JSE

The Johannesburg Stock Exchange (JSE) is Africa's largest securities exchange by market capitalization and by number of listings. Based in Johannesburg, South Africa, it operates as JSE Limited, a public company and market operator. The exchange runs markets for equities, bonds, derivatives, and exchange-traded funds, including the Main Market, the Alternate Exchange (AltX) for smaller and mid-sized companies, and the JSE Debt Market.

History of the JSE traces back to 1887 during the Witwatersrand gold rush. It grew from early mining shares to become the central marketplace for South Africa’s capital markets. The exchange was demutualized in 2005, transforming from a mutual association into a public company, and it later integrated SAFEX derivatives activities within the same exchange structure. The JSE also collaborates with FTSE Russell to provide the FTSE/JSE Africa Index Series.

Trading, clearing, and settlement are supported by a modern infrastructure. The JSE uses the SETS trading system for equities, while clearing and settlement are handled by Strate, South Africa’s central securities depository, with a typical settlement cycle of T+3 for most trades. Market products include the All Share Index (ALSI), the Top 40 index, and a range of index and single-stock futures and options on the derivatives market.

Regulation and governance are overseen by South Africa’s Financial Sector Conduct Authority (FSCA). The JSE is a member of the World Federation of Exchanges and adheres to international standards for market transparency and investor protection.

The JSE plays a central role in South Africa’s economy, providing access to capital for companies, a platform for investors, and a gateway for regional and international participation in African financial markets.