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For nearly six decades the JSE was the sole stock exchange in South Africa, but its dominance was dealt three small blows this year when newcomers ZAR X, 4 Africa Exchange and A2X began trading. The most recent to go live, A2X, launched last week and has pitted itself against the JSE, offering secondary listings to those already listed on Africa's oldest exchange. ZAR X, which began trading in February, will not be going after JSE-listed companies but will open the market up to small- to medium-sized companies wanting to raise capital.All of the newly launched stock exchanges are using technology to bring innovations such as real-time settlements, as opposed to the JSE's T+3 - settlement three days after a trade is done. ZAR X has minimised the time lag between matched trade and settlement and clearing into the investor's account, which significantly reduces settlement risk, said independent trader Simba Manwere. "Consumers in the financial markets are set to benefit from these redu...

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