It has become a cliché to say we are living through unprecedented times, but that is what this period is. The world is beset by cascading crises, including geopolitical uncertainty and rising global inflation in a low-growth global economy, fuelling the spiralling cost of living. Not to mention climate change…

At home, SA continues to be beset by its own challenges, while having to withstand the ripple effects of external events that it can neither influence nor inoculate itself against.

Yet, when the curtain finally comes down on 31 December, I believe 2022 will not be limited to downside challenges alone. I am particularly pleased with the progress we have made here at the JSE in creating a future-fit organisation through the expansion of the business and introduction of innovative solutions that address the evolving needs of the market, particularly in the private placements market and investor services arena.

JSE Private Placements (JPP) has continued to beat our expectations since its launch in March this year, with a total of 18 live deals on the platform, looking to raise more than R3 billion in equity and/or debt, and an investor interest of more than R10 billion.

JPP is an online platform that seamlessly connects private companies and issuers to investors who are able to track the history of previous placements and deals in what is proving to be a fast-growing segment of the market. Some of the deals include the private hospital in Limpopo that I have spoken about before, as well as the establishment of a local dialysis manufacturer, greenfield solar plants and a mining tyre-recycling plant, among many others. Together they are helping SA build back better, provide services, solve problems and create opportunities, jobs and wealth.

Our wholly owned subsidiary JSE Investor Services (JIS) continues to grow its market share, now holding more than 2.5 million shareholder records under management, as well as the share registers of unlisted and listed companies, including JSE Top 40 companies. With the recent addition of Northam Platinum, Growthpoint Properties, Super Group and Exxaro, it now holds 27% of the market, from the 20% it held before we acquired it.

Our other wholly owned subsidiary JSE Clear has been granted a licence to operate as an independent clearing house and central counterparty by the Financial Sector Conduct Authority (FSCA), in agreement with the Prudential Authority and South African Reserve Bank.

Sustainability is a strategic focus and key driver for the JSE. We were one of the founder members of the Global Investors for Sustainable Development Alliance – which was set up to raise funds for the implementation of the UN’s Sustainable Development Goals by 2030 – and, as the JSE, we have done much work in this regard this year.

The JSE is continuously alive to the need to create an enabling environment for investors. In May this year we issued a consultation paper to encourage public input on our listings framework in light of our ongoing initiatives to ensure a fair, efficient, transparent and competitive environment. We were very pleased when the FSCA approved amendments to our listing requirements that will allow issuers to list and trade actively managed exchange-traded funds – AMETFs – for the first time, as well as the approval of amendments to our other requirements, which will cut red tape and makes the bourse more accessible to companies.

As I write, the second cohort of our JSE Enterprise Acceleration programme is preparing to graduate following a successful year in the programme. They represent a wide range of sectors, from oil and gas, to mining, construction, energy, IT and real estate. All of them are SMEs, but through a combination of masterclasses, webinars and, critically, access to proven mentors, they could well soon graduate to far greater heights. When they do, they too will provide more jobs and help stimulate the economy, while providing returns for their investors.

In many ways, these projects provide a unique mechanism to transform the economy, creating prosperity and helping us all build back better.

We cannot do it alone; SA cannot do it alone. This has been the role – and the responsibility – of the JSE over the past 135 years to raise the capital that funds these developments, which in turn creates prosperity.

I hope it will continue to be the JSE’s privilege to do this for the next 135 years, as we work to evolve the institution to ensure it is always fit for purpose, as well as future fit.

Dr Leila Fourie
Group Chief Executive Officer