connected to Patrice Motsepe. We do not understand why Ficinus finds this connection to be sinister and worrying given that ARC hasA2X has based its model on the multilateral trading facility model that is prevalent and has been successful in Europe, Australia and the US for more than 15 years. This model is a secondary listing model focused on providing an alternative trading platform for shares and exchange-traded products that are listed, regulated and traded on another approved exchange.
It’s worth noting that a significant number of companies listed on the JSE are actually secondary listings and rely on the regulatory oversight of another exchange, much like A2X. In fact, out of the 10 largest companies by market capitalisation that are listed on the JSE, six are secondary listings. Of the 300 or so companies listed on the JSE, about 68 are secondary listings.
Technology has facilitated competition at an exchange level. Through the use of technology it is no longer necessary for an exchange to have a large staff complement and expensive