ZAR X win appeals against its stock exchange licence
The new entrant into SA’s stock exchange market, ZAR X, was victorious on Thursday when the appeal board of the Financial Services Board (FSB) gave a final judgment dismissing all appeals against its licence brought by the JSE. ZAR X was also awarded full costs. The new stock exchange said it was now ready to start operating and would host its first listing by the end of February, with more issuers being announced in the next few weeks. ZAR X’s legal battle with the JSE took a strange turn when another would-be entrant, 4AX, suddenly became bedfellows with the incumbent monopoly after getting attacked by it. The joint appeal by the JSE and 4AX was among those thrown out by the FSB appeal board on Thursday. "The judgment vindicates our belief that the JSE and 4AX appeals have been vexatious, aimed at preventing us from entering the market and, ultimately, eliminating us as a competitor," ZAR X director Geoff Cook said. "At our request, the Competition Commission has launched an inves...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.