It seems that hardly a day goes by without an announcement of a new listing or another broker joining any one of SA’s four operational stock exchanges. Twelve short months ago, there was one. And by this time next year we might see the recently approved Equity Express Securities Exchange (EESE) already operational. There has been a long run-up for them to gain regulatory approval — and in the case of ZAR X, legal challenges by the JSE — so their presence in the market is hardly surprising. But 2018 will be the first extended glimpse into what they offer investors and whether these are viable ventures. ZAR X went live in February this year, followed in September by 4 Africa Exchange (4AX) and a month later A2X Markets. They are dwarfed by the 100-year-old-plus JSE, but they offer a compelling alternative for companies looking for specific or merely alternative sources of capital. And if companies, their sponsors and stockbrokers see an opportunity in these new exchanges, then surely ...

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