ZAR X in the Media

​ The steady decline in listings of small and medium-sized companies on the JSE is attributable to a negative economic cycle and investor sentiment
Nastassia Arendse interviews group CEO of Orion Real Estate Limited, Franz Gmeimer, about the business, the state of the property market in South Africa and the experience of being listed previously on the JSE and now listed on ZAR X
ZAR X Orion Real Estate Listing Event
Orion Real Estate lists on the ZAR X and regains Reit status
Runway Property Group lists as first Reit on the ZAR X
Debunking the liquidity myth - By Geoff Cook ZAR X Co-Founder and Director of Markets
The year-end technology wrap is intended as a snapshot of where we see ourselves in relation to the opportunities presented by the blockchain and crypto asset ecosystems, (opportunities which we believe are obvious and self-evident). - By Jim Brent ZAR X CTO
Emerging stock exchange ZAR X celebrated two listings on 14 and 15 November, each with its own unique investment proposition. One is a private equity outfit based in Mauritius and focused on food security, while the other is an investment holding company that plans to unlock more immediate value for its shareholders. It’s game on for the JSE.
Chair Mark Foulds speaks to Business Day TV about the firm’s rationale for listing
Dale Capital, a private equity investment holding company that was the first foreign business listed on the Stock Exchange in Mauritius (SEM) in 2007, has completed its inward listing on the ZAR X stock exchange.
The private equity investment holding company is seeking to raise capital as it invests in Mauritian agriculture
Shaking up South Africa’s investment landscape, the Transformation Investment Portfolio (TIP) One listed today on the ZAR X stock exchange. This debut will enable investors to easily access the transformation investments asset class through a listed empowerment investment holding company that invests in B-BBEE schemes that own stakes in listed companies.
The blockchain is a general term, like the Internet. A distributed ledger is a database that is distributed across several computers. In tradition systems there are various third parities that provide trust and validate ownership eg. custodians, banks, CSDs etc. These all add cost. A distributed ledger is irrefutable, what’s on the ledger is the truth. This provides a real-time audit trail and so reduces the need for third parties.
Emerging South African stock exchange ZAR X will become the country’s first blockchain based trading platform. The new technological creation aims to make the process of transacting easier and more efficient for directly buying and selling a range of unit trust funds. Joining CNBC Africa for more is Etienne Nel, CEO of ZAR X.
The South African unit trust industry is plagued by manual processes, outdated technologies and remains light on disclosure. This is something blockchain can help. The country’s first blockchain-backed trading platform will not only bring automation to an entire life cycle of unit trusts transactions, from order placement through to the settlement and payment, but will afford more people access to a wider selection of unit trusts.
ZAR X, South African stock exchange platform incorporates blockchain technology for unit trusts.
CAPE TOWN – ZAR X, in conjunction with technology provider Adhara and nominee administrator Computershare South Africa, have launched the first distributed settlement system in South Africa for unit trusts.
LOCAL stock exchange ZAR X, in conjunction with technology provider Adhara and Computershare South Africa, have launched the first distributed settlement system in South Africa for unit trusts.
One of the peculiarities of South Africa’s financial markets is that there are only around 370 listed companies in the country, but close to 1 600 locally registered unit trusts. The investor choice in the unit trust market is therefore exponentially larger.
An alliance between Uprise.Africa and ZAR X will have upcoming ventures, which have already raised capital by way of crowdfunding, publicly list on the bourse. This will make the existing equity freely tradable. Not only could the arrangement be the funding gap filler that fledgling South African entrepreneurs desperately seek, but it could bring the local capital market to the people.
South Africa’s new stock exchanges are reporting they are making great strides in their very short history, yet an argument still exists about whether they will enhance the market or just introduce greater volatility. However, Aspen’s recent decision to have a secondary listing on A2X suggests the markets are surprisingly – or perhaps unsurprisingly – finding a niche.
ZAR X- app brei toegang tot andele in 'n jagtrap uit
ZAR X CEO and Co- Founder Etienne Nel , Discusses ZAR X Mobile App in a bid to making trading accessible.
There is life in agri yet little-known TWK delivers good results in challenging conditions.
Founders of ZAR X Geoff Cook , Etienne Nel and Graeme Wellsted discuss fostering a discruptive mindset in Entrepreneur magazine
4 New Exchanges - A Minefield of Choice: Ebrahim Ally

Saki Zamxaka - executive director at ZARX discusses, competition in local capital markets on Classic 1027

Power FM: Saki Zamxaka - Executive Director of Zar X Stock Exchange
CEO of ZAR X Etienne Nel, discusses why financial democracy matters to entrepreneurs
Director of ZAR X Graeme Wellsted, discusses how to list on ZAR X .
Chief Financial Officer of ZAR X , Ebrahim Ally discusses Global Markets.
Graeme Wellstead and Sacks are looking to assist venture capital companies in complying with legislation, so that they can take advantage of the opportunities this offers.
Etienne Nel discusses the potential benefits.
ZAR X has become a fulcrum for companies basing their financial success on inclusion
BayHill Capital has made use of the possibilities opened by stock exchange ZAR X to launch a groundbreaking new financial product on 24 April 2018
BayHill Capital is launching the BayHill Transformational Investment Portfolio (TIP) which will be listed on ZAR X, the new alternative South African stock exchange.
Die openbare beleggingskorporasie (OBK) het ‘n 25% - belang gekoop in die sekuriteitebeurs ZAR X , waarop Senwes , Senwesbel en TWK agri genoteer is.
The young stock exchange is talking to its new shareholder about listing some of its considerable private equity assets.
Etienne Nel, CEO of ZarX, discusses how stock exchanges need to develop to meet the needs of today’s South Africa.
Finance Indaba Africa 2017:New ZARs in the markets throne room – African FinTech Awards
A new black economic empowerment (BEE) listing is on the cards before the end of the year, according to ZAR X chief executive, Etienne Nel.
CEO Etienne Nell celebrates the disruptor's anniversary ZAR X: This time last year, South Africa's first new stock exchange in several decades got underway. The brainchild of Etienne Nel, Geoff Cook and Graeme Wellsted, ZAR X has given the industry a huge shake up, though it hasn't all been smooth sailing.
Radical Economic Transformation has become a buzz phrase in recent times. This is not surprising given that black people's economic interests have been overlooked in the past two decades. After twenty three years of democracy, most South Africans remain excluded from mainstream economy and access to capital. The old guard businesses with monopoly control over the economy need to be questioned on their transformative efforts.
Banking and financial services Newcomers are challenging the established players. Three new banks and three new stock exchanges will offer more choice.
The South African Financial Blockchain Consortium’s experiment is called Springblock, and its members include ABSA, FirstRand, Standard Bank, Nedbank, and Capitec – as well as the alternative stock exchange ZAR X.
South Africa, along with many countries around the world, is exploring the creation of a national “sovereign blockchain” for the financial services industry. Banks, financial markets, infrastructure players, and other institutions are experimenting with the technology through their participation in the South African Financial Blockchain Consortium. But with blockchains like Bitcoin, Ethereum, Litecoin, and others already going strong, why develop a sovereign blockchain instead of linking into a technology already supported widely?
ZAR X has joined Finance Indaba 2017 as a gold partner and will make its debut at the event at the Sandton Convention Centre in October.
The JSE gives local investors access to global stocks, but SA's economic slowdown and expenses take their toll.
The South African Financial Blockchain Consortium is experimenting with various blockchain technologies, with the aim of implementing a national blockchain, Moneyweb reported. The consortium includes South Africa’s major banks and ZAR X. The Financial Services Board and South African Reserve Bank are observers.
CEO of JSE Limited, Nicky Newton-King, says the bourse plans to retrench up to 60 staff in a bid to become more “nimble” and “cost-effective”.
The JSE, Africa's oldest and largest stock exchange, announced the restructuring of its operations that will see it shed 14 percent of its workforce by the end of the year as it adapted to technological changes.
Debt funding still remains inaccessible for a large number of collective investment schemes. by GEOFF COOK
With summer rains expected to yield record crop harvests, SA's agricultural sector is preparing for a bumper year. At the same time, three new agribusinesses have come to market, offering juicy new opportunities to investors.
On June 12, civersified agri-group, TWK Investments, become the third company to list on ZAR X. The company's shares closed at R13.00 per share
4AX applies for a review of the FSB’s decision to grant ZAR X a licence. by Patrick Cairns
The vexatious legal review by 4AX aimed at quashing competition will not disrupt ZAR X as it continues to onboard additional issuers and brokers.
ZAR X is set to announce a series of new listings in the next several weeks. The exchange says the market cap of the new issuers ranges from R300 million to R5 billion.
Brokers signing up in preparation for slew of listings on the new exchange.

Business Day:

MICHEL PIREU: Listen to experts but follow your gut and grab the opportunities.
Business Report - Adri Sebnekal de Wet ZAR X - True Financial transformation
In the early 1990s, then junior stockbroker Etienne Nel would have had little idea that he would, some two decades later, lead a legal stand-off against Africa’s largest bourse – the JSE.
​Mail & Guardian Lisa Steyn 08 Mar 2017 00:00
Stock exchanges are financial markets where bonds, notes, and shares are bought and sold at prices governed by the forces of demand and supply. The Johannesburg stock exchange is the most well-known exchange in South Africa, with trillions of dollars in market capitalisation. But there are new entrants to the stock exchange game.
Need to Know: What is ZAR X? Etienne Nel, co-founder and CEO of ZAR X, responds.
ZAR X's Graeme Wellsted Interview on WINSLYN TV
CFO South Africa on February 22, 2017

ZAR X debuted on Monday this week, settling its first trade, a buy order for 100 shares in agricultural group Senwes at R10.50 a share, in just under ten seconds. This included it being matched, settled and cleared, said company CEO, Etienne Nel.

ZAR X says it is in advanced discussions with five companies interested in listing on the fledgling exchange, which was launched on Monday and settled its first trade in 10 seconds.
Johannesburg - South Africa’s new stock exchange, ZAR X, kick-started trading on Monday with the listing of one the world’s largest white maize providers. Agriculture business Senwes and its holding company Senwesbel, which has 60 silo complexes that allow storage of 25% of South Africa’s grain output, is the first to list on Johannesburg headquartered exchange ZAR X.
ZAR X made its debut on Monday and settled its first trade in 10 seconds — a buy order for 100 shares in agricultural group Senwes at R10.50 a share. The trade was matched, settled and cleared in 10 seconds, demonstrating how well ZAR X’s platform worked, said CEO Etienne Nel. In 2016, the JSE implemented a four-day settlement cycle known as T+3, making ZAR X’s real-time settlement the quickest in the domestic capital markets and in line with global best practice.
Newly licensed stock exchange ZAR X will list a number of companies in quick succession now that it has obtained regulatory certainty, says CEO Etienne Nel.
No matter how sensible the idea seemed internally, its attempt to block a newly licensed competitor ZAR X was wrong. With the Financial Services Board now having rejected its appeal, the JSE’s approach shapes up as a monumental blunder. It is now on the back foot. Not a great place for Goliaths when Davids are approaching. – Alec Hogg
PRESS RELEASE – ZAR X 10th February 2017

FSB Appeal Board final judgment dismissing JSE and 4AX appeals against ZAR X license heralds era of financial inclusivity.

Yesterday’s FSB Appeal Board judgement dismissing the consolidated appeals of the JSE and 4AX against the FSB’s granting of an exchange licence to ZAR X allows ZAR X to proceed with much needed financial market innovation. The exchange will focus on facilitating investment and savings for ordinary South Africans and providing business with a more efficient and cost effective method of accessing capital. The FSB judgement awards full costs to ZAR X. It follows the final hearing in a series of four JSE appeals against the licence, beginning in 2015.

The licence was granted on 31 August 2016.

The JSE had initially also appealed the granting of an exchange license to 4AX but dropped the appeal after the two companies agreed to cooperate in the financial markets. They both appealed the granting of the ZAR X licence.

“The judgement vindicates our belief that the JSE and 4AX appeals have been vexatious, aimed at preventing us from entering the market and, ultimately, eliminating us as a competitor,” says ZAR X director, Geoff Cook. “At our request, the Competition Commission has launched an investigation into whether the JSE’s appeals amount to an abuse of dominance, which is prohibited under Section 8 of the Competition Act.”

Pending the outcome of the FSB appeals, acting in the best interests of its issuers and the market, ZAR X postponed its intended September 2016 start date.

“This week’s judgement gives the market the confidence that the FSB followed a rigorous process in ensuring that ZAR X’s license application fully complies with the Financial Markets Act and best international regulatory standards,” Cook says.

ZAR X’s first listing will take place before the end of February, with more issuers being announced in the next few weeks.

The exchange will break new ground by placing the traditional world of high finance at the disposal of ordinary South Africans and organisations for whom the cost and administration of owning shares has historically been out of reach.

In the process, ZAR X will open up an entirely new investment market in which inclusiveness will broaden South Africans’ capacity for wealth creation and accelerate the entrenchment of a savings culture across all levels of society.

By basing its operating model on the latest technology, ZAR X has an agility and flexibility older stock exchanges do not necessarily enjoy. This enables it to continuously adapt to market needs and, thereby, remain relevant in a financial services sector that is being profoundly disrupted by digital, mobile, and social technologies.

“It also enables us to remain relevant to the ever-evolving transformation needs of South Africans and the businesses they will build in the next several decades,” says ZAR X CEO, Etienne Nel.

Focused deliberately on building an investment culture for South Africans, ZAR X does not permit high frequency trading, derivatives, or naked short selling.

The exchange’s introduction of a principles based listing regime reduces the complexities associated with listing, giving companies that would otherwise not consider listing an opportunity to do so. The approach is particularly significant for restricted entities such as BBBEE vehicles, enabling them to list and trade their shares in a way that ensures the sustainability of their empowerment credentials.

ZAR X promotes financial inclusion further by enabling ordinary South Africans to access the stock market at a minimum cost and with limited barriers to entry, encouraging a savings and investment culture. By allowing for zero safe custody fees, ZAR X gives people in the unbanked sector an opportunity to grow their investment base in a cost-effective manner with relatively small investments. They will pay fees only when they transact.

Through its advanced technology, ZAR X is the only stock exchange in Africa to offer real time settlement, by means of which funds and shares are received immediately after transacting. This reduces trading risk for buyers and sellers alike and promotes liquidity.

“Our purpose in establishing ZAR X was to simplify the process of owning and trading in shares so that any South African could own shares,” Nel says.

“Since 1994, BBBEE initiatives have significantly increased the number of people wanting to acquire a shareholding in listed businesses and derive the benefits of sound commercial activity. But there has never been a mechanism by which an individual with a low to average income could increase his investment portfolio via a stock exchange. Not only have the cost barriers to entry been too onerous, but the processes have been incredibly complex and convoluted.

“The effect has been exclusion of large parts of society from investment in businesses. It has also limited the market. The vast majority of South African businesses either don’t qualify for listing in the current environment or don’t want to spend the time and money on complying with onerous exchange rules. In turn, this has constrained the ability of businesses to raise capital for growth. Clearly, this has a downstream impact on job creation.

“We created ZAR X as a growth catalyst, broadening the market and increasing access to it at the same time.”


For more information contact:


Simone Lipshitz – 083 263 3522

Lindi Tshabungu – 083 326 7768 Office - (011) 887 3422

Etienne Nel, CEO of ZAR X, tells Alishia why he’s taking the JSE to the Competition Commission.
Newly-licensed stock exchange ZAR X has approached the Competition Commission to investigate whether the JSE’s appeal against its license amounts to anti-competitive behaviour.
Seven companies potentially listing before the middle of the year.
What SA needs is more share-trading freedom, writes Etienne Nel
Graeme Wellsted, Director and a founder of ZarX, discusses the JSE's request to meet the proposed new stock exchanges to map out a structure for out a structure for the sector.
The JSE wants to meet with new exchanges to agree on a future structure for South Africa’s capital markets.
ZAR X, South Africa’s new stock exchange, today (Wednesday, October 5) welcomed the decision of the FSB Appeal Board to dismiss the JSE’s urgent application for the suspension of the FSB decision to grant ZAR X a stock exchange licence.
The Johannesburg Stock Exchange (JSE) has failed in an interim attempt to block the issuing of an operating licence to a rival bourse, South Africa's Financial Services Board (FSB) said on Tuesday,
The Financial Services Board (FSB) Appeal Board has dismissed the JSE's urgent application to suspend its decision to grant ZAR X a stock exchange licence. ZAR X was granted its licence to operate as a stock exchange on August 31, clearing the way for the launch of South Africa’s first new stock exchange in more than 100 years.
Johannesburg - The Johannesburg Stock Exchange (JSE) has failed in an interim attempt to block the issuing of an operating licence to a rival bourse, South Africa's Financial Services Board said on Tuesday.
ZAR X, South Africa’s new stock exchange, welcomed the decision of the FSB Appeal Board to dismiss the JSE’s urgent application for the suspension of the FSB decision to grant ZAR X a stock exchange licence.

Die JSE se poging om ’n stokkie voor ’n tweede aandelebeurs te steek, is tydelik gefnuik.

Die Raad op Finansiële Dienste (RFD) se appèlraad het die JSE se dringende aansoek om die besluit op te skort om ’n lisensie aan ZAR X te gee om ’n beurs te bedryf, van die hand gewys.
Regter Louis Harms, adjunkvoorsitter van die appèlraad, het luidens ’n verklaring in sy uitspraak gesê daar is geen bewyse dat die JSE skade gaan lei of benadeel gaan word nie.

Volgens hom was die JSE se aansoek gegrond op die moontlike skade wat dit aan die finansiële stelsel van die land en sy beleggers kan aanrig. Hy meen die JSE bespiegel hieroor.
Die JSE se dringende aansoek vir tussentydse verligting is aanhangig gemaak hangende die aanhoor van die JSE se appèl teen die besluit van die RFD om ’n lisensie aan ZAR X te gee om ’n beurs te bedryf.

Dié appèl gaan nog aangehoor word.

Die RFD het begin September aan ZAR X ’n beurslisensie onderhewig aan voorwaardes toegestaan.
’n Beurslisensie is ook toe aan 4 Africa Exchange toegestaan.
ZAR X het vroeër die jaar by die RFD vir ’n lisensie aansoek gedoen.
Die RFD het aanvanklik ’n voorlopige lisensie toegestaan en die JSE het daarteen beswaar gemaak omdat die wet nie daarvoor voorsiening maak nie.
Die RFD se appèlraad het op 1 Augustus die JSE gelyk gegee en het opdrag gegee dat die voorlopige lisensie teruggetrek word.
Solly Keetse, hoof van die direktoraat van markmisbruik van die RFD, het gesê die JSE het die dringende aansoek om die besluit op te skort om die beurslisensie aan ZAR X te gee, op 12 September gebring.

Judge Louis Harms, the deputy chairman of the FSB appeal board, dismissed the urgent application to suspend ZAR X’s licence, saying the JSE did not submit any evidence that it would suffer harm or prejudice from ZAR X’s operations.
ABR's African Perspective - ZAR X to Compete With The Johannesburg Stock Exchange - CEO Ettiene Nel ZAR X, the first stock exchange in over 100 years to be formed in South Africa opens its trading doors on 03/10/2016. CEO & co-founder, Mr Etienne Nel is in conversation with us, taking us on the journey travelled & the future prospects for ZAR X.
Trading is to start on South Africa’s new ZAR X securities exchange on 3 October. ZAR X gained a licence on 2 September and the first listings will be Senwes and Senwes Beleggings, with up to 5 listings planned for first week October.
Zar X recently received its license from the FSB to be South Africa's first alternative stock exchange in over a century. The other exchange in the country is the Johannesburg Stock Exchange which has dominated capital markets around the world for the past six years. CNBC Africa's Aviwe Mtila followed Zar X in its journey of planting a new seed in the economy of South Africa.
GIBS: Etienne Nel, CEO and co-founder of ZAR X, explains the ZAR X trading environment, and how it aims to open equity market participation to all South Africans.
At a recent symposium at the Gordon Institute of Business Science (GIBS) in Johannesburg, Etienne Nel, CEO and co-founder of ZAR X, explained why T+0, or settlement within a day, matters to them.
SA’s new Exchange brings stocks to everyone: With the issue of a full stock exchange licence on August 31, the new exchange, ZAR X, has now cleared all regulatory hurdles and won final approval from the Financial Service Board (FSB). It offers something new to corporates and the investing public including a world-leading feature — T+0, or real-time trade settlement.
ASPIRANT stock exchange platform ZAR X, which was planning to launch in September, has "renounced" its conditional stock exchange licence to avoid further appeals and delays following a successful appeal lodged by the JSE.
THE registrar of securities services within the Financial Services Board (FSB) is not empowered under the Financial Markets Act to grant conditional licences to an applicant, a ruling by the FSB’s appeal board has found.
A couple of months ago, they received conditional approval from the Financial Services Board to start a new stock exchange, Zar X is left with two other important nods, first from The Registrar of Securities Services & then a final one from the FSB before it goes live in September. On this MoneyMakers, Bruce Whitfield speaks to man who is spear heading the charge to rival the JSE, ZAR X Chief Executive Officer, Etienne Nel about going live in September & their new listings.
Elvira Wood - Met net meer as drie weke oor voordat die ZAR X beplan om op 1 September as Suid-Afrika se tweede aandelebeurs te begin handel dryf, woed daar nog ’n stryd met die JSE oor sy lisensie.
THE JSE’s legal victory in getting potential competitor ZAR X’s conditional approval for a licence suspended is "irrelevant", ZAR X said in a statement on Friday.
For years the JSE has had little or no competition. The Bond Exchange was around for a while then South Africa's goliath bourse, bought it out. Tonight, Bruce Whitfield is joined by ZARX CEO Etienne Nel, not talk about the infamous club but a potential new competitor to the JSE.
AT LEAST two companies have applied to the Financial Services Board (FSB) for stock exchange licences. The two licence applications are largely aimed at accommodating over-the-counter traded companies, such as black economic empowerment schemes and agriculture co-operatives that the FSB declared to be operating illegal exchanges.
The Financial Services Board (FSB) has invited public comment on an application by a company called ZAR X for an exchange licence.
The father of disruption, Clayton Christensen, describes the classic process as one where a new entrant focuses on a segment where incumbents see little economic value. By the time it works up to full blown competitor, more efficient processes give it an advantage over established players. This could be the trajectory ZARX, which is moving through the regulatory hurdles on its road to being licenced as a Stock Exchange by the Financial Services Board. ZARX founder Etienne Nel explains the rationale to’s Alec Hogg.