4 Africa Exchange (4AX) is considering a high court application to have the Financial Services Board’s (FSB) appeal board judgment reviewed, in terms of which rival entrant ZAR X has kept its exchange licence. 4AX felt the nub of its concerns over ZAR X’s exchange rules had not been adequately addressed or resolved, said CEO Fay Mukaddam. 4AX and ZAR X, which will compete for much the same markets, were both granted exchange licences on August 31 2016. The JSE initially appealed against both licences and then withdrew its appeal against 4AX’s after a co-operation deal was reached between the two. On September 29 4AX launched a separate appeal against the decision of the registrar of securities services to grant ZAR X a licence. The appeals, which were consolidated, were last week dismissed with costs by the FSB’s appeal board. The panel found the objections lacked merit and in some instances were not based on fact. Mukaddam said that 4AX had alerted the registrar to "serious flaws i...

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