JOHANNESBURG - Stock exchange A2X markets in a statement yesterday said that it had reached important milestones of a R2trillion market cap and R2billion in trades in two years.
It said it had nine approved brokers and 32 listings on the exchange. A2X competes with alternative exchanges ZARX, 4AX and EESE and the JSE, the oldest existing and largest stock exchange in Africa.
Kevin Brady, the chief executive of A2X said, “We are very excited about how the business has developed over the past two years. Starting an exchange to compete with an incumbent that has been a monopoly for more than 130 years was never going to be easy, but through the use of technology, an experienced team, support from many industry players and perseverance, we have managed to overcome the many barriers to entry.
“One of the major challenges that A2X faced was broker infrastructure, which was inadequate for a multi-venue environment, Brady said.
A2X said to solve this it has a joint venture with a local tech firm to develop a post-trade system.
“This will make it both cost effective and easy to trade client orders across both markets. The system is being rolled out to select brokers and is expected to be in full production by the first quarter of next year,” it said.