Background
The Centre is the result of three years research by a group of Dominican and Latin American investors into other financial centres and extracts the best practices from around the world. It benefits from beginning with a clean slate - a new legal framework and an independent regulatory structure will be served by state-of-the-art information architecture. It will operate from a USD S850 million purpose-built business facility on a 17 square kilometer greenfield site, bordering the Caribbean coast. The site is midway between Santo Domingo and the Casa de Campo resort and will include office space, a conference centre, independent power generators and a private landing strip. The IFCA will house private and commercial banks and an electronic exchange, called LAIFEX, to clear and settle emerging market debt and other tradable products.
Swiss-Dominican entrepreneur Gaetan Bucher, the current President of the IFCA commented:"The Independent Financial Centre of the Americas is being purpose built from the ground up: the legislation, regulation, operating systems and physical infrastructure have been meticulously planned and researched. We are applying the best practice of other financial centres, to create a new model for the 21st century, which responds positively to greater regulatory scrutiny and appeals to market participants operating in an increasingly innovative marketplace. The Government of the Dominican Republic appreciates the benefits our model will generate for the country. It also understands that success is dependent on the dynamism and adaptability of a private enterprise".
Read more about this topic: Independent Financial Centre Of The Americas
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