Against a backdrop of strong profit growth across Jamaica’s securities brokerage sector, three top local investment firms have moved to raise equity trading commissions and adjust a range of service fees, passing higher operational and regulatory costs to retail and institutional investors.
The most recent adjustment comes from Barita Investments Limited (BIL), which notified clients of a new fee structure taking effect on June 1. The change covers not just equity trading commissions, but also cheque processing fees, outgoing real-time gross settlement (RTGS) transfer charges, and credit facility fees. Under the new rules, a flat 2% commission will apply to all local equity trades, with a minimum $550 charge for any transaction below $27,500. For trades exceeding $1 million, commission rates can be negotiated between 1% and 2%, a departure from BIL’s previous structure that charged just 0.75% for all transactions executed through JtraderPro, the Jamaica Stock Exchange’s (JSE) digital electronic trading portal.
In a client notification email, BIL explained the fee updates are designed to ensure its services align with current industry benchmarks, support its expanding suite of financial solutions, and accurately reflect the value the firm delivers to clients.
Months earlier, Jamaica Money Market Brokers Limited, operating as JMMB Investments, rolled out its own broad fee adjustments on April 17. While the firm cut the GOJ/BOJ bid placement fee from 0.146% to 0.10% (keeping the $5,175 minimum fee intact), it raised charges for RTGS transfers, cheque services, and return/recall transfers. For equity traders using JMMB’s digital Moneyline platform, the published commission rate rose from 0.50% to 0.70%, translating to an actual effective rate increase from 0.435% to 0.609%. Clients requiring assisted trades outside the digital platform saw their commission jump from 1.50% to 2.00%.
JMMB Securities Limited (JMMBSL), the group’s brokerage arm, earned second runner-up honors from the JSE Best Practice Committee in December 2025 for its 2024 revenue and market activity. JMMB Group’s 2025 annual report ranks JMMBSL first in total number of trades, second in trading volume, and sixth in trading value for 2024. The fee hike comes as the JSE’s Main Market and Junior Market posted $60.58 billion and $6.36 billion in total traded value respectively for 2025, creating an opportunity for brokers to boost top-line revenue through higher commission rates.
JMMB noted in its client communication that regular fee reviews are standard industry practice, conducted to balance the firm’s operational needs with client requirements. The latest adjustments, it said, align with the firm’s guiding principle of fair fee application, its core values, and its commitment to acting in clients’ best interests.
The third major adjustment came from VM Wealth Management Limited, which implemented changes effective March 1, mirroring Barita’s move to eliminate discounted digital trading rates. Previously, VM Wealth charged 0.75% for trades executed on JtraderPro, and 1.5% to 2.00% for in-branch assisted trades. Under the new structure, all equity transactions carry a 2.50% trading fee, with an additional $1,500 charge for transaction requests submitted outside VM Wealth’s digital client portal.
VM Wealth told clients the fee adjustments will allow the firm to continue investing in upgraded digital infrastructure, expanded service channels, and specialized client support teams. The firm emphasized its commitment to delivering efficient, secure, high-quality services to help clients meet their long-term financial goals.
For years, Jamaican brokers have offered discounted commission rates for digital self-service trades, which require less hands-on staff interaction than assisted transactions. This strategy was designed to incentivize more frequent online trading, ultimately driving higher total revenue through increased transaction volume. Today’s fee adjustments mark a clear strategic shift, driven in large part by brokers’ need to prepare for the upcoming “twin peaks” regulatory framework and other upcoming regulatory changes impacting parent financial groups.
The adjustments come at a time of robust overall performance for Jamaica’s securities sector. Unaudited data from the Financial Services Commission (FSC) shows total sector revenue grew 17% year-over-year to $87.77 billion for the 2025 calendar year ending December. The FSC attributes this revenue growth to expanded non-interest income, primarily driven by strong profits from debt securities trading. Total sector expenses fell 5% to $72.51 billion, pushing combined pre-tax profit (PBT) for the 19 reporting primary securities dealers to $15.26 billion.
The FSC noted that the double-digit jump in pre-tax profit stems from concurrent growth in operating revenue and a decline in operating costs. For comparison, the 2024 pre-tax profit figure was restated from an original $0.87 billion gain to a $1.54 billion pre-tax loss, though no explanation has been provided for the revision.
Despite the strong profit performance, the sector saw a 1% contraction in total assets to $973.43 billion, though total equity and capital improved 2% to $147.96 billion. The aggregate capital adequacy ratio for the 19 reporting firms rose from 20.41% to 22.49% — double the 10% statutory minimum required by regulators.
Total broker funds under management (FUM) grew 10% year-over-year to a record $1.83 trillion, with collective investment schemes (including unit trusts and mutual funds) rising 9% to $416.47 billion from $383.11 billion in 2024. While FUM is at an all-time high, year-over-year growth has slowed in recent years: FUM stood at $1.72 trillion in December 2022 and $1.59 trillion in December 2021, meaning growth has moderated even as total values hit new records. Equity holdings within managed funds are also growing at a slower pace than in previous periods.
The overall picture shows that even as Jamaica’s banking and securities sectors deliver rising earnings, consumers and investors are facing higher fees for a growing range of services — even as those services continue to shift to lower-cost digital delivery models.