Chamwe Kaira
The Johannesburg Stock Exchange (JSE) has been referred to South Africa’s Competition Tribunal for alleged anti-competitive conduct, the bourse said this week.
The referral follows an announcement made by the Competition Commission on 9 November after it submitted a non-confidential version of its referral affidavit on 1 October 2025.
The Commission did not release further details in its public statement.
The case originates from a complaint filed in October 2022 by A2X Proprietary Limited.
A2X claims that the JSE is misusing its powerful position by using unfair methods related to its broker dealer accounting (BDA) system and the matched principal (MP) trade type.
The JSE stated that it has actively collaborated with the Commission throughout the investigation and vehemently refutes these allegations.
It added that its external legal counsel advised that the claims are without merit.
The JSE is preparing its formal plea, which will be filed in early 2026, subject to agreement with the Commission and the Tribunal’s consent.
“The JSE cannot determine if or when the matter will proceed to trial,” it said.
The commission wants the Tribunal to order amendments to JSE rules related to the BDA system and MP trade type and to consider an administrative penalty.
The JSE argues that its approach ensures reliable and accurate information flows into its Capital Adequacy System, which is vital for risk management and regulatory compliance.
Smaller brokers are most affected, as they often lack the resources of larger firms. A2X claims that the JSE’s refusal to share data and enable interoperability raises capital requirements and increases the operational costs for brokers trading on both platforms.
A2X describes itself as a stock exchange that supports the growth of South Africa’s capital markets through efficient, low-cost trading.
It is run by a team with experience across financial services and technology and positions itself as an agile and stable alternative venue for secondary listings.
