FNB CEO Jordaan to join JSE board

The JSE announced on Tuesday (13 August) that Michael Jordaan, who retires as CEO of FNB in December, will join its board as a non-executive director.

Jordaan would join the JSE’s board with effect from 1 January 2014. The banking lead said that he is also hoping to become a part of tech start-up “vibe” in the Cape in due course.

“There’s lots of entrepreneurial things one can do not based in Joburg. The world’s become much smaller and much flatter. Technology allows amazing things, and there is a whole technological start-up vibe in the Cape that I hope to become part of in due course,” Jordaan said.

The JSE Limited reported a 16% rise in group operating revenue of to R793.5 million for the six months ended June 2013.

Group profit for the period improved 191% to R292.7 million and group headline earnings advanced 35% to R285.2 million, driven by the group operating revenue performance in H1 2013 and the effect of the impairment in the comparable period in 2012.

Group operating expenditure was down 3% at R487.8 million, while the group said its cash position is strong at over R1 billion.

The firm said that phase 1 of its move to T+3 was successfully implemented on 21 July 2013. Phases 2 of the T+3 implementation will take place in H2 2014 with Phase 3 as soon as possible after that.

“The JSE will only be able to confirm the cost of these implementations once detailed technical design work has been completed,” it said.

It also noted that a new web-based portal through which JSE Market Data clients can report their monthly usage direct to the JSE, has been rolled out.

“This reduces administration and complexity enabling JSE sales teams to focus on building the Market Data client base and revenue,” it said.

At the start of August, the JSE said it is moving ahead with the construction of its colocation centre to be completed in the first half of 2014.

Its initial colocation data centre will have space for 35 client racks at a capex cost of approximately R50 million, of which the 2013 spend is expected to be about R38 million and the remainder in 2014.

“There will be on going spend, the extent of which will depend on the rate at which the colocation environment is expanded to meet client needs. Colocation will introduce a new revenue line and increase speed of access to and liquidity across all markets,” the group said.

More on the JSE

FNB CEO Jordaan steps down

 FNB’s Jordaan eyes Cape start-up culture

JSE unveils co-location centre plans

JSE sees big jump in interims

JSE lauds zero trading outages

JSE lifts capex for tech plans

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FNB CEO Jordaan to join JSE board