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The JSE – 125 years of history and progress

The JSE – 125 years of history and progress. 29 August 2012, by Monica Ambrosi. A bit of history – where we were…. A bit of history – where we are. History of the JSE. 1887: JSE founded In 1995: Open outcry floor trading; settlement 7 days later or more Equities only

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The JSE – 125 years of history and progress

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  1. The JSE – 125 years of history and progress 29 August 2012, by Monica Ambrosi

  2. A bit of history – where we were…

  3. A bit of history – where we are...

  4. History of the JSE • 1887: JSE founded • In 1995: • Open outcry floor trading; settlement 7 days later or more • Equities only • 1996: Centralised order book introduced • 1999: STRATE formed (dematerialisation) • 2001: Acquired SA Futures Exchange (SAFEX) • 2002: Move to guaranteed T+5 settlement of equity trades • 2002: Adopted LSE trading platform • 2005: Exchange demutualised • 2006: JSE listed on its own exchange • 2009: Acquired the Bond Exchange of South Africa (BESA) • 2012: New equities trading platform introduced

  5. The JSE in the local economy • Ratio reflects size of stock market relative to the economy • The JSE is 125 years old and has grown to a significant size (ratio of 3.38 in 2009) • The JSE is a conduit for domestic and foreign savings in the economy Source: World Bank Note: ( ) refers to World Bank income group classification

  6. Comprehensive offering SETTLEMENT CLEARING Equity Derivatives Equities Commodity Derivatives Interest Rate Products TRADING Market Surveillance Information Products LISTING

  7. Market development & product innovation • Shape development of local capital markets and influence relative policy environment • Equities market: • New products (ETFs, ETNs) • New customers (broaden international client base) • Equity derivatives: • Bring trading onto central order book • Interest rate market: • Grow the interest rate derivatives offering • Enhance corporate bonds offering • Commodity derivatives market: • Trading of other African derivatives

  8. The JSE within the global context Source: World Federation of Exchanges

  9. The JSE within the global context Shanghai SE NYSE Group Tokyo SE Group ASX Deutsche Börse Hong Kong Exchanges TMX Group OMX Nordic JSE London SE Group NSE India Bombay SE Egypt SE Bursa Malaysia Source: World Federation of Exchanges; data for May 2012

  10. The JSE within the global context • Non-resident investors are key participants in local equity and bond markets • These portfolio flows, although volatile, are critical for the Balance of Payments of the economy • The value of bond trading recorded on the JSE is the 4th highest globally (y-t-d May 2012 $1.2 trillion) GFC Sources: SARB & JSE

  11. Thank you

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