Sygnia approved for second listing on A2X Markets
Sygnia will list a secondary listing on the A2X Markets exchange next week Thursday.
Sygnia Limited will list a secondary listing on A2X exchange next week Thursday but will retain its primary listing on the JSE. No new shares, cost, risk, or additional regulatory compliance will result from its secondary listing on A2X .
The additional listing will, however, offer Sygnia the opportunity to broaden and diversify its offering to benefit its clients and spur local innovation.
Sygnia CEO, Magda Wierzycka, said:
“We support disruption, competition and best practice in South Africa’s capital markets. International experience has shown how competition helps drive a more efficient and responsive industry, which ultimately benefits the end consumer and assists in the overall growth of the market.”
Sygnia is the largest equity ETF provider in South Africa, offering investors the widest range of ETFs tracking international equity markets, and managing over R19.68 billion in ETF investments.
A2X applied for an amendment to its exchange license to include the secondary listing of ETFs earlier this year and is awaiting approval from the regulator.
A2X CEO, Kevin Brady says:
“Sygnia is known as an innovative and entrepreneurial company and we are delighted to have them listing on A2X. Sygnia’s ability to challenge the status-quo and do things in an innovative, cost-effective manner resonates with us,”
“Making Sygnia’s shares available on a second trading platform gives our shareholders and stockbrokers an additional venue to transact our shares at a lower cost. We see this as complementary to our primary listing,” adds Wierzycka.
A2X is a licensed stock exchange, which provides a secondary listing venue for companies. They are regulated by the Financial Sector Conduct Authority and the Prudential Authority (SARB) in terms of the Financial Markets Act.
They began trading in October 2017 and have nine approved brokers and 11 companies listed on their platform.