FOUR-YEAR-OLD South African stock exchange A2X, backed by billionaire Patrice Motsepe’s African Rainbow Capital Investments, expects to break even by 2023 as trading in the secondary listings it offers takes off.
The value of stocks and funds on the Johannesburg-based platform more than doubled to 5 trillion rand ($336 billion) in the past 12 months, with Prosus and Investec among the latest to complete secondary listings on A2X. September’s record trading levels were five times the all-time high set in August, CEO Kevin Brady said in an interview.
“We have two brokers that are already trading seamlessly across markets, impacting activity levels and trading for asset managers,” said Brady. “Most of the asset managers in South Africa are now starting to get executions on A2X, including Ninety One, Allan Gray, the Public Investment Corporation and others.”
Upstart challengers are seeking to chip away at the dominance the Johannesburg Stock Exchange holds over
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