The JSE Limited, the operator of the largest stock exchange in Africa, has welcomed competition in the form of new stock exchange licences in SA but stressed the need to retain the country’s regulatory standing. Writing in the just released annual report, JSE chairwoman Nonkululeko Nyembezi-Heita said the competitive landscape had changed with the granting of licences to newly established exchanges ZARX and 4AX. Both new stock exchanges are still at a fledgling stage and are unlikely to rattle the JSE’s business model in the short term. But some market commentators have highlighted the new exchanges’ potential as market disrupters in the longer term. The ZARX opened for trading recently but has only two listings in Senwes and its holding company, Senwesbel. The 4AX, which is expected to start trading in April, has boasted of six potential listings. Nyembezi-Heita said the JSE was well down the road in its competitive responses. "The JSE has a long track record of competing with exch...
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