4 Africa Exchange (4AX) has confirmed that all is now a-go with plans to begin trading later this year, as all appeals against the exchange licence that it was awarded in August 2016 have been formally withdrawn.
- FSB grants licence to new stock exchange, 4AX.
- 4AX and JSE cooperate towards broader financial markets.
Fay Mukaddam (pictured), 4AX CEO, said:
"This move demonstrates recognition by the market for our processes, procedures and the structure of our proposed market offerings, which comply with all of the requirements of the Financial Services Board (FSB). It also acknowledges the good work done by the FSB in taking this historic step into what for them too was virgin territory."
4AX has always set its designs on changing the market perception on stock exchanges and being a vehicle for diversity, driving transformative and inclusive economic prosperity in South Africa. Mukaddam says the company believes its model will significantly promote and retain share trading as well as savings, thereby broadening the country's capital markets and contributing to inclusive growth and shared prosperity.
According to the CEO, 4AX is working towards having its first listing in March 2017.
