World Stock Exchanges – South Africa JSE

World Stock Exchanges – South Africa JSE

Johannesburg Stock Exchange Limited
NYSE Logo
Johannesburg Stock Exchange.jpg
Type Stock exchange
Location Johannesburg, South Africa
Coordinates 26.10190°S 28.05735°E
Founded November 8, 1887
Key people Nicky Newton-King (CEO)
Currency Rand
No. of listings 472
MarketCap US$579.1 billion
Indexes FTSE/JSE
Website http://www.jse.co.za

World Stock Exchanges – South Africa JSE

JSE Limited (previously the JSE Securities Exchange and the Johannesburg Stock Exchange)[1] is the largest stock exchange in Africa. It is situated at the corner of Maude Street and Gwen Lane in Sandton, JohannesburgSouth Africa. In 2003 the JSE had an estimated 472 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 30 September 2006, the market capitalisation of the JSE was at US$579.1 billion. The JSE is presently the 16th largest stock exchange worldwide.[clarification needed]

The JSE is planning to create a pan-African exchange by initially enabling investors to trade in shares from Ghana,NamibiaZimbabwe and Zambia. Later it intends to expand this across the rest of Africa.

History

The discovery of gold on the Witwatersrand in 1886 led to many mining and financial companies opening and a need soon arose for a stock exchange.

The Johannesburg Exchange & Chambers Company was established by a London businessman, Benjamin Minors Woollan and housed at the corner of Commissioner and Simmonds Streets. Out of this the JSE was born on November 8, 1887. 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, 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. 1993 saw the JSE become an active member of the African Stock Exchanges Association. After 108 years, the open outcry system of trading was changed to an electronic system on June 7, 1996.

In September 2000, the Johannesburg Securities Exchange moved to its present location in Sandton, Gauteng and changed its official name to the JSE Securities Exchange.

In 2001 an agreement was struck with the London Stock Exchange enabling cross-dealing between the two bourses[2] and replacing the JSE’s trading system with that of the LSE.[3]

[edit]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.

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. Although there is only one stock exchange in South Africa, the Stock Exchanges Control Act (repealed by the Securities Services Act of 2004) does allow for the existence and operation of more than one exchange. Each year the JSE must apply to the Minister of Finance for an operating license which vests external control of the exchange in the FSB.

Source : http://en.wikipedia.org/wiki/JSE_Limited



Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s