NASSAU, Bahamas -- During a thirty minute meeting between Bahamian Prime Minister the Rt. Hon. Perry G. Christie and Chinese President Xi Jinping, the Chinese President announced an agreement in principle that would allow The Bahamas to be a country where debts involving international parties can be settled. He also announced an agreement that would allow the trading of Residential Mortgage-Backed Security(RMBS) instruments to take place in The Bahamas. RMBS is a type of mortgage-backed debt obligation whose cash flows come from residential debt, such as mortgages, home-equity loans and subprime mortgages. This is good news for The Bahamas and especially the Financial Services Sector that stands to benefit substantially from the introduction of this new financial product and service, making the Bahamas jurisdiction only one of three countries in the world where RMBS transactions will take place. Additionally, the government’s policy thrust to create The Bahamas as a center for international arbitration is beginning to bear fruit. These new financial products are in line with the vision of incoming Financial Services Minister Hon. Hope Strachan which is to “create what we call a financial hub.” The Minister recently pointed out that the location of the Bahamas is a strategic and competitive advantage that creates opportunities for greater international trade not only within the western hemisphere, but also in Europe. “We are very strategically placed in terms of Central and South America, North America and even in terms of Europe. We have the opportunity to increase our trading opportunities.”
Posted on: Wed, 07 Jan 2015 23:22:46 +0000
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