THE JSE’s legal victory in getting potential competitor ZAR X’s conditional approval for a licence suspended is "irrelevant", ZAR X said in a statement on Friday.On Monday, the Financial Services Board (FSB) ruled that the Registrar of Securities Services had infringed the JSE’s right to administrative justice by not allowing the incumbent monopoly to oppose ZAR X getting the conditional approval.ZAR X said its previously announced its intention to be operational by September remained on track despite the setback."The conditional licence was initially granted by the registrar in keeping with recognised practice adopted by international regulators. From a practical perspective a conditional license is irrelevant to the core process," ZAR X director Geoff Cook said in the statement."It is not stipulated as a necessary preliminary step in the Financial Markets Act," he said.The JSE recently moved from a five day settlement period to a three day settlement period marketed as "T+3". ZAR ...
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