ASPIRANT stock exchange platform ZAR X, which was planning to launch in September, has "renounced" its conditional stock exchange licence to avoid further appeals and delays following a successful appeal lodged by the JSE.The appeal to the Financial Services Board’s (FSB’s) appeal board has resulted in the suspension of ZAR X’s conditional licence, while the FSB’s registrar responsible for securities services explains why he did not entertain the JSE’s objections to ZAR X’s licence application.In its finding, the appeal board said the financial services regulator was compelled by law to consider all objections before granting a licence."ZAR X has renounced the ‘conditional’ licence granted to it," director Geoff Cook said."ZAR X never understood the registrar to have granted ZAR X an exchange licence, so the renouncement of the ‘conditional’ licence places ZAR X in exactly the same position as it was before the judgment."Cook said ZAR X was confident a final decision would be made s...
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