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SA gets second licenced stock exchange

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4 Africa Exchange (4AX) has been granted an exchange licence by the Financial Services Board (FSB) to become the next licenced exchange in South Africa, catering for companies seeking a listings alternative.

“We are delighted to have secured our licence,” says Fay Mukaddam, CEO of 4AX. “South Africa is a vibrant, growing market with enormous potential and we are confident that there’s a strong appetite for an additional licenced exchange to further develop and deepen the capital markets in the country.”

She adds that 4AX seeks to be a truly South African empowered exchange with the vision of contributing to the country’s economic growth and prosperity by providing an effective marketplace for issuers to raise capital, meet the unique needs of retail investors, while attracting institutional trading in securities.

“South Africa requires the services of another stock exchange that is tailored to suit the needs currently not met by the amended legislative framework,” Mukaddam says. “It is our belief that 4AX can stand as a vehicle for diversity, which in turn, will drive real economic inclusion. We are pleased with the FSB’s decision to give us this opportunity.

“It’s an exciting time. And, while much of the hard work has already been completed, this is the beginning of the next chapter as we begin our preparations to ‘go live’ early 2017. With transparency, local economic development and affordability at the forefront of this vehicle, we hope to quickly become a force to be reckoned with, while raising the economic growth and financial development of South Africa.”