ZAR X given go-ahead to launch first stock exchange in SA in over 100 years
ZAR X (Pty) Ltd announced today (Wed. March 30) that it has been granted a stock exchange licence by the Financial Service Board (FSB). The licence enables the company to operate a fully-fledged, independent stock exchange and provides an exciting alternative to companies that want to list their securities on a licensed exchange.
Investors are able to trade securities across a state of the art technology platform that permits transactions to be executed on a T+0 or same day settlement of trades, said ZAR X CEO Etienne Nel. The current timeframe is T+5 or five days between matched trade and settlement and clearing into an investor’s account. The ZAR X model is world leading and significantly reduces settlement risk as all transactions are pre-funded.
“We also make investing simpler and affordable for the public – especially the lower income groups,” Nel added. The innovative technology enables investors to undertrake trading via their mobile devices.