Johannesburg - The Johannesburg Stock Exchange (JSE) has failed in an interim attempt to block the issuing of an operating licence to a rival bourse, South Africa's Financial Services Board said on Tuesday, although its main appeal is still pending.
The JSE had launched an “urgent application for interim relief”, arguing that the creation of the new ZAR X Stock Exchange would cause harm to “the financial system of the country and its investors”.
But the FSB, which granted ZAR X a licence on August 31, said its appeal board had found “no evidence that the JSE would suffer harm or prejudice”.
The more-than-century-old JSE is Africa's biggest and most liquid stock market.
The interim application was lodged pending the hearing of the main appeal, whose result will be heard at a later stage, the FSB said.