New SA stock exchange eyes March trade: report
ZAR X says it hopes to get approval for an application to the Financial Services Board to begin trading in South Africa by end of March.
This is according to Business Day, after the company submitted its application on March 27, 2015, that will see it compete with the Johannesburg Stock Exchange (JSE).
The FSB provided an opportunity for public comment until September, while the market view is that it takes 180 days for a stock exchange licence application to be processed, according to Business Day.
ZAR X says it is a low-cost, simple and convenient trading platform that empowers ordinary South Africans with shareholding opportunities.
“ZAR X is a platform that lets everyday South Africans transact shares quickly, cheaply and conveniently, even if they have never formally invested money or opened a bank account before.”
It says that the platform is designed to empower those who don’t have skills or experience in investing, to easily and safely build a brighter financial future for themselves and their families.
“The platform also gives business enterprises a flexible, transparent and affordable way to list their restricted or limited share offerings, so that ordinary South Africans can take advantage of them.”
“We are hoping to hear something in the next couple of months,” said CEO Etienne Nel. “The final hurdle left for us … would be the licensing committee. It is up to the FSB to decide when that happens.”
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