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JSE: A New Era. Noah Greenhill GM: Marketing and Business Development. Our business today. 5 Markets Equities – listing, trading & regulation of shares, ETFs and warrants Equity Derivatives – SSF, index derivatives, can-do options

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jse a new era

JSE: A New Era

Noah Greenhill

GM: Marketing and Business Development

slide2
Our business today
  • 5 Markets
    • Equities – listing, trading & regulation of shares, ETFs and warrants
    • Equity Derivatives – SSF, index derivatives, can-do options
    • Agricultural Products – maize, wheat, soya and sunflowers
    • AltX
    • Yield-X
  • Equities and derivatives clearing
    • Own 11% of Safcom
  • Settlement
    • Own 41% of STRATE
    • Guarantee of equity trades
  • Information product sales
  • Technology services
opportune environment for listing of jse
Opportune environment for listing of JSE
  • 1 July 2005 – demutualised and taxable
  • 5 June 2006 – listed on Main Board
  • 5 June 2006 – implemented Broad-based BEE deal
  • Good progress in meeting Financial Sector Charter targets
key operational highlights 2005
Key operational highlights – 2005
  • Higher level of demand for new Main Board equity listings
    • 14 new listings (2004: 11)
  • Record overall JSE equity trading volumes and values
    • Average daily value traded up by 24%
    • Average daily number of trades up 29%
  • Zero failed trades for more than 5 years despite increase in volumes
  • Good performance in equity derivatives
    • Average daily number of contracts increased by 35%
    • Open interest increased by 29%
key operational highlights 20051
Key operational highlights – 2005
  • AltX growth – market for small and medium sized companies
    • Listed 6 new companies
  • Yield-X – one-stop shop for a wide range of interest rate products
    • Launched in February
  • Revenue from information product sales up
  • Third round of Socially Responsible Investment Index
    • Number of successful constituents increases
  • Ongoing migration of the exchange onto new IT systems
    • Project Orion a major priority
equities main board
Equities – Main Board
  • Good level of demand for equity new listings on the Main Board – 11 YTD
  • Warrant issues more than doubled in 2006– 356 YTD
  • Continued increase in equity trading volumes and values
    • Average daily value traded up 80% YTD
    • Average daily number of trades up 65% YTD
  • Net foreign investment at an all time high– R56.5 billion YTD
  • Liquidity improved – 46.0% YTD
  • New inward dual listings
  • A number of new product launches
    • eg SATRIX Swix and SATRIX Resi in 2006, ITRIX range
  • Next steps

- Foreign companies, ETFs, African listings, listed company forums

    • Settlement needsto move from T+5 to T+3 together with a reduction in costs
    • Broad-based investor education initiatives to continue with strategic partners
alt x
AltX
  • AltX is for small and mid-sized companies
  • 23 companies currently listed
    • 8 new companies
    • 1 company graduated to the Main Board
    • 1 company migrated from Main Board to take advantage of better matched value proposition
  • 17 designated advisors
  • Directors’ induction programme
  • Next steps
    • More company listings in the pipeline
yield x
Yield-X
  • Launched February 2005
    • new market offering a broad range of exchange traded interest rate derivatives
  • Gaining market traction
  • Corporate bonds able to be listed on Yield-X from 1 July 2006
  • Next steps

- Target retail issuers

- Yield-X upgrade for retail trade to come

opportunity africa
Opportunity - Africa
  • Dual listing
    • Costs
  • Expand liquidity pool
  • Access to “new” pool of investors
  • Access to “new” capital
  • Access to foreign capital
    • Emerging market funds
  • Arbitrage opportunities
  • BEE (specifically South Africa)
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