Orders from investors to buy are matched with orders from investors to sell and this process takes place through the JET System. Clients may require their stockbroker to act as agent when trading. Alternatively, they may trade with the stockbroker as a principal in which event the member firm will be buying shares itself from the client or selling its own shares to the client at an agreed price. Brokerage is fully negotiable between the investor and the member firm. It is charged at an agreed rate in the agency transaction, but may not be charged when the firm is acting as a principal.

The cornerstone of the trading system is a central order 'book'. Dealers manage their orders in the book via trading workstations which are linked to the JET System. The order book is divided into a buy side and a sell side. All orders are time stamped when entered into the book.

The order book is organised on the principle of 'price and time priority' where orders when registered in the book are ranked first at the best price and then in time sequence of entry. The first order entered at a specific price has priority over later orders at the same price.

Special provision is made for the small investor to trade odd lots at minimum cost through a specialist who is responsible for trading odd lots at market price. Sales take place at the next sale price after the odd lot order has been entered into the JET System.

There are occasional requirements to trade for special terms. An example is a trade for immediate settlement. A separate order book is provided to facilitate these trades.


JET trading takes place between 09:30 and 16:00 from Mondays to Fridays, excluding public holidays.


Internet : http://www.jse.co.za

Johannesburg Stock Exchange * Public Relations Department
17 Diagonal Street * Johannesburg 2001 * Telephone 27 11 377 2200
P O Box 1174 * Johannesburg 2000 * Telefax 27 11 834 7402