Share the article
twitter-iconcopy-link-iconprint-icon
share-icon
AmericasJuly 2 2006

Trinidad’s quest to vie with Wall Street

These days financial centres are springing up all over the place and central America and the Caribbean already has its fair share. Yet still there are new contenders, the latest being Trinidad and Tobago, whose ambitions are not modest.
Share the article
twitter-iconcopy-link-iconprint-icon
share-icon

“We believe that we can become the next New York,” says minister in the ministry of finance Conrad Enill, who notes how the plethora of rules and regulations on Wall Street is driving away business.

He is not wrong. Financial markets do not stand being over-regulated and London is becoming the premier choice for new listings from emerging market corporates because of its more user-friendly regime.

Trinidad may not be able to compete on this scale but it does have certain advantages, one being that it is a real economy based on oil and gas and not just a tropical location with a few brass plates. In fact, other Caribbean states already come to Trinidad to raise funds. On top of this the country is very sensibly building up an investment fund from energy revenues that will provide future income when oil and gas stocks are depleted. So there are borrowers and investors.

The other edge that Trinidad could have is its location. While it is part of the English-speaking Caribbean in culture, it is only 15km from the coast of Venezuela, giving it a very good claim to be a South American centre. Doubtless some ex-Financial Services Authority types would be happy to give Trinidad regulatory advice for the chance to move from Qatar to Port of Spain.

Was this article helpful?

Thank you for your feedback!