FOREIGN EXCHANGE
4AX looks to attract overseas investors
The new stock exchange quizzes the Reserve Bank on inward listings and foreign-exchange control requirements
New stock exchange 4AX says it is exploring the potential for foreign inward listings, dual listings and how best to be accessible to foreign investors. 4AX, which obtained its licence in August 2016, was in discussions with the Reserve Bank to understand what inward listing and foreign-exchange control requirements it would need to meet, CEO Fay Mukaddam said on Wednesday. The JSE has attracted a slew of recent inward listings, particularly in the property sector. Foreign investors comfortably account for more than half the value traded on the bourse, effectively providing the liquidity it needs to function. 4AX and ZAR X will arguably need to attract foreign investors, including foreign institutions, to achieve the liquidity needed for a sustainable exchange. "Liquidity and volume … drives all exchanges around the world. To drive volumes, we need to ease restrictions to bring in foreign money to trade on the exchange," said Tim Marshall, the CEO of Terbium Financial Services (form...
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