ZAR X made its debut on Monday and settled its first trade in 10 seconds — a buy order for 100 shares in agricultural group Senwes at R10.50 a share. The trade was matched, settled and cleared in 10 seconds, demonstrating how well ZAR X’s platform worked, said CEO Etienne Nel. In 2016, the JSE implemented a four-day settlement cycle known as T+3, making ZAR X’s real-time settlement the quickest in the domestic capital markets and in line with global best practice. "This is the first time in 50 years that a company has listed on a [South African] exchange other than the JSE," Nel said. "This is an exciting moment in our lives. ZAR X has brought new initiative to the market… transforming the competitive landscape in SA," said Francois Strydom, the CEO of 107-year-old Senwes. While Nel did not expect a large volume of Senwes shares to be traded on Monday, he said ZAR X could not have asked for a better first listing, considering the calibre of Senwes. The group, which has a market capi...
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