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 investigation into whether the JSE’s appeals amount to an abuse of dominance, which is prohibited under section 8 of the Competition Act."