ZAR X granted a stock exchange licence
ZAR X, South Africa’s newest stock exchange, was yesterday granted a licence to operate by the Financial Services Board (FSB), following recent delays. ZAR X will commence operations on Monday, 5 September 2016.
Etienne Nel, ZAR X CEO (pictured), says the approval signifies a new era in tech-friendly and user-focused share trading. He said:
"ZAR X creates choice and offers corporate South Africa and the public at large a new opportunity to reduce unnecessary red tape, speed up transaction times and open up equity-based wealth creation to sectors of the South African population that for far too long have been largely excluded from full participation in the financial markets."
ZAR X listings requirements are largely principles-based, enabling a more flexible and efficient listings process. ZAR X will initially offer a primary board for conventional company listings, an investment entities board that will cater for structured products and exchange traded funds, and a 'restricted market' for BBBEE shares, Agri shares and other restricted securities which can only be traded within a clearly defined investor base.
According to ZAR X, Senwes and Senwesbel will be the first companies to list and will commence trading on Monday, 3 October 2016.