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The JSE – 125 years of history and progress. 29 August 2012, by Monica Ambrosi. A bit of history – where we were…. A bit of history – where we are. History of the JSE. 1887: JSE founded In 1995: Open outcry floor trading; settlement 7 days later or more Equities only - PowerPoint PPT Presentation
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Copyright© JSE Limited 2009
www.jse.co.za
The JSE – 125 years of history and progress29 August 2012, by Monica Ambrosi
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A bit of history – where we were…
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A bit of history – where we are...
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History of the JSE
1887: JSE foundedIn 1995: • Open outcry floor trading; settlement 7 days later or more• Equities only
1996: Centralised order book introduced1999: STRATE formed (dematerialisation) 2001: Acquired SA Futures Exchange (SAFEX)2002: Move to guaranteed T+5 settlement of equity trades2002: Adopted LSE trading platform2005: Exchange demutualised2006: JSE listed on its own exchange 2009: Acquired the Bond Exchange of South Africa (BESA)2012: New equities trading platform introduced
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The JSE in the local economy
Hong Kong (high)Luxembourg (high)Switzerland (high)
South Africa (upper middle)India (lower middle)
Taiwan (high)Malaysia (upper middle)
Canada (high)Israel (high)
Iceland (high)Brazil (upper middle)
US (high)Singapore (high)
UK (high)France (high)Japan (high)
Germany (high)
0 1 2 3 4 5 6 7 8
Market capitalisation/GDP ratio (deflated), 2009
• Ratio reflects size of stock market relative to the economy
• The JSE is 125 years old and has grown to a significant size (ratio of 3.38 in 2009)
• The JSE is a conduit for domestic and foreign savings in the economy
Source: World BankNote: ( ) refers to World Bank income group classification
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Comprehensive offering
LISTING
TRADING
CLEARING
SETTLEMENT
Interest Rate Products
Commodity DerivativesEquitiesEquity
Derivatives
Market SurveillanceInformation Products
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Market development & product innovation
• Shape development of local capital markets and influence relative policy environment
• Equities market:• New products (ETFs, ETNs)• New customers (broaden international client base)
• Equity derivatives:• Bring trading onto central order book
• Interest rate market:• Grow the interest rate derivatives offering• Enhance corporate bonds offering
• Commodity derivatives market:• Trading of other African derivatives
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The JSE within the global context
NYSE Euronext (US)
Tokyo SE Group
Shanghai SE
NYSE Euronext (Europe)
Shenzhen SE
Australian SE
SIX Swiss Exchange
National Stock Exchange of India
NASDAQ OMX Nordic Exchange
Johannesburg Stock Exchange
0 5,000,000 10,000,000 15,000,000
Domestic market capitalisation (equities), May 2012
$m
Casablanca – $53.6bnEgyptian – $55.9bnMauritius – $7.6bn
Source: World Federation of Exchanges
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The JSE within the global context
0 1000 2000 3000 4000 5000 60000
50
100
150
200
250
300
Number of listed companies
Liqu
idity
%
Istanbul SE
NASDAQ OMXShenzhen SE
NYSE GroupTokyo SE Group
Bombay SE
TMX Group
London SE Group
Hong Kong Exchanges
ASX
NSE India
Shanghai SE
DeutscheBörse
Egypt SE
JSE
Bursa Malaysia
OMX Nordic
Source: World Federation of Exchanges; data for May 2012
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The JSE within the global context
2006
2006
/06
2006
/11
2007
/04
2007
/09
2008
/02
2008
/07
2008
/12
2009
/05
2009
/10
2010
/03
2010
/08 2011
2011
/06
2011
/11-60,000
-50,000
-40,000
-30,000
-20,000
-10,000
0
10,000
20,000
30,000
40,000
Non-resident portfolio capital flows
Shares Bonds
Rm
GFC• Non-resident investors are key
participants in local equity and bond markets
• These portfolio flows, although volatile, are critical for the Balance of Payments of the economy
• The value of bond trading recorded on the JSE is the 4th highest globally (y-t-d May 2012 $1.2 trillion)
Sources: SARB & JSE
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Thank you