2 jamaica money market brokers limited annual report ... - Jmmb.com

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MANAGEMENT’S DISCUSSION AND ANALYSIS (continued)50M40M30M20M20.0016.0012.008.00strategic alliance in order to broaden product offerings and services to ourclients. In May 2004, our associated company, Caribbean Money MarketBrokers Limited (CMMB) entered a new market, Barbados.Perhaps the most significant plan for the rest of the year will be the launchof Financial Planning Services (FPS). FPS is a holistic approach to helpingour clients realise their goals. To complement our clients’ financial planningactivities, we will also launch personal risk management initiatives(e.g. health and life insurance coverage).10MVolumeMay Aug Dec Mar‘03 ‘03 ‘03 ‘04JMMB QUARTERLY SHARE PRICESAND VOLUME – JSEStock PriceVolume4.00PriceAs we embark on the year ahead, we would like to once again acknowledgeour clients for whom we continue to focus on ways to add value and remaincommitted to serving with care, integrity and love. We also wish to thankyou, our shareholders, for investing a high level of confidence and trustin us. We pledge to continue, with God’s help, to strive for excellence andto be the premier financial institution for the conduct of business. Withrespect to our country and our region, we will continue to stand for peaceand prosperity and everyone realising their full potential and dreams. Wealso promise to continue promoting the winning formula:Vision + Values + Expertise = Phenomenal Success14 JAMAICA MONEY MARKET BROKERS LIMITED ANNUAL REPORT 2004
JMMB SECURITIES LIMITEDJMMB Securities Limited ended the period with increased momentumwhen compared with the prior financial year. We expanded our presencein just about every dimension guided by our vision to be “the home forJamaican and Caribbean stocks and equity products.”Financially, our subsidiary reflected a strong showing at the bottom linewith $34 million in net income up 448.4% from the prior year’s incomeof $6.2 million. Trading in listed stocks both as agent and principal was asignificant contributor to a 248.4% increase inrealised gains. The launch of our mutual fund,an entirely new line of business, also contributedsignificantly to our operating revenue.On September 15, 2003, we moved into our new office at the JMMBheadquarters complex. Along with the move, we increased our front officeteam and reconfigured our workflow to better serve our growing clientbase.Trading with our regional stock exchange partners continued to grow andaccounted for a significant increase in our share of the volume of the crosslisted stocks traded. This is an increasingly important segment of our businessas we fulfill our commitment to be the premier regional brokeragefirm.It was our launch on February 3rd of the first index fund in the world totrack a Jamaican index that represented our most noteworthy accomplishmentfor the financial period. JMMBSL’s spirit of innovation has broughtto our clients a product that is transparent, can be used to diversify theirportfolios, and one which delivers added liquidity through the ‘blue chip’firms in which it invests. While this initiative continues our traditionof being pioneers in the Jamaican stock market, it was also strategicallysignificant in helping the company to diversify its revenue stream with thefirst asset management product in our portfolio. The fund surpassed ourtarget of $100 million in the first year by posting over $160 million in netassets under management by the end of March 2004.Leo Williams, MBAManaging Director, JMMBSLWe thank our clients and shareholders for helping us to set these new levelsof performance for the company and for the market. We encourage you tocontinue to support our efforts as we strive for even higher targets in thecoming year.JAMAICA MONEY MARKET BROKERS LIMITED ANNUAL REPORT 2004 15
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Page 6 and 7: TEN-YEAR STATISTICAL REVIEW13 month
Page 8 and 9: DIRECTORS’ REPORTThe Directors ar
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Page 18 and 19: RISK MANAGEMENTManaging the Financi
Page 20 and 21: BUSINESS ENVIRONMENTDuring fiscal 2
Page 22 and 23: BOARD OF DIRECTORSNoel A. Lyon, phd
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Page 28 and 29: STOCKHOLDINGS10 LARGEST STOCKHOLDER
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