Liquid capital markets are the quiet engine of economic development: they let entrepreneurs raise money, investors buy and sell with confidence, and governments finance public works responsibly. Building one is slow, patient work — and Belize has been at it for over a decade.
Why liquidity matters
A market is liquid when assets can be bought and sold quickly without dramatically moving the price. Liquidity lowers the cost of capital for everyone — a bond that can be easily traded is cheaper to issue than one that cannot. It also gives local investors an alternative to leaving capital idle.
Our initiative not only holds immense promise for Belize, but also presents opportunities for economic growth and innovation beyond our borders.
The foundations: 2012 – 2021
The journey began in 2012 with the establishment of a trading market and Belize's first municipal bond — the Belize City Infrastructural Municipal Bond. From 2012 to 2021, Legacy's founding partner Ervin M. Perez diligently lobbied for the legislation needed to build market infrastructure, recognising that a liquid market cannot exist without supportive laws and regulations.
The 2017 Belmopan City Council 2016 Series I issuance proved the model was repeatable — and that market depth grows one successful transaction at a time.
What a liquid market unlocks
- Cheaper public borrowing — cities finance infrastructure without short-term bank dependence.
- Local investment options — citizens and institutions invest in their own communities.
- Entrepreneurial capital — businesses raise growth funding through public offerings.
- Regional confidence — international investors gain a transparent entry point to Belize.
Today: Legacy and Alpha
Today, Legacy collaborates with Alpha, our sister company, to establish a thriving capital market. The combination of market expertise and trading technology puts Belize on a credible path toward a market that serves issuers, investors and the national interest alike.
The road ahead
Market infrastructure, transparent reporting, and continued issuance are the next milestones. Each successful bond, each completed trade, and each new investor makes the next step easier. The road is long — but the direction is set, and the foundation is already built.
