The Johannesburg Stock Exchange (JSE) has been termed an 'emerging market' in a global stock market context. However, the South African economy comprises long-established first world as well as third world elements. Stock exchanges have in fact operated in South Africa since 1881.
The JSE was formed shortly after the discovery of the Witwatersrand gold fields. It celebrated its centenary in 1987 and is the only exchange for equities in South Africa.
The JSE is a juristic person and is governed by statutory law in terms of The Stock Exchanges Control Act of 1985 (SECA) but, in common with the international trends, SECA requires self-regulatory rules which are drawn up by the JSE Committee. It requires the Registrar of Stock Exchanges to approve the JSE rules. The Financial Services Board, of which the Registrar is the Chief Executive, was created by a special statute and is responsible for implementing public policy as determined by the Policy Board for Financial Services and Regulation relating to the securities and financial services sectors.
Insider trading is monitored by the Securities Regulation Panel (the Panel) which was established by the Companies Act of 1973. The responsibilities and powers of the Panel follow closely those of the Takeover Panel in the United Kingdom and include the powers of investigation and prosecution. Additionally the Panel has responsibility for regulating takeovers and mergers through its own Code.
A separate statute, the Financial Markets Control Act of 1989, governs the non-equities markets.
JSE members may also be members of the Bond Exchange of South Africa and the South African Futures Exchange.
The JSE is a member of the Federation Internationale de Bourses de Valeurs (FIBV) and was granted designation status by the Japanese Securities Dealers Association effective 14 December 1994.
On 1 March 1995 the JSE was included in the Morgan Stanley index for emerging markets and on 7 April 1995 was included in the IFC Emerging Markets Global and Investible Indices.
FURTHER INFORMATION CAN BE OBTAINED FROM
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
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