EDITORIAL: The JSE's rule changes are dramatic — and problematic
The past few years have been tumultuous for the Johannesburg Stock Exchange, as they have been for the country as a whole. In order to address a range of problems and shortcomings, the exchange has made a number of very dramatic proposals. The proposals are, broadly speaking, welcome and interesting. They are also in places, seminal in their scope, and could consequently be controversial. They are simply proposals at this point, but their broad scope and the inevitable danger of unforeseen consequences means they deserve through scrutiny. The proposals don’t mention specific instances, but it doesn’t take much imagination to discern the specific examples they are designed to address; Steinhoff, EOH, Capitec, and Sagarmatha spring most obviously to mind. Some of the most far-reaching proposals concern the difference between primary and secondary listings, and that issue came to the fore particularly with Steinhoff which relocated to Germany. One of the biggest problems for the JSE is...
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