The Financial Sector Conduct Authority (FSCA) has cancelled the exchange licence of ZAR X, an alternative trading platform in which the Public Investment Corporation (PIC) holds a 24.14% stake.

The financial regulator cancelled ZAR X’s exchange licence “with immediate effect” for prolonged noncompliance with section 8 of the Financial Markets Act (FMA), which governs the liquidity and capital adequacy requirements of an exchange. The FSCA said in a statement on Monday announcing its decision that it concurred with the Prudential Authority (PA) and the SA Reserve Bank before deciding to strip ZAR X of its licence...

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