New South Africa Stock Exchange to Target Lower-Income Investorsby
ZAR X Stock Exchange, which has won approval to become the first new South African bourse in more than 100 years, said it intends to start operating in September with the aim of enabling more lower-income investors to trade shares.
ZAR X plans to run three sections, a main board for company listings, an over-the-counter stock-trading business and an investment products market, it said in an e-mailed statement Wednesday after gaining clearance from the country’s Financial Services Board. JSE Ltd. has run South Africa’s only stock exchange, founded in Johannesburg in 1887 during the Witwatersrand gold rush.
“A more flexible and practical listings process will ensure greater simplicity and less complexity for companies making use of the ZAR X Stock Exchange,” Chief Executive Officer Etienne Nel said. “We also make investing simpler and affordable for the public --- especially the lower income groups.”
The bourse will be run by former stockbroker Nel along with Geoff Cook and Graeme Wellsted, both former compliance and legal executives at Investec Plc.