Hilary Joffe Columnist

In just two short months, the JSE has had the Steinhoff disaster and the short-selling runs on the Aspen, Capitec and Resilient shares, fuelled by reports (or rumours of reports) from Viceroy and others accused of "short and distort" tactics. The series of events has raised questions about where the JSE’s role as regulator of both issuers and investors begins and ends, as well as about the regulation of dual listings and about what’s legitimate research and what is not. Steinhoff brings all the themes together. When its share price started sliding in early December, even before the board revealed that it was investigating "accounting irregularities" and that Markus Jooste had resigned as CEO, the JSE came under pressure to suspend trading. It faced more pressure to suspend the share when the company failed to produce year-end results within the required four months.That was even more so because market players asked why the JSE had threatened to suspend Eskom’s bonds by the end of Ja...

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