|Headquarters||Johannesburg, South Africa|
|Key People||Russell Loubser, CEO; Humphrey Borkum, Chairman|
|Products||Cash equities and exchange-traded funds, equity and agricultural futures and options|
JSE Ltd, formerly known as the Johannesburg Stock Exchange, is an electronic multi-asset class platform offering trading, clearing and settlement of cash equities, equity and agricultural derivatives and interest-rate products. JSE demutualized in 2005 and listed on the main board of its own exchange in June 2006.
The group expanded into derivatives with the 2001 acquisition of the South African Futures Exchange (Safex), and overtook the National Stock Exchange of India in 2007 to become the world’s largest platform for single-stock futures in 2007. The Safex brand is retained for agricultural and financial futures and options, including its benchmark white maize contract.
The JSE ranked as the world's 15th-largest derivatives exchange by volume in 2009, down more than 67% on 2008, according to the Futures Industry Association's latest volume rankings for 2009. The FIA report, published in early April 2010, notes that the number of futures and options traded on the JSE fell from over half a million in 2008 to just 166.6 million contracts in 2009.
The Johannesburg Stock Exchange was founded in 1887, providing a listings platform for companies in the burgeoning gold-mining business, changing its name to the JSE Securities Exchange South Africa in November 2001 following its acquisition of the Safex in the same year.
The mutually-owned group started its conversion to a listed company in 2000, and was converted into a public unlisted company on July 1, 2005, changing its name to JSE Limited. It listed shares on the main board in 2006.
The exchange closed its trading floor on June 7, 1996, and replaced its electronic system with the London Stock Exchange’s SETS platform in 2002. The main equities board was supplemented with the AltX exchange for small and medium-sized companies in 2003, and the Yield-X platform for interest-rate products was added in 2005.
The Safex and its clearinghouse were established by 21 banks in September 1988, and officially licensed as a derivatives exchange trading equity index products on Aug. 10, 1990, with non-residents permitted to trade the following year. Options were launched in 1992, with agricultural products started in 1995. JSE acquired the business from its owners for R152m on August 6, 2001, two years after a plan to merge the two exchanges collapsed.
JSE South Africa, the parent company of the Johannesburg Stock Exchange and the South African Futures Exchange, is set to acquire the Bond Exchange of South Africa. The bond exchange announced on Dec. 10 of 2009 that a majority of its shareholders had agreed to accept a revised offer from JSE. The JSE increased its offer by 39 percent to 125 rand ($12.27) a share from 90 rand, valuing the company at 240.5 million rand, the two companies said in a joint statement on Dec. 10, 2009. BESA is partly owned by the New Zealand Stock Exchange..
Cash equity trading remains the JSE's largest business segment, accounting for 21.4 percent of revenues in 2006, with equity derivatives adding 13.7 percent and the agricultural complex a further 6.4 percent.
The single-stocks futures complex has expanded into one of the world's largest, overtaking the National Stock Exchange of India in volume terms at the start of 2007 as a mix of aggressive marketing to retail and wholesale clients and regulatory changes helped business triple in both 2005 and 2006, with open interest rising eight-fold. The small size of the JSE's contracts relative to rivals leaves it ranked sixth in notional value.
- Russell Loubser, CEO
- Humphrey Borkum, Chairman of the Board
- Nicky Newton-King, Deputy CEO, Strategy and Legal Counsel
- Freda Evans, CFO, Finance
- Leanne Parsons, COO, Operations and Services
- John Burke, Director of Issuer Services
- Geoff Rothschild, Director of Government and International Affairs
- Ana Forssman, Director of Information Product Sales
- Shaun Davies, Director of Surveillance
- Allan Thomson, Director of Trading
- Rod Gravelet-Blondin, Director of Agricultural Products
- Mpuseng Moloi, Director of Human Resources
- Des Davidson, Director of Clearing and Settlement
- Jannie Immelman, Director of Information Services
- Maureen Dhlamini, Director of Education
- Noah Greenhill, Director of Business Development and Marketing
- Gary Clarke, Company Secretariat
- Riaan van Warmelen, Chief Information Officer
- Graham Smale, Director of Interest Rate Products