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    Administration of Financial Markets in South Africa 2025

    Michael Felton | South Africa | 29 August 2025

    Administration of Financial Markets in South Africa 2023

    Stephen Timm | South Africa | 14 December 2023

    Report Info

    Report Summary Table of Contents
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    Report Coverage

    This report on the administration of financial markets in South Africa encompasses the activities of stock exchanges and regulatory bodies overseeing equity, bond, derivative, commodity and futures trading. It includes information on the size of the sector such as market capitalisation, number of listed companies, trades and volumes. The report provides information on brokerage firms and the role of the Public Investment Corporation and major banks. There is information on the equities, bonds, derivatives, currencies and commodities markets, notable players, corporate actions, regulations, and influencing factors such as governance and IT. There are profiles of four companies, including the Johannesburg Stock Exchange (JSE), A2X Markets, the Cape Town Stock Exchange (CTSA), and The Integrated Exchange (I-EX).

    Introduction

    • The JSE remains Africa’s largest and most established exchange, ranked the 19th largest globally by market capitalisation.
    • Challenges include declining trading volumes and a continued delisting trend.
    • Alternative exchanges are expanding their role in improving market competitiveness.
    • Industry trends include stronger regulatory enforcement, accelerated technology adoption and digitisation, and a growing focus on sustainable finance.
    • Exchanges are exploring alternative digital investment products.
    • South African exchanges remain resilient despite global market pressures and subdued domestic growth, supported by improved investor sentiment.

    Trends

    • Continued orientation with global best practices.
    • Designation of crypto assets as financial products.
    • Digital infrastructure expansion.
    • Growing cross-border market integration and regional integration initiatives with exploration into dual listings.
    • Growth in product innovation, such as ETFs and ESG integration.
    • Growth in the retail market.
    • Increasing enforcement efforts from FSCA, FIS and SARB.
    • Opportunities
    • Rapid growth of fintech ecosystem.
    • Rise in company executive and leadership accountability.
    • Rise of alternative assets and private markets.
    • Strengthening of anti-money laundering and countering the financing of terrorism.
    • Technological transformation.

    Opportunities

    •  Growth in alternative asset classes and new products.
    •  Mobile-based trading platforms.
    • Asset managers and exchanges can develop ESG-compliant and sustainability-focused investments.
    • Challenges
    • Cross-border integration linking.
    • Development of technology and digital transformation.
    • Expansion of derivatives products.
    • Fintech partnerships.
    • Growth of post-trade services.
    • Increased demand for green finance instruments .
    • Retail investor growth.

    Challenges

    • Cross-border and capital flow restrictions.
    • Cross-border integration gaps.
    • Cyberattack vulnerability.
    • Delistings, declining new listings and shrinking equity market.
    • ESG and sustainability pressures.
    • Geopolitical tensions and global economic volatility.
    • Increasing compliance and reporting requirements.
    • Low retail investor participation.
    • Market concentration.
    • Opaqueness of OTC market activity.
    • Reliance on ongoing technological demands.
    • Skills gaps and shortages.

    Outlook

    • South African equities remain attractive for income-focused investors due to higher dividend yields than the emerging market average and low share valuations.
    • South African stocks were expected to extend their gains in the second half of 2025, but returns may be inhibited by slow economic growth and global volatility.
    • Fewer new listings and continued delistings erode market depth and asset diversity.
    • These factors may dampen the recent strong equity market performance and affect the outlook for exchanges.
    • US trade policies continue to weigh on global and local investment sentiment.
    • Should South Africa be removed from the Financial Action Task Force greylist by October 2025, foreign investor confidence could be renewed.

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    Administration of Financial Markets in South Africa 2025

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    Table of Contents

    [ Close ]
    PAGE
    1. INTRODUCTION 1
    2. DESCRIPTION OF THE INDUSTRY 1
    2.1. Industry Value Chain 3
    2.2. Geographic Position 5
    2.3. Size of the Industry 5
    3. LOCAL 16
    3.1. State of the Industry 16
    3.2. Key Trends 30
    3.3. Key Issues 30
    3.4. Notable Players 31
    3.5. Corporate Actions 32
    3.6. Regulations 35
    3.7. Enterprise Development and Social Development 38
    4. AFRICA 40
    5. INTERNATIONAL 46
    6. INFLUENCING FACTORS 54
    6.1. Unforeseen Events 54
    6.2. Economic Environment 54
    6.3. Labour 56
    6.4. Environmental Issues 57
    6.5. Technology, R&D and Innovation 58
    6.6. Cybersecurity and IT issues 60
    6.7. Governance and Fraud 61
    6.8. Input Costs 62
    7. COMPETITIVE ENVIRONMENT 63
    7.1. Competition 63
    7.2. Ownership Structure of the Industry 65
    7.3. Barriers to Entry 66
    8. INDUSTRY SUMMARY 66
    9. OUTLOOK 67
    10. INDUSTRY ASSOCIATIONS 69
    11. REFERENCES 70
    11.1. Publications 70
    11.2. Websites 71
    ANNEXURE 1 73
    Industry Legislation and Regulations 73
    APPENDIX 1 82
    Summary of Notable Players 82
    COMPANY PROFILES 84
    A 2 X (PTY) LTD 84
    CAPE TOWN STOCK EXCHANGE (PTY) LTD (THE) 86
    INTEGRATED EXCHANGE (PTY) LTD (THE) 88
    JSE LTD 91

    Report Coverage

    This report covers the administration of financial markets in South Africa, including the activities of the stock exchange and other bodies that regulate or supervise the activities of financial markets, including exchanges for commodity futures contracts. It includes information on the major equity, bond and derivatives markets, market cap and equity performance, number of listings, red tape and expenses, finance income, corporate actions, exchanges in the rest of Africa and international exchanges, crypto products and cybersecurity issues. There are profiles of the JSE, by far the largest exchange, and the three other exchanges – A2X, the Cape Town Stock Exchange and Equity Express Securities Exchange.

    Introduction

    • The Johannesburg Stock Exchange (JSE), which was ranked the 19th largest exchange by market cap in September 2023, is suffering from declining volumes and a delistings trend.
    • The volume and value of equity trades has come under pressure, while the number of companies listed on the exchange’s main board had declined significantly.
    • South Africa has three alternative exchanges which are rapidly increasing their number of listings, particularly A2X.
    • The country’s stock markets have experienced significant volatility driven by the Russia-Ukraine war, higher interest rates, inflation, fears of a global recession, greylisting, the elections planned for 2024 and loadshedding.
    • Current trends include digitisation and an increase in sustainable financing products.
    • A project aims to link up exchanges across the continent, which could boost intra-African trade.

    Trends

    • A number of exchanges internationally, including the JSE, have experienced increased delistings.
    • Digitisation.
    • Exchanges are investigating trading in digital assets.
    • Exchanges are looking to increase the share of revenue they generate from non-trading fees.
    • Growth in the number of listings on local alternative exchanges, which have relatively affordable and easy listing requirements.
    • Sustainability and increasing demand for sustainability-linked products.
    • The JSE has experienced a significant decline in trading volumes in 2023.

    Opportunities

    • Digitalisation is helping to lower trading costs.
    • Helping SMEs to list by reducing listing requirements, setting up specific capital raising platforms or running support programmes.
    • Listing of sustainability products and services such as green bonds and voluntary carbon trading markets.
    • Providing non-trading services such as information and data services.
    • The African Exchanges Linkage Project offers the chance for exchanges to facilitate investment across the continent.
    • Tokenisation and crypto currency assets.

    Challenges

    • Delistings on the JSE, driven partly by a reported increase in listing regulations.
    • Greylisting has affected capital raising.
    • Increasing risk of cyberattacks.
    • Opportunities to cross list African companies are complicated by the requirements of cross border clearing and settlement.
    • Slow economic growth is reducing valuations.
    • The JSE and several exchanges in Africa remain highly concentrated.
    • The JSE has been criticised for the many requirements needed to list on the exchange.
    • Trade volumes on the JSE have fallen dramatically in recent months.

    Outlook

    • Returns from South Africa’s financial markets have been affected by the slowing economy, loadshedding, geopolitical and local political challenges and greylisting.
    • The JSE is facing declining trade volumes and an ongoing delisting trend which reduces liquidity.
    • Stockbrokers say these trends are only likely to be arrested when the economy begins growing faster.
    • Despite this, competition from three alternative local exchanges is expected to drive innovation and lower listing requirements at the JSE.
    • The JSE remains Africa’s biggest exchange by market cap by a significant distance.

    Read More..
    Administration of Financial Markets in South Africa
    Administration of Financial Markets in South Africa 2023

    Full Report

    R 9 500.00(ZAR) estimated $546.97 (USD)*

    Buy Now +

    Industry Landscape

    R 6 650.00(ZAR) estimated $ 382.88 (USD)*

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    Historical Reports

    Administration of Financial Markets in South Africa 2025-08-29

    R 20 000.00(ZAR) estimated $1151.51 (USD)*

    View Report Add to Cart

    Table of Contents

    [ Close ]
    PAGE
    1. INTRODUCTION 1
    2. DESCRIPTION OF THE INDUSTRY 1
    2.1 . Industry Value Chain 2
    2.2. Geographic Position 4
    2.3 . Size of the Industry 4
    3. LOCAL 9
    3.1 State of the Industry 9
    3.2 Key Trends 19
    3.3 Key Issues 20
    3.4 Notable Players 20
    3.5 Corporate Actions 21
    3.6 Regulations 22
    3.7 Enterprise Development and Social Development 24
    4. AFRICA 25
    5. INTERNATIONAL 28
    6. INFLUENCING FACTORS 29
    6.1 Economic Environment 29
    6.2 Labour 30
    6.3 Environmental Issues 30
    6.4 Technology, R&D, Innovation 32
    6.5 Input Costs 34
    6.6 Cybersecurity and IT Risks 35
    6.7 Governance and Fraud 36
    7. COMPETITIVE ENVIRONMENT 37
    7.1 Competition 37
    7.2 Ownership Structure of the Industry 38
    7.3 Barriers to Entry 39
    8. INDUSTRY SUMMARY 40
    9. OUTLOOK 41
    10. INDUSTRY ASSOCIATIONS 41
    11. REFERENCES 41
    11.2 Publications 41
    11.3 Websites 42
    APPENDIX 1 - Summary Of Notable Players 44
    APPENDIX 2 – Relevant Legislation 46
    COMPANY PROFILES 47
    A 2 X (Pty) Ltd 47
    Cape Town Stock Exchange (Pty) Ltd (The) 49
    Integrated Exchange (Pty) Ltd (The) 51
    JSE Ltd 53

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