Financial authority suspends licence of ZAR X exchange
ZAR X faces possible cancellation of its licence in three months due to non-compliance with liquidity and capital adequacy requirements
The Financial Sector Conduct Authority (FSCA) has suspended the exchange licence of ZAR X, the alternative trading platform that is partly owned by the Public Investment Corporation (PIC).
The suspension took effect from 4pm on Friday and is due to ZAR X’s non-compliance with a section of the Financial Markets Act related to liquidity and capital adequacy requirements of an exchange, the FSCA said in an e-mailed statement on Monday. The suspension was put in place with the agreement of the SA Reserve Bank and the Prudential Authority (PA), and also includes the imposition of certain conditions...