The Cuban-American National Chamber of Commerce (CANCC) has taken a significant step towards establishing a capital market in Cuba. On Wednesday, they gathered between 10 and 15 prominent private entrepreneurs to begin shaping what will be known as the Havana Stock and Commodity Exchange, a stock and commodity market headquartered in Havana.
In an interview with Tania Costa, Juan Omar Sixto, the chamber's president, unveiled the project. He explained that the June 24 meeting aimed to "sketch out and lay the groundwork for the foundation of what would be the stock exchange, named the Havana Stock and Commodity Exchange in Havana, Cuba."
The initiative goes beyond just setting up an exchange. Sixto outlined plans for a comprehensive financial ecosystem that includes a finance institute to train stockbrokers, insurance agents, real estate agents, and mortgage brokers. Additionally, they plan to host an annual World Congress of Multinational Investors to draw sustained capital investment into the market.
A prospectus was prepared for the meeting, targeting 100 multinational companies. Joseph Fernández, a trustee of the CANCC, played a central role in the session due to his stock market expertise. His company, listed under the symbol BWIV, operates as a SPAC—special purpose acquisition company—with a $180 million market capitalization and shares priced at $10. The SPAC is designed to channel investments into sectors like tourism and healthcare in Cuba.
"He is ready to bring in investors when Cuba's tourism and healthcare sectors seek them out," Sixto explained.
Sixto, who spent three years working at Merrill Lynch in New York, bases the proposal on a lesson he believes the Cuban exile community failed to learn. "Cubans in Miami have built wealth in real estate, but by neglecting the stock market system in New York, they never complemented real estate investments with stock market investments. That, to me, was a mistake because it could have tripled the exile community's capital," he stated.
This experience, he argues, should not be repeated as Cuba transitions to a free system. "Cuba has to take off like a rocket to the moon or Mars economically from day one," he asserted.
As for the required capital, Sixto did not shy away from large figures: "I estimate it will need to be easily 200, 300, 400 billion because Cuba is completely destroyed. The capital must be massive and progressive, in phases."
The entire plan hinges on a genuine political transition. The CANCC, established in April 2026 by Cuban-American entrepreneurs primarily from Pinar del Río, demands full legal guarantees for private enterprise before investing a single dollar in the island.
Sixto dismisses the proposals from the Díaz-Canel regime—which include swapping debt for assets and selling shares of state-owned companies—as mere bait without real backing.
This rejection comes alongside the 176 economic reforms approved by the Cuban National Assembly on June 19, which formally open up diaspora investment. However, the organized exile community considers these reforms insufficient without a fundamental political change.
Cuba has been without a stock exchange since 1959. The next CANCC meeting is scheduled for July 22, 2026, when the chamber will hold its third working session.
Frequently Asked Questions about the Havana Stock Exchange Initiative
What is the Havana Stock and Commodity Exchange?
The Havana Stock and Commodity Exchange is a proposed stock and commodity market to be headquartered in Havana, designed to create a capital market in Cuba.
Who is leading the project for the Havana Stock Exchange?
The project is being spearheaded by the Cuban-American National Chamber of Commerce (CANCC) under the leadership of its president, Juan Omar Sixto, and trustee Joseph Fernández.
What are the requirements for the project to proceed?
The CANCC requires full legal guarantees for private enterprise and a genuine political transition in Cuba before proceeding with investments.