ZAR X to troubleshoot with JSE as monopoly ends
NEWLY licensed stock exchange ZAR X is willing to work with other participants in the markets on the challenges that may arise now that SA has multiple bourses. The latest development comes after the Financial Services Board (FSB) granted last week exchange licences to two new operators — ZAR X and 4AX — ending more than 100 years of the JSE’s monopoly. The full licences from the FSB came after its decision to grant ZAR X a conditional licence was overturned in August by a court ruling in favour of an application by the JSE, which had argued there was no provision for conditional licensing. JSE CEO Nicky Newton-King said in August that there were concerns about the complexity and the potential for systemic risk that multiple exchanges could bring. She called for a conversation on a new regulatory framework that could cater for multiple exchanges.
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