For much of the past 130 years, the JSE has dominated the local landscape and has been the sole provider of most stock exchange services in SA. It has become a well-known, highly respected and an effective business. However, as Bob Dylan sang back in the sixties, "The times they are a-changin’". In August 2016, the Financial Services Board (FSB) issued two new exchange licences, one to ZAR X and one to 4 Africa Exchange (4AX). In April 2017, it issued an exchange licence to A2X Markets and later last year, it issued a licence to Equity Express Securities Exchange (EESE). So four new exchange licences were issued in SA over 16 months. The industry has largely welcomed this move by the FSB and it has launched SA’s capital markets on a journey of future change and progress. To quote Walt Disney, "Progress is impossible without change." But how are these new exchanges likely to progress the industry? As a backdrop, it is important to note that competition in the capital markets space is...

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