EDITORIAL: A new era for the JSE
After nearly 60 years without a rival, the JSE has a competitor
You probably missed it, what with Pravin Gordhan defending himself from another wave of attacks from the kleptocrats and his critics bemoaning what they say is a “lack of competition” among the banks. However, one of the more significant events in SA’s landscape, from a competition perspective, took place this week, largely unnoticed. After nearly 60 years without a rival, the JSE has a competitor. This week, ZAR X opened for business with two listings: agricultural group Senwes and its offshoot, Senwesbel. It was a slow start, with just one trade on its opening day, but ZAR X has big plans to woo empowerment companies, as well as other mainstream companies. To the JSE’s credit, despite the fact it operated as a de facto monopoly, it hasn’t sat on its laurels: its trading platform and clearing systems are world class. Of course, the JSE has had competition before. SA’s first exchange was the Kimberley Royal Stock Exchange, which opened in 1881. After that, Barberton boasted the firs...
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