A stock exchange is an organized market for buying and selling corporate and other securities. Here, securities are purchased and sold as per certain well-defined rules and regulations.

Trading on the markets of ZAR X may be performed only by authorised Market Participants (Brokers).

Investment firms, Banks and existing members of the JSE cash markets can become Market Participant. More details on membership are in the documents below.

Frequently Asked Questions

If you have read the frequently asked questions and still need a question answered, please contact us.

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Why do I have to become a ZAR X member?

To operate as a broker in the ZAR X Self-Regulatory Organization (SRO) environment, a broker-dealer must register as a member of the SRO. This membership entitles a member to utilize the facilities of The ZAR X Stock Exchange, such as the ZAR X trading systems and other services. It is also a requirements of the Financial Markets Act 19 of 2012.

Can I email my application materials to ZAR X?

Yes, please email your signed Membership Application and Agreement and signed Services Agreement to markets@zarx.co.za

Can a firm be rejected for ZAR X membership?

Yes. If a firm’s current restrictions as a FINRA member do not permit the firm to perform the functions allowed orrequired under ZAR X rules, ZAR X can refuse to admit that entity to membership.

How can a firm check on the status of its application?

Send an email to membership@zarx.co.za requesting a status update.

How will a firm know its membership application has been approved?

The firm will receive an approval letter from ZAR X Membership.

Can a firm change its mind and withdraw its Application?

Firms have the option of withdrawing any submitted membership Application prior to approval by sending a request in writing to:

Markets Department
Attention: Geoff Cook
2nd Floor Lacey Oak House, Ballyoaks Office Park 35
Ballyclare Drive, Bryanston 2021

The firm will forfeit the once off application fee.

Can a firm change its mind after approval and withdraw from membership in ZAR X?

Yes, but the firm will forfeit any fees paid or due to be paid.

If a firm is denied membership, can it appeal?

Yes. A firm can

How long will an appeal take?

The appeal process could take several months.

How can a member of another SRO apply to become a ZAR X member?

Members of another registered national securities exchange that are not also FAIS approved FSP must submit a Full Membership Application and Agreement containing all of the Supplemental Information required under ZAR X rules.

We strongly recommend that a firm wishing to engage in business as a market maker on ZAR X indicate this at the time that they are applying for membership.

What happens after a member of another SRO submits a Full Membership Application?

Initially, the firm will receive an email acknowledging receipt of the application. The ZAR X Markets division will conduct an initial review of the application within 5 calendar days after the application was filed and contact the applicant requesting any additional information necessary to complete the new member review. At this time, ZAR X will grant pending approval to the applicant to allow those individuals that may require exams to begin the process. ZAR X may conduct a membership interview, but only if necessary to clarify aspects of the application. Finally, ZAR X will determine whether to approve the application.

The entire membership review process should take approximately 45 to 60 days from the receipt of a complete application. Submission of an incomplete application will delay approval.


When are the membership fee and monthly user (trading rights) fees due?

The membership fee will be due upfront on application and the monthly fee will be due on the last Friday of each month

What is the annual membership fee?

The membership fee will be due upfront on application and the monthly fee will be due on the last Friday of each month

What is the monthly user (trading rights) fee?

It is a fee related to ZAR X transaction execution services, which applies to all ZAR X members