LICENCE AWARDED
A2X exchange may launch at year-end
SA’s third new stock exchange, A2X Markets, could go live in the fourth quarter of 2017 after the Financial Services Board (FSB) awarded it an exchange licence on Wednesday. "A2X’s business model has been set up to compete directly with the [JSE] — a long-standing monopoly," said chairman Ashley Mendelowitz. A2X applied for its exchange licence in May 2015. A2X CEO Kevin Brady said the regulatory agency had taken an "incredibly thorough and cautious approach". The exchange, which would provide a secondary listings platform for JSE-listed companies, would cut end-to-end transacting costs by about 40% in comparison with JSE costs, he said. This would make it more affordable for investors and would grow the overall market.
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