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JSE Limited (previously the JSE Securities Exchange and the Johannesburg Stock Exchange) is the largest
stock exchange A stock exchange, securities exchange, or bourse is an exchange Exchange may refer to: Places United States * Exchange, Indiana Exchange is an Unincorporated area, unincorporated community in Green Township, Morgan County, Indiana, Green To ...
in
Africa Africa is the world's second-largest and second-most populous continent, after Asia in both cases. At about 30.3 million km2 (11.7 million square miles) including adjacent islands, it covers 6% of Earth's total surface area and 20% of i ...

Africa
. It is located in
Sandton, Johannesburg Sandton is an affluent area in the Gauteng province, Gauteng Province, South Africa and forms part of the City of Johannesburg Metropolitan Municipality. The name of the town came from the combination of two of its suburbs, Sandown, Gauteng, Sando ...
,
South Africa South Africa, officially the Republic of South Africa (RSA), is the Southern Africa, southernmost country in Africa. With over Demographics of South Africa, 60 million people, it is the world's List of countries by population, 23rd-most ...

South Africa
, after it moved from downtown Johannesburg in 2000. In 2003 the JSE had an estimated 473 listed companies and a market capitalisation of US$182.6 billion (€158 billion), as well as an average monthly traded value of US$6.399 billion (€5.5 billion). As of October 2021, the
market capitalisation Market capitalization, commonly called market cap, is the market value of a publicly traded company's outstanding shares. Market capitalization is equal to the share price multiplied by the number of shares outstanding. Since outstanding sto ...
of the JSE was at US$1,282 billion.


History

The discovery of
gold Gold is a chemical element Image:Simple Periodic Table Chart-blocks.svg, 400px, Periodic table, The periodic table of the chemical elements In chemistry, an element is a pure substance consisting only of atoms that all have the same numb ...

gold
on the
Witwatersrand The Witwatersrand () (locally the Rand or, less commonly, the Reef) is a , north-facing scarp in South Africa South Africa, officially the Republic of South Africa (RSA), is the southernmost country in Africa. With over Demographics of So ...

Witwatersrand
in 1886 led to many mining and financial companies opening and a need soon arose for a stock exchange. The first share transactions on the Rand took place in a rustic canvas tent, with trade taking place on Sundays, as this was the only day when mining was not allowed, owing to a strictly enforced regulation prohibiting the entry of African workers to the gold reefs. The ''Johannesburg Exchange & Chambers Company'' was established by a
London London is the Capital city, capital and List of urban areas in the United Kingdom, largest city of England and the United Kingdom. It stands on the River Thames in south-east England at the head of a estuary down to the North Sea, and has b ...

London
businessman,
Benjamin Minors Woollan Benjamin () was the last-born of Jacob's thirteen children (12 sons and one daughter), and the second and last son of Rachel in Jewish, Christian and Islamic tradition. He was the progenitor of the Israelites, Israelite Tribe of Benjamin. In the ...
and housed at the corner of Commissioner and Simmonds Streets. Out of this the JSE was born on 8 November 1887. What immediately gave the JSE a clear advantage over exchanges such as Kimberley, Barberton, and, most importantly, London, was that listing of companies for a quotation on the Official List of the JSE was an easy and relatively cheap procedure. This relatively simple and non-restricting nature of the early Exchange promoted a wave of initial registrations on the Official List, with 68 companies by the end of November 1887. The Official List further expanded to more than 300 companies by the end of January 1890. By 1890 the trading hall became too small and had to be rebuilt but this too was outgrown. Trading then moved into the street. The Mining Commissioner closed off Simmonds Street between Market Square and Commissioner Street by means of chains. In 1903, a new building was built for the JSE on Hollard Street. It was a storey building that took up an entire whole city block bounded by Fox and Main, Hollard and Sauer Streets. After
World War II World War II or the Second World War, often abbreviated as WWII or WW2, was a global war A world war is "a war War is an intense armed conflict between states State may refer to: Arts, entertainment, and media Literatur ...
, it became apparent that this building was again inadequate and in 1947 the decision was made to rebuild the stock exchange. It took 11 years before construction began and in February 1961 the second exchange at Hollard Street was officially opened. By 1963, the JSE became a member of the Federation International Bourses de Valeurs (FIBV). In 1978, the JSE took up residence at 17 Diagonal Street near Kerk Street,
Johannesburg Johannesburg (, also ; ; and xh, eGoli ), informally known as Jozi, Joburg, or "The City of Gold", is the largest city in , classified as a , and is . According to , the Johannesburg-Pretoria urban area (combined because of strong transpor ...

Johannesburg
. 1993 saw the JSE become an active member of the African Stock Exchanges Association. After 108 years, the
open outcry File:Chicago bot.jpg, Open outcry "pit" at the Chicago Board of Trade (CBOT) in 1993 Open outcry is a method of communication between professionals on a stock exchange or futures exchange, typically on a trading floor. It involves shouting and ...
system of trading was changed to an electronic system on 7 June 1996. In September 2000, the Johannesburg Securities Exchange moved to its present location in
Sandton, Gauteng Sandton is an affluent area in the Gauteng Province, South Africa South Africa, officially the Republic of South Africa (RSA), is the southernmost country in Africa. With over Demographics of South Africa, 59 million people, it is the ...
at the corner of Maude Street and Gwen Lane. It adopted the JSE Securities Exchange as its new official name. In 2001 an agreement was struck with the
London Stock Exchange London Stock Exchange (LSE) is a stock exchange A stock exchange, securities exchange, or bourse is an Exchange (organized market), exchange where stockbrokers and stock trader, traders can buy and sell security (finance), securities, such ...
enabling cross-dealing between the two bourses and replacing the JSE's trading system with that of the LSE. In 2009 the JSE acquired the
Bond Exchange of South Africa The Bond Exchange of South Africa (BESA) was a South African Bond market, bond exchange based in Johannesburg. It was acquired by the JSE Limited in 2009, and rebranded as the JSE Debt Market. The entity, now through the JSE Limited, operates and ...
for R240 million and rebranded it the JSE debt market adding South African government and corporate bonds as well as interest rate derivatives to its product set. On 18 June 2012, the JSE became a founding member of the United Nations
Sustainable Stock Exchanges initiative The Sustainable Stock Exchanges (SSE) initiative promoting corporate investment in sustainable development. It is a project of the United Nations The United Nations (UN) is an intergovernmental organization that aims to maintain internati ...
on the eve of the . On 14 April 2014, the JSE re-branded to demonstrates the bourse's identity as a modern African marketplace that connects investors to growth opportunities not only in South Africa but globally.


About the JSE

The JSE provides a market where securities can be traded freely under a regulated procedure. It not only channels funds into the economy, but also provides investors with returns on investments in the form of dividends.p The exchange successfully fulfils its main function—the raising of primary capital—by rechannelling cash resources into productive economic activity, thus building the economy while enhancing job opportunities and wealth creation. The exchange is directed by an honorary committee of 16 people, all with full voting rights. The elected stockbroking members, who cannot number less than eight or more than eleven, may appoint an executive president and five outside members to the committee. Policy decisions are made by the committee and carried out by a full-time executive committee headed by the executive president. The JSE is governed by its members but through their use of JSE services and facilities, these members are also customers of the Exchange. Each year the JSE must apply to the
Minister of Finance A finance minister is an executive or cabinet position in charge of one or more of government finances, economic policy and financial regulation. A finance minister's portfolio Portfolio may refer to: Objects * Portfolio (briefcase), a ty ...
for an operating license which vests external control of the exchange in the FSB.


JSE TradElect

The JSE's fully automated (electronic trading) trading system is called the Millennium Exchange, which replaced the JSE TradElect system in 2012, which in turn had replaced the JSE SETS system in April 2007, which had replaced the JSE JET system in May 2002. The change to the Millennium Exchange involved moving the platform from London to a new platform housed in the JSE building in Johannesburg, thus speeding up the execution of transactions. The JSE operates an order-driven, central order book trading system with opening, intra-day and closing auctions.


Sens

In August 1997, the JSE launched the real-time Stock Exchange News Service (Sens) to enhance market transparency and investor confidence. Initially, it was optional for listed companies to use the service during its two-month trial period. From 15 October, augmented JSE listing requirements oblige companies to disseminate any corporate news or price-sensitive information on the service prior to using any other media outlet. Sens is carried by all the major
wire service A news agency is an organization that gathers news News is information Information is processed, organised and structured data. It provides context for data and enables decision making process. For example, a single customer’s ...
s.


Strate

Since its inception over ten years ago, Strate (Pty) Ltd has become the licensed South Africa's Central Securities Depository (CSD) for the electronic settlement of financial instruments in South Africa. Strate's stated core purpose is to mitigate risk, bring efficiencies to South African financial markets and improve its profile as an investment destination. Strate handles the settlement of a number of securities, including equities and bonds for the Johannesburg Stock Exchange (JSE), as well as a range of derivative products such as warrants,
exchange-traded fund An exchange-traded fund (ETF) is a type of investment fund and exchange-traded product, i.e. they are traded on stock exchanges. ETFs are similar in many ways to mutual funds, except that ETFs are bought and sold from other owners throughout the da ...
s (ETFs), retail notes and tracker funds. It has now added the settlement of money market securities to its portfolio of services. It provides services to issuers for their investors in terms of the Companies Act and Securities Services Act (SSA), 2004.


Hours

JSE's normal trading sessions are from 9:00am to 5:00pm on all weekdays except Saturdays, Sundays and holidays declared by the exchange in advance.


Listed companies


Alternative Exchange

The Alternative Exchange is a stock exchange that was founded as a division of the JSE in order to accommodate small- and medium-sized high growth companies. Its
website A website (also written as web site) is a collection of web page A web page (or webpage) is a hypertext Hypertext is text displayed on a or other with references () to other text that the reader can immediately access. Hyperte ...

website
is accessible from the front page of the JSE's main website. The Alternative Exchange is known as AltX.


Ownership

The bourse is operated by JSE Limited, a company that listed on its own main board in June 2006.


Fees and taxes

* Securities Transfer Tax (STT) 0.25%. Applies to share purchases only, not share sales. * Strate 0.006597% (excluding
VAT A value-added tax (VAT), known in some countries as a goods and services tax (GST), is a type of tax A tax is a compulsory financial charge or some other type of levy imposed on a taxpayer (an individual or legal entity In law, a legal ...
) based on the value of the share transactions: **Minimum R12.21 for trades with a value up to R185,000. **Maximum R79.82 for trades with a value over R1,210,000. * FSB Investor Protection Levy 0.0002% (excluding
VAT A value-added tax (VAT), known in some countries as a goods and services tax (GST), is a type of tax A tax is a compulsory financial charge or some other type of levy imposed on a taxpayer (an individual or legal entity In law, a legal ...
) on all trades.


See also

*
Companies traded on the JSE This is a list of companies traded on the JSE Limited, JSE. The original compilation of the list was done in February 2006. It is in the process of being updated as at April 2021. __NOTOC__ ''Note: For companies without a listed external link ...
*
Diamonds as an investment An uncut diamond, not showing the prized optical properties of cut and polished versions. The value of diamonds as an investment is of significant interest to the general public, because they are expensive gemstones, often purchased in engagement ...
*
Gold as an investment Of all the precious metal Precious metals are rare, naturally occurring metallic chemical elements of high Value (economics), economic value. Chemically, the precious metals tend to be less reactivity (chemistry), reactive than most elem ...
*
Investment Analysts Society of Southern Africa The Investment Analyst's Society of Southern Africa (IAS, IASSA) is the liaison body for the financial analyst A financial analyst is a professional, undertaking financial analysis for external or internal clients as a core feature of the job. Th ...
*
South African Futures ExchangeThe South African Futures Exchange (Safex) is the futures exchange subsidiary of JSE Limited, the Johannesburg-based exchange. It consists of two divisions; a financial markets division for trading of equity derivatives and an agricultural markets d ...
*
List of stock exchanges in the Commonwealth of Nations This is a list of active stock exchanges in the Commonwealth of Nations (Full Members). The Commonwealth of Nations features member-states located on all major continents and represents almost one-third of the Earth's population. Some states have ...
*
List of stock exchanges This is a list of major stock exchanges. Those futures exchanges that also offer trading in security (finance), securities besides trading in futures contracts are listed both here and in the list of futures exchanges. There are sixteen stock ex ...
**
List of African stock exchanges This is a list of stock exchanges in Africa. There are 29 exchanges in Africa, representing 38 nations' capital markets. Africa has two regional stock exchanges: the Bourse Régionale des Valeurs Mobilières, or BRVM, located in Abidjan, Cote d' ...
* South African Mineral Reporting Codes *
South African Institute of Stockbrokers A stockbroker, share holder registered representative (in the United States and Canada), trading representative (in Singapore), or more broadly, an investment broker, investment adviser, financial adviser, wealth manager, or investment professiona ...
* South African Institute of Financial Markets


Further reading

Lukasiewicz, Mariusz. "From Diamonds to Gold: The Making of the Johannesburg Stock Exchange, 1880–1890." Journal of Southern African Studies 43.4 (2017). pp. 715–732 Klein, Harry. ''The story of the Johannesburg Stock Exchange: 1887-1947.'' Johannesburg: The Committee of the Johannesburg Stock Exchange. 1948 Rosenthal, Eric. ''On 'Change Through the Years: A History of Share Dealing in South Africa.'' Cape Town: Flesch Financial Publications. 1968


References


External links

*
JSE Alternative Exchange official website
{{DEFAULTSORT:Jse Limited Johannesburg Securities Exchange Financial services companies established in 1887 Financial services companies of South Africa Stock exchanges in South Africa Economy of Johannesburg Companies listed on the Johannesburg Stock Exchange