The Dutch Caribbean Securities Exchange (DCSX) is an international Exchange for the listing and trading in both domestic- and international securities.

The DCSX is the main board exchange in Curaçao, Dutch Caribbean. It is the only authorized securities exchange and is licensed by the Minister of Finance, Government of Curaçao and supervised by the Central Bank of Curaçao and Sint Maarten.

In close cooperation with the authorities, it is assured to operate under a well functioning yet practical supervisory environment. The DCSX forms part of the international financial services sector of Curaçao that is well known with a longstanding reputation, dating back to the early 1930s. Having an extensive and broadly specialized professional financial services sector the launching of a securities exchange was a logical step in further enhancing the (local and) international financial services sector. The DCSX is an official member of AMERCA- Asociación de Mercados de Capitales de las Américas (Association of Capital Markets of the Americas), formed by the Stock Exchanges of Costa Rica, Ecuador, El Salvador, Guatemala, Honduras, Nicaragua, Panamá, and the Dominican Republic. Since November 24, 2020, the DCSX became an official member of the European American Chamber of Commerce Florida Chapter (EACCFL).

The DCSX is at the same time a self-regulatory organization subject though to the mentioned direct supervision by the Central Bank of Curaçao and Sint Maarten, an associate member of the International Organization of Securities Commissions (IOSCO). At the DCSX we realize that for the international business community to prosper, startups as well as small and medium-sized enterprises, must be in the position to attract capital on a regulated, practically oriented exchange and to do so at fair costs. It is this startup and SME community that the DCSX is focused on servicing.

Currently, Vidanova Global Custody Foundation acts as the current central depository and custodian of the DCSX.

At the DCSX we have developed listing requirements for the issuer, tailored to the needs of the market. The emphasis lies on the disclosure of vital information in a cost and time-efficient procedure that guides the issuer through the administrative process. The DCSX ensures transparency for the investor and guarantees visibility for the issuer at all times. The listing fees of DCSX are kept highly competitive.

Our mission is to create prosperity by connecting investment opportunities to investors.






Name: Alberto Da Costa Figueira
Title: Chairman (President) of the Board/General Board Member/Interim Managing Director
Company: Dutch Caribbean Securities Exchange N.V.

Biography: Alberto is a Corporate Finance professional with over 15 years of experience in the financial services industry advising clients in the Dutch Caribbean, Latin America, and the Netherlands. Currently, Alberto is one of the principals of JPF Corporate Finance, a leading boutique corporate finance firm on the island of Curacao. Alberto has gained valuable experience in the structuring and reviewing of corporate finance transactions, guiding both equity and debt capital raising processes and performing financial analyses for local and international private and institutional clients. Alberto hold’s dual Master’s degree in Accountancy and Financial Control from the University of the Netherlands Antilles and the Inter-Continental University of the Caribbean in addition to different certifications from Fitch Ratings as well as the Columbia Business School in New York City. In addition, Alberto is fluent in Dutch, English, Spanish, Papiamentu, and Portuguese.


Name: Bas Horsten
Title: Acting Vice President of the Board/General Board Member
Company: Dutch Caribbean Securities Exchange N.V.

Biography: Bas Horsten is currently general manager of IQEQ Management (Curacao) N.V. (formerly SGG Corporate & Fund Administration Services Curaçao), with a regional responsibility for the Caribbean offices and Latin American markets; He has 20+ years of experience in estate planning and corporate & trust services. He has previous experience as general manager of respectively the Cayman, BVI and Curaçao based corporate & trust operations for the Citco Group. For the past 15 years, his commercial focus has been the Americas, with specific interest in wealth planning for Latin American HNWI and families. He holds a degree in civil and corporate law of the Erasmus University of Rotterdam, the Netherlands. He is a TEP (Trust and Estate Planner under the Society of Trust and Estate Planners organization and President of the STEP Curacao Chapter). Core areas of expertise are corporate structuring and administration, trust and estate planning as well as fund administrations. He is fluent in Dutch, English, and Spanish, with a fair knowledge of French, German and Russian.


Name: Walter Blijleven
Title: Treasurer of the Board/General Board Member
Company: Dutch Caribbean Securities Exchange N.V.

Biography: Walter is an experienced finance professional. In the 8 years before starting cfg, he held senior management roles in both public and private organizations in financial services, banking and law enforcement. Walter is a Master of Science in Business administration and is qualified as a Dutch Certified Public Accountant (“registeraccountant”) and a (US) Certified Valuation Analyst (CVA). Walter credits his leadership ability, management of large teams, “keeping cool” under pressure and sense of humor to his lengthy service as an officer in the Royal Netherlands Navy. In this capacity, he rose to Chief Supply Officer on Navy flagships involved in NATO anti-terrorism operations in The Mediterranean. At cfg Walter specializes in business valuations, mergers & acquisitions, exit planning and value building.


Name: Maria-Liza Zunder-Curiel
Title: General Board Member
Company: Dutch Caribbean Securities Exchange N.V.

Biography: Maria-Liza Zunder- Curiel is a young professional, active in the International Financial Sector of Curacao and currently working at Vidanova Bank in the role of Investment Officer. Maria-Liza has also gained experience of the dynamic investment world in the Netherlands where she held positions at ING Investment Management. In previous positions (In the Netherlands and Curacao) her focus was related to valuation, business analyses, business development and project management. Maria-Liza has a Master’s degree in Finance and Investments from the Erasmus University, Rotterdam.


Name: Frank Lammers
Title: General Board Member
Company: Dutch Caribbean Securities Exchange N.V.

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.


Supervisory Organizations


Ministry of Finance
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, albeit after close consultation with the Central Bank of Curaçao and Sint Maarten.

Central Bank of Curaçao and Sint Maarten (CBCS)
The CBCS is the oldest supervisory institution of this kind on the Western Hemisphere. Its history cannot be viewed separately from the history of especially the Island of Curacao and its banking and currency history. From an economic point of view, Curaçao and the other Dutch dependencies had no significance at the beginning of the 19th century. Except for products such as salt and wood, the islands were completely dependent on imports.

Curaçao, as an open port, was the meeting place for the exchange of raw materials coming from Latin America and the Caribbean and destined for Europe. The Europeans, on the other hand, traded their products with merchants from Latin America and from Curaçao.

As a result, several foreign currencies circulated on the islands. Curaçao operated financially on the basis of Spanish coins, such as the piastre or pillar dollar, and the Portuguese golden Joe, used for large payments. Various small French, German, or Prussian coins circulated as small change.

The traders exchanged these foreign gold and silver coins for goods in the so-called trade houses. Because Curaçao's, imports were greater than its exports, the islands regularly experienced a shortage of money, or rather of coins. Merchants made cunning use of the shortage of coins by speculating. They made and distributed their own value notes in the form of credit notes, which they circulated at high interest.

The use of different coins and credit notes resulted in a rather chaotic financial situation in the colony. This situation was a thorn in the flesh for King William 1st, who dreamed of making Curaçao the center for all trade between the Dutch Kingdom and America.

In 1826 the King proposed the establishment of a bank to organize the Colony's financial affairs. Two years later, on February 6, 1828, the Bank was established. The bank was housed in the Garrison Fort of the West Indian Company, now known as Fort Amsterdam, where the government administration also was located. Three clerks, employees in the General Accounting Department, were appointed for the administration and accounting of the newly established bank. Thus, the Bank became part of the Financial Department as a state bank and did not have an official name.

The objective of the Bank was to promote trade within the colony of Curaçao by issuing credit to merchants. Furthermore, the Bank acted as a government cashier, making payments to the private sector on behalf of the government.
The Bank was popularly known as the "Bank van Leening" or "Credit Bank."

The Dutch Caribbean Securities Exchange ("DCSX") Foundation functions as the self-regulatory direct supervisory body that assures that the Management of the DCSX adheres to the processes as laid down in the Rules and Regulations. It is also the DSCX Foundation that needs to approve new members to the DCSX. The Board of the DCSX Foundation is comprised of representatives of financial institutions and or other organizations whose interest it is that Curaçao has a well-functioning securities exchange.

Presently the Board consists of:




Name: Raoul A. Behr
Title: Chairman of the Board
Company: Dutch Caribbean Securities Exchange Foundation

Biography: Coming soon....


Name: Nicole Chirino
Title: Board Member/Secretary
Company: Dutch Caribbean Securities Exchange Foundation

Biography: A Business Advisor with 20 years’ experience, specialized in Change Management. She assists clients from the public sector, private sector and NGO’s to develop their strategy and structure their organization to achieve their goals. Prior to establishing NACH, an independent business Enterprise in 2017, Nicole was a Senior Manager for one of the big four firms, Deputy Secretary for the Island Government of Bonaire, and later Interim Director. Before that, she worked at the European headquarters of Whirlpool in Italy. Consulted the Governments of Aruba, Bonaire, Curacao, Sint Maarten, and Suriname. Involved in the blueprint development of the new countries Curacao and Sint Maarten and the municipality of Bonaire. Was part of the redevelopment project for the Schottegat area on Curacao, bank mergers and reorganization of semipublic entities in Surinam, development of a Green Economic Model, waste management processes, infrastructural projects, and biodiversity management projects. Nicole holds a dual Master’s degree in Business Administration from Erasmus University of Rotterdam, The Netherlands and a Master’s in European and International Business Management from the Community of European Management Schools (CEMS MIM/ ESADE, Barcelona, Spain). She is fluent in Dutch, English, Spanish, Papiamentu, and Italian.

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