ZAR X signs new brokers
ZAR X, South Africa’s newest stock exchange, has signed four new brokers – with another five preparing to join in the coming weeks. The new signings mean ZAR X now has 10 brokers, which include Afrifocus Securities, Anchor Securities Stockbrokers, Independent Securities, Saxo Capital Markets, and Senwes. “We are processing a significant number of applications from additional brokers,” said ZAR X director Geoff Cook.
The ZAR X model slashes brokers’ capital and operating costs, where they can execute high-volume/high-value and low-volume/low-value transactions with equal ease and profitably. ZAR X operates a T+0 pre-funded clearing and settlement model where trades settle in 10 seconds. Brokers don’t need capital adequacy to cover settlement risk and there is no need for a specialist settlements officer.
The exchange provides free live data and Avvento front-end, and ZBOS client administration applications at minimal cost. ZAR X is set to announce a series of new listings in the next several weeks. The market cap of the new issuers ranges from R300 million to R5 billion.
The new industries represented include agriculture, financial services, health, and investment entities.