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Johannesburg - The Johannesburg Stock Exchange (JSE) acknowledges the decision by the Financial Services Board (FSB) to dismiss its urgent application for the suspension of the FSB’s decision to grant ZAR X an exchange license.
"South Africa is known for its high regulatory standards in financial markets and we believe this plays a significant role in attracting investment," the JSE said in a statement issued on Tuesday.
"The JSE is not opposed to competition. However, we believe that all competitors must compete on a level playing field with all participants bound by the same set of rules and in an environment in which important issues of public policy have been settled - issues such as regulatory standards, systemic risk and investor protection."
The JSE emphasised that this is how regulators around the world have approached the introduction of more than one exchange or financial market infrastructure provider.
The JSE’s urgent application for the suspension of the FSB's decision to grant ZAR X an exchange licence was dismissed earlier on Tuesday.
Judge LTC Harms, deputy chair of the FSB appeal board, said there was no evidence that the JSE would suffer harm or prejudice, claims of which he regarded as purely speculative.
The JSE’s urgent application for interim relief was lodged pending the hearing of its appeal against the FSB's decision to grant ZAR X an exchange licence.
“The main appeal will be heard at a future date,” the FSB said.
The FSB granted ZAR X an exchange licence on August 31 2016, after it found the applicant complied with the relevant requirements of the Financial Markets Act.
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