A2X Markets has welcomed the Competition Commission’s landmark decision to recommend referring allegations of anti-competitive behaviour by the JSE to the Competition Tribunal. This follows a comprehensive, three-year industry-wide investigation.
For over a century, a single player has dominated South Africa’s equity market. Kevin Brady, CEO of A2X, states the consequences are clear: “fewer listings, stagnant liquidity, and rising costs that deter both issuers and investors.”
Said Brady, “We believe this referral validates what we have been saying: that South Africa’s financial markets have been held back by the JSE’s anti-competitive practices that ultimately harm investors, listed companies and competitor exchanges. Our market must embrace competition to create the dynamic capital market that South Africa needs.”
Globally, fair competition between exchanges drives progress. Jurisdictions like Europe, Australia, and India have seen costs drop, innovation flourish, and listings increase.
Brady refuted the JSE’s tactics, noting, “A2X has seen several tactics by the JSE, including their arguments that competition introduces systemic risk and that new players are inadequately regulated. These arguments ring hollow when viewed against international experience and A2X’s eight-year track record.”
Expressing hope for collaboration under new JSE leadership, Brady added, “The Competition Commission has rightly identified that market growth requires fair competition—something that benefits all investors, listed companies, and ultimately the broader South African economy.”
As a fully licensed and regulated exchange, A2X offers significant cost savings, typically over 40%, which ultimately benefit the retirement savings of millions of South Africans. This decision marks a pivotal step toward a more competitive and prosperous financial future.
