About DCSX
The Dutch Caribbean Securities Exchange (“DCSX”) is an international Exchange for the listing and trading in both domestic and international securities.
The DCSX forms part of the international financial services sector of Curaçao, was established in 2009 in Curaçao and is the only authorized Securities Exchange in the Dutch Caribbean licensed by the Minister of Finance of the Government of Curaçao.
The DCSX is subject to direct supervision by the Central Bank of Curaçao and Sint Maarten, an associate member of the IOSCO.
In November 2022, the DCSX received its official confirmation from/by the UK’s HMRC authorities as being a recognized exchange under the latter’s regiment.
At the DCSX, we realize that for the domestic and international business community to prosper, matured start-ups as well as small and medium-sized enterprises, must be in the position to attract capital and/or create liquidity for their issued securities on a regulated, practically oriented exchange and to do so at fair costs. The listing fees of the DCSX are there for kept highly competitive. It is this start-up and SME community that the DCSX is focused on servicing.
The DCSX ensures transparency for the investor and guarantees visibility for the issuer at all times.
Bringing businesses and investors together
The Board of Directors of the Dutch Caribbean Securities Exchange (“DCSX”)
Dirk-Jan de Graaff
title:
Executive Board Member / CEO / Managing Director
Biography:
Dirk-Jan started as CEO of the DCSX as of February 1, 2022, and is a Capital Markets professional with more than 25 years’ experience in originating, structuring and distribution of equity, debt and hybrid financing instruments for Euronext Amsterdam listed small cap companies and non-listed private companies. By definition these types of activities take place in less liquid markets. Dirk-Jan built the Capital Markets activities, including building the teams, within smaller banks/brokers in the Netherlands for Bank Labouchere, SNS Securities, NIBC Markets and most recently for the Belgium based Private/Investment Bank Degroof Petercam as Head of Primary Capital Markets Netherlands. Dirk-Jan has a master’s degree in Banking and Finance from the Vrije Universiteit Amsterdam.
Bas Horsten
title:
Acting President of the Board / Secretary / General Board Member
Biography:
Bas Horsten holds a Law Degree from Erasmus University Rotterdam and has over thirty years of international experience in financial services. Most recently he served as Director of Sales & Business Development for the Caribbean and Latin America at IQ-EQ (formerly SGG), focusing on business growth and relationship management in fund and wealth structuring for high-net-worth individuals, family offices, and fund managers across the region. Prior to this role, he held various senior management positions at IQ-EQ and Citco Group in Curaçao, the British Virgin Islands, and the Cayman Islands. He is a Dutch national and currently resides in Curacao, Dutch Caribbean.
Bas serves on several boards as an independent director, including the Dutch Caribbean Securities Exchange NV and International Global Bank NV. In the past he served on the boards of CIFA – Curacao International Financial Services Association and the Curacao branch of STEP – Society of Trust and Estate Practitioners.
Maria-Liza Zunder-Curiel
title:
General Board Member
Biography:
Maria-Liza Zunder-Curiel is a finance and investment professional with broad experience across the Dutch Caribbean and Europe. As Managing Director of Vivid Consultancy & Finance N.V., she leads engagements in corporate finance, investment advisory, banking and project management for clients in diverse sectors. Before founding Vivid, she held senior roles at ING Investment Management in the Netherlands and Vidanova Bank in Curaçao, gaining extensive experience. Maria-Liza holds a Master’s degree in Finance and Investments from Erasmus University Rotterdam.
Frank Lammers
title:
Acting Treasurer and General Board Member
Biography:
Frank Lammers is an experienced capital market, banking & corporate services professional. He studied economics and holds a Master of Science degree in Public Administration from the Erasmus University in Rotterdam, his city of birth. Before starting PYGG Group in the summer of 2019 he held various specialist and senior management positions with ABN AMRO and her predecessors, Orco Bank, Amicorp, and Amergeris Global Listing & Exchange Services. Frank’s relationship with the DCSX goes all the way back to 2007 when he was part of the Foundation that paved the road for the launch of the Exchange. He successfully concluded multiple funds-, debt- as well as equity listings originating from Europe, North America, Latin America, China, and Curacao, while contributing to the DCSX’s (regulatory) framework and international recognition. Frank’s focus is to develop and promote our Exchange as an innovative, value-adding, active, liquid go-to-market for local and international start-ups, small & medium-sized enterprises, investment funds, and investors of all kinds.
The Dutch Caribbean Securities Exchange Foundation
The DCSX Foundation functions as the direct independent supervisory body that assures that the Management of the DCSX N.V. adheres to the processes as laid down in the Rules and Regulations.
Presently the Board consists of:
Raoul A. Behr
title:
Chairman of the Board
Biography:
Having been engaged by HBM Group as of 1998, Raoul Behr has worked for HBM Group out of various offices including its Amsterdam, Malta, and Curacao offices. Over the years Raoul has assumed and fulfilled various roles and positions, eventually becoming the CEO of HBM Group, and one of its major shareholders. At HBM Group Raoul leads a team of international financial professionals, that are active in the formation, domiciliation, and active management of Investment Funds, Companies, Foundations, Trusts, and other legal entities for international businesses and individuals, always ensuring compliance with local and international rules and regulations. Having worked for all those years in a regulated and licensed industry for both HBM Group and/or its clients, Raoul has extensive experience and personally has always been licensed and/or approved by the relevant regulatory institution in various jurisdictions. He is also the current President of the Curaçao Chamber of Commerce & Industry and former Board Member of the Curaçao International Financial Services Association.
Alvin Gerald Stacie
title:
Treasurer of the Board / Board Member
Biography:
An accountant in business and financial consultant with 25 years’ experience in the financial sector. He is specialized in accounting, risk and control, compliance, corporate governance and audit areas. He advises clients from the public sector and private sector. He is also a supervisory board member of several government entities in Curaçao and Bonaire. Alvin Gerald was a public accountant and audit partner for one of the big four firms for many years and was also head of the banking supervision onsite department of the Central Bank of Curacao and St. Maarten. Alvin Gerald has a master’s degree in Business Economics from the state university of Groningen (RUG), the Netherlands and is a Register Accountant affiliated with the Koninklijke Nederlandse Beroepsorganisatie van Accountants (NBA). He is fluent in Dutch, English, Spanish and Papiamentu.
O. Lawrence Bennett
title:
Secretary of the DCSXF Board
Biography:
A former Central Banker with responsibilities for Bond Issuance, Investments & Treasury turned Serial Entrepreneur. In addition, he is a member of various supervisory boards including a member of the APC Pension Fund’s Investment Committee. Lawrence studied Finance & Accounting in the USA and is a graduate of Manchester Business School UK.
Supervisory Organizations
The National Ordinance on the Supervision of Securities Exchange stipulates that the Ministry of Finance is the authority to issue a license to operate an exchange in Curaçao.
The Ministry of Finance has delegated the supervision on the DCSX to the Central Bank of Curaçao and Sint Maarten (CBCS)
The CBCS is the oldest supervisory institution of this kind on the Western Hemisphere.