JSE fails in urgent action to stifle new rival ZAR X
THE JSE has lost its urgent application to have rival ZAR X’s new stock exchange licence suspended. The operator of SA’s only bourse, the JSE had launched the application while it awaited a hearing of its appeal against the Financial Services Board’s (FSB’s) decision in August to grant this licence. The JSE is also battling another rival, having lodged an appeal against the FSB’s decision to grant a licence to 4 Africa Exchange (4AX). Donna Nemer, the JSE’s director of capital markets, said: "The JSE alerted the appeal board to the harm and prejudice that we believe will be suffered by market participants, listed companies and the South African financial system if any exchange is allowed to operate in circumstances where its licence may ultimately be set aside by the appeal board." But Judge Louis Harms, the deputy chairman of the FSB appeal board, dismissed the urgent application to suspend ZAR X’s licence, saying the JSE did not submit any evidence that it would suffer harm or pre...
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