A2X Markets, the alternate exchange that counts African Rainbow Capital and Absa among its shareholders, plans to seek a primary listings licence within the next two years, which will give it time to set up the necessary infrastructure to accommodate such a move.

The Joburg-based alternate exchange, which began trading in October 2017, currently only has an exchange licence for secondary listings of companies and exchange-traded products (ETPs). A2X, which celebrates its fourth birthday in October, says it has provided savings of R400m to the industry in the past 12 months through lower exchange fees and narrower bid-offer spreads on trades...

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