Exchange takes FSB to court for 'risking' financial markets and investors
SA’s newest stock exchange, 4 Africa Exchange, takes aim at regulator for granting its rival, ZAR X, a licence to operate
SA’s newest stock exchange, 4 Africa Exchange (4AX), has lodged court papers taking aim at its regulator, the Financial Services Board (FSB), for bungling of the worst order that placed SA’s “financial markets at large and investors at substantial and immediate risk”. 4AX is asking the high court in Johannesburg to overturn the FSB’s decision last August to grant its rival, ZAR X, a licence to operate. 4AX CEO Fay Mukaddam says her company has a “public duty to expose manifestly irregular and unlawful administrative action by its own regulator”. “ZAR X’s exchange rules permit [it] to evade or abdicate its most elementary regulatory duties and functions,” she says. Mukaddam argues that ZAR X only got its licence due to “patent irregularity, administrative bungling, by manipulation, obfuscation and ulterior motives, and by other illegality and impropriety”. Read more on Financial Mail's exclusive story on this stock exchange spat. If you are already a subscriber, please click here to ...
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