5.00.

Intermediaries placing bids on the ECSE are the Antigua Barbuda Investment Bank, National Commercial Bank SVG Ltd, Bank of St Lucia Ltd and the Bank of Nevis.

Several companies are expected to list in the first quarter of 2002, thereby creating more liquidity on the ECSE.