THE Financial Services Board (FSB) has granted stock exchange licences — with conditions attached — to two new entrants, ending months of waiting for one of them, and a bunfight between the JSE and another aspirant.4 Africa Exchange, headed by former Johannesburg Chamber of Commerce and Industry president Fay Mukkadam, and ZAR X were awarded conditional licences on Thursday, ending five months of anticipation for 4 Africa, which previously said it was awaiting the licence after public comments on its application closed in March.ZAR X, which was previously granted a conditional licence, repudiated the licence early in August after a dispute with the JSE, which argued the FSB did not consider its objections before awarding the licence — a breach of its obligation.This resulted in the suspension of the conditional licence by the FSB appeal board in July, scuppering ZAR X’s plans to launch in September.The FSB had granted the licences after "careful consideration of the objections recei...
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