The launch of a handful of new stock exchanges in SA has not really rattled the JSE ... at least, not yet. As the bourse notes in its most recent annual report, it has, on average, retained 99.9% of value traded since 2017.

Of the new players that have launched in the past five-odd years, the two biggest — in terms of listed companies — are the A2X and the recently remodelled Cape Town Stock Exchange (CTSE)...

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