FSB grants licence to new stock exchange, 4AX

4 Africa Exchange (4AX) announced on Friday, 2 September that it had been granted an exchange licence by the Financial Services Board (FSB) to become a licensed exchange in South Africa. On this same day ZAR X also received its exchange licence. Speaking on the matter, 4AX CEO Fay Mukaddam (pictured) said the company was “delighted” to have secured its licence. Mukaddam said:

"South Africa is a vibrant, growing market with enormous potential and we are confident that there's a strong appetite for an additional licenced exchange to further develop and deepen the capital markets in the country. South Africa requires the services of another stock exchange that is tailored to suit the needs currently not met by the amended legislative framework. It is our belief that 4AX can stand as a vehicle for diversity, which in turn, will drive real economic inclusion."

According to Mukaddam, the company plans to go live in early 2017.