JSE looks to end bloodbath
The Johannesburg Stock Exchange (JSE) has highlighted the benefits of its new Listing Requirements as it seeks to end its listing bloodbaths.
The JSE recently received approval from the Financial Sector Conduct Authority (FSCA) for the amendments to the JSE Listings Requirements.
The approval marks a significant step in the Simplification Project, which was launched in September 2023, which looked to reduce the complexity of requirements for listing.
The new listing requires a plain-language recording of concise regulatory objectives. The benefit of the Simplification Project is the substantial reduction in the number of Listing Requirements by over 50%.
The simplified Listings Requirements came into effect following a comprehensive public consultation process that included input from issuers, sponsors, investors, and other market participants.
The new Listings Requirements will replace the previous version in its entirety and will come into force for new applicants seeking a listing on 13 January 2026 and existing issuers on 16 February 2026.
They form part of the JSE’s broader strategic drive to create an enabling environment that attracts and retains listings.
The JSE has seen a huge slump in listings over the last two decades.
In the 1990s, there were roughly 850 listings. This fell to 400 by 2012, and there are now fewer than 300 listings on the bourse.
Another issue is that many of the JSE’s largest remaining companies are now dual-listed on international stock exchanges, including London and New York.
While this allows companies to access cheaper finance abroad, it also reduces the amount of stock available for trading on the JSE.
The group aims to stem the losses with the new requirements.
“The FSCA’s approval of our simplified Listings Requirements marks a pivotal step in modernising South Africa’s capital markets,” said Andre Visser, Director: Issuer Regulation at the JSE.
“Alongside Market Segmentation and the expansion of fast‑track listings regime, this reform package is already strengthening our pipeline and lowering barriers to listing, while safeguarding investors through clear, fit-for-purpose regulation.”
Good signs
The new regulations also complement the Market Segmentation framework, which reduces compliance costs and provides flexibility for listed Main Board companies outside the FTSE/JSE All Share Index.
The JSE said that this encourages capital formation and corporate actions within an appropriate governance setting.
Approved by the FSCA with effect in September 2024, the JSE’s Market Segmentation repositions the Main Board into two segments, giving regulatory support for eligible issuers.
Since its launch, 31 Main Board companies have migrated to the General Segment, given new access to capital, cost-effective reporting, and flexible corporate actions.
Despite the history of delistings over the last two decades, the JSE has seen the arrival of large companies in the previous two years.
In 2025, the JSE welcomed several new entrants from diverse sectors, including ASP Isotopes, Cell C Holdings and Optasia.
This comes a year after Boxer, Rainbow Chicken, Altvest and WeBuyCars all listed on the JSE.
The JSE said that the wider market activity in 2024 and 2025 includes increased origination and expected listings as conditions improve.
It said that this underscores the impact of its reforms in easing the recent period of subdued listings activity.
Expected listings in the near future include Canal+ following its acquisition of Multichoice, Fidelity Services Group, Coca-Cola HBC and Tyme Group.
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