South Africa‘s stock exchange is getting an upgrade. To keep up with growing competition, the Johannesburg Stock Exchange has embarked on a long-term project to gather all of its markets onto a single, faster trading platform and a new clearing system.
The effort comes as ZAR X, the first new South African exchange in more than a century, prepares to open for business in September, blazing a trail for more would-be domestic rivals to the JSE.
However, CEO Nicky Newton-King isn’t too worried about the competition. “We don’t have a statutory monopoly; nor do we have a divine right to exist,” says Newton-King, 49, who became the JSE’s first female chief executive in 2012. “Therefore it’s important that absolutely everything we do, we do better every day.”