Bid to open exchange for BBBEE investors

February 22, 2015

Investors in broad-based black economic empowerment (BBBEE) share schemes may be able to continue trading their shares, after the announcement this week that a consortium of international companies is awaiting approval from the Financial Services Board (FSB) to register as an exchange

The application by 4 Africa Exchange (4AX) follows the turmoil in the over-the-counter (OTC) share market in 2014 that resulted from the FSB's issuing directives that all trading platforms must regularise their affairs in terms of the Financial Markets Act (FMA) and either apply for licences to operate as exchanges or stop trading.

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