EDITORIAL: Bond market reforms a long time coming
New standards will improve listing requirements
About a decade after it acquired the Bond Exchange of SA and became what it now proudly calls the largest regulator of the continent’s listed debt market, the JSE is finally hammering out a new set of standards that will improve the listings requirements for such instruments. This is significant because trade in the local debt market is, by no small measure, larger than that of the equity market. Globally, the bond market is the largest exchange of securities in the world, worth as much as $100-trillion, according to Pacific Investment Management Company, which runs one of the world's biggest fixed-income funds. While the JSE accounts for a drop in that global ocean, about R25bn still goes through our market daily, compared to R16bn on the stock market. Take away Naspers, which accounts for about a quarter of the trade in stocks, and that gap is even bigger. The total value of the local debt market is about R1.8-trillion, according to the JSE, and more than half of that is place...
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