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A New Era of Growth in JSE: Empowering Equity, Agricultural Products, and Derivatives

As JSE enters a new era under Noah Greenhill’s leadership, the focus is on enhancing Marketing and Business Development initiatives. Key highlights include robust equity markets with 14 new listings in 2005, steady growth in trading volumes and values, and advancements in equity derivatives. The launch of Yield-X creates a unique marketplace for diverse interest rate products. Additionally, the AltX platform supports small to medium-sized enterprises, boosting market opportunities. JSE is committed to attracting foreign investment and advancing technology while ensuring compliance with BEE goals.

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A New Era of Growth in JSE: Empowering Equity, Agricultural Products, and Derivatives

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  1. JSE: A New Era Noah Greenhill GM: Marketing and Business Development

  2. Our business today • 5 Markets • Equities – listing, trading & regulation of shares, ETFs and warrants • Equity Derivatives – SSF, index derivatives, can-do options • Agricultural Products – maize, wheat, soya and sunflowers • AltX • Yield-X • Equities and derivatives clearing • Own 11% of Safcom • Settlement • Own 41% of STRATE • Guarantee of equity trades • Information product sales • Technology services

  3. Opportune environment for listing of JSE • 1 July 2005 – demutualised and taxable • 5 June 2006 – listed on Main Board • 5 June 2006 – implemented Broad-based BEE deal • Good progress in meeting Financial Sector Charter targets

  4. Key operational highlights – 2005 • Higher level of demand for new Main Board equity listings • 14 new listings (2004: 11) • Record overall JSE equity trading volumes and values • Average daily value traded up by 24% • Average daily number of trades up 29% • Zero failed trades for more than 5 years despite increase in volumes • Good performance in equity derivatives • Average daily number of contracts increased by 35% • Open interest increased by 29%

  5. Key operational highlights – 2005 • AltX growth – market for small and medium sized companies • Listed 6 new companies • Yield-X – one-stop shop for a wide range of interest rate products • Launched in February • Revenue from information product sales up • Third round of Socially Responsible Investment Index • Number of successful constituents increases • Ongoing migration of the exchange onto new IT systems • Project Orion a major priority

  6. JSE equities market capitalisation & liquidity

  7. JSE equities market average monthly value traded & number of trades

  8. Equities – Main Board • Good level of demand for equity new listings on the Main Board – 11 YTD • Warrant issues more than doubled in 2006– 356 YTD • Continued increase in equity trading volumes and values • Average daily value traded up 80% YTD • Average daily number of trades up 65% YTD • Net foreign investment at an all time high– R56.5 billion YTD • Liquidity improved – 46.0% YTD • New inward dual listings • A number of new product launches • eg SATRIX Swix and SATRIX Resi in 2006, ITRIX range • Next steps - Foreign companies, ETFs, African listings, listed company forums • Settlement needsto move from T+5 to T+3 together with a reduction in costs • Broad-based investor education initiatives to continue with strategic partners

  9. AltX • AltX is for small and mid-sized companies • 23 companies currently listed • 8 new companies • 1 company graduated to the Main Board • 1 company migrated from Main Board to take advantage of better matched value proposition • 17 designated advisors • Directors’ induction programme • Next steps • More company listings in the pipeline

  10. Yield-X • Launched February 2005 • new market offering a broad range of exchange traded interest rate derivatives • Gaining market traction • Corporate bonds able to be listed on Yield-X from 1 July 2006 • Next steps - Target retail issuers - Yield-X upgrade for retail trade to come

  11. Opportunity - Africa • Dual listing • Costs • Expand liquidity pool • Access to “new” pool of investors • Access to “new” capital • Access to foreign capital • Emerging market funds • Arbitrage opportunities • BEE (specifically South Africa)

  12. Questions?

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