Financiers in the Caribbean are planning to establish a region-wide capital markets exchange to create a financial hub with critical mass.
Most ambitiously, the Dominican Republic aims to set up the Independent Financial Center of the Americas by creating a 17-sq km financial “city” at a cost of $850 million, with its inauguration set for 2009. Led by local banker Gaetan Bucher, the initiative aims to create an electronic stock exchange, called Laifex, or Latin American International Financial Exchange, and a financial centre that would be a clearing and settlement house for emerging market debt and house private and commercial banks, similar to the Dubai International Financial Exchange.
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