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.

The DCSX is an affiliate of the World Federation of Exchanges, a member of AMERCA - (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 was approved as a Partner of the Association of National Numbering Agencies (“ANNA”) and as National Numbering Agency for Curaçao on June 17, 2021.

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 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.



The Board of Directors of the Dutch Caribbean Securities Exchange ("DCSX")




Name: Dirk-Jan de Graaff
Title: Executive Board Member/Chief Executive Officer/Managing Director
Company: Dutch Caribbean Securities Exchange N.V.

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.


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

Biography: Bas Horsten is currently Director Sales & Business Development Caribbean & LatAM for the IQEQ group. He is a TEP, member of STEP and has 25 years of experience in estate planning and corporate & trust services. He is a current board member and vice-chairman of the Dutch Caribbean Securities Exchange, a former chairman of STEP Curaçao and a former board member of CIFA (Curaçao International Financial Association). He has prior experience as general manager of operations in respectively Cayman, BVI and Curaçao for a large fiduciary services group. For the past 20 years, his commercial focus has been the Americas, with specific interest in wealth planning for Latin American HNWI and families. He holds a law degree of Erasmus University of Rotterdam, the Netherlands. Core areas of expertise are corporate structuring and administration, trust and estate planning as well as fund services. His native tongue is Dutch, with fluency in English and Spanish and 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.

The Dutch Caribbean Securities Exchange Foundation

The Dutch Caribbean Securities Exchange Foundation (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 and in accordance with the DCSX N.V.’s Articles of Association. Besides the Regulatory Supervision by law of the DCSX by the Central Bank of Curacao and Sint Maarten (often referred to as “CBCS”), see Legislation - Centrale Bank Curacao & Sint Maarten, it is the DCSX Foundation that for instance needs to approve new members to the DCSX N.V., approve expenses above certain levels and is the direct regular counterpart of the DCSX N.V. Board and Management on any matter it considers important and/or is requested to give its opinion on.
The Board of the DCSX Foundation is comprised of representatives of financial institutions and other organizations whose interest it is that Curaçao has a well-functioning, fair and transparent securities exchange. The ultimate Supervisory Authority is as stated the “CBCS”. No alterations to any processes, Rules and Regulations, Articles of Association or any other legislative directives in force can be made without prior written consent by the CBCS. At the same time all Members of both the Board of the DCSX Foundation and the Board of the DCSX N.V. itself, members of any committee installed by the DCSX N.V. Board, must be approved by the CBCS, approval which granted after such members have undergone the CBCS’s Professional and Integrity testing procedures.

Presently the Board consists of:




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

Biography: Coming soon....


Name: Alvin Gerald Stacie
Title: Treasurer of the Board/Board Member
Company: Dutch Caribbean Securities Exchange Foundation

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.


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."

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