ZAR X, South Africa’s newest stock exchange, has been granted a licence to operate a stock exchange by the Financial Services Board.
“This brings to an end the era in South Africa where the sector was monopolised and dominated by a single player for company listings and share trading,” said ZAR X.
ZAR X CEO Etienne Nel said “the approval signifies a new era in tech-friendly and user-focussed share trading”.
ZAR X offers investors T+0 settlements, and will initially offer a primary board for conventional company listings, an investment entities board that will cater for structured products and exchange traded funds, a “restricted market” for BEE shares, and Agri shares and other restricted securities.
ZAR X will commence operations on 5 September.
“We are pleased to announce that Senwes and Senwesbel will be the first companies to list and will commence trading on 3 October.”
“Other companies that have committed to listing on ZAR X are now able to commence with their listings process.”