APPROACH TO COMPETITION
JSE puts on an unedifying display
JSE must uphold high standards of excellence with the same honesty, transparency and integrity that it expects from other players
The JSE’s apparent double standard in its dealings with potential competitors is puzzling. It paints the bourse as a bully that responds only to the force of the regulator. The JSE initially launched two separate appeals against the exchange licences granted in August 2016 to 4 Africa Exchange (4AX) and ZAR X. It then backtracked, announcing in December that it would co-operate with 4AX to "promote broader financial markets". Commenting on the change of heart, JSE head of capital markets Donna Nemer said that at the time 4AX’s licence was granted, the JSE felt the "exchange application process did not provide [it] with sufficient insight" to determine whether the objectives of the Financial Markets Act would be furthered by the granting of the licence. "However, after active and transparent engagements … we have a better understanding of 4AX’s market approach, which will increase the diversity of financial markets in SA. This is what led us to withdraw our appeal." Her response is s...
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