Bitter turn in JSE’s cold war
Recent criticism of regulators shouldn’t lead to exchanges being given blanket discretion to prevent new listings, JSE says
The cold war between Magda Wierzycka and the JSE has intensified, with the Sygnia CEO accusing the exchange of either "not understanding its obligations" or, worse, misleading the public. Last month, Wierzycka tackled JSE CEO Nicky Newton-King at the exchange’s AGM over issues such as the listing of Ayo Technology and the Guptas’ Oakbay Resources and the aborted listing of Sagarmatha. Wierzycka was irked particularly since the JSE had, in recent weeks, scotched her bid to list an exchange traded fund based on the bitcoin cryptocurrency, ostensibly because this would have compromised the JSE’s ability to protect investors. "Why is the JSE willing to allow listings ... where [public servants] and other retail investors have been exposed to an asset of highly questionable quality at a vastly inflated valuation?" she asked at the AGM. The JSE’s response was that it has no discretion to veto listings, if a company meets its requirements. However, Wierzycka has now sent a harshly worded l...
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