n SA Mercantile Law Journal = SA Tydskrif vir Handelsreg - The questionable role of the JSE Ltd as a regulatory authority in the aftermath of its demutualisation and listing on its own stock exchange

Volume 21, Issue 5
  • ISSN : 1015-0099
  • E-ISSN: 1996-2185



Stock exchanges have been known to be pioneers of modernisation and economic efficiency. One instance of modernisation is the recent phenomenon of demutualisation. But this change has brought to the fore a host of regulatory problems that seem to suggest that a demutualised and listed stock exchange is not suitable for carrying out its regulatory role. This article will focus on conflicts of interest that arise when a stock exchange lists on its own exchange and continues carrying out regulatory functions. It is widely believed that a listed exchange cannot effectively carry out its regulatory functions because it has to focus on activities that will generate enough revenue to satisfy the needs of its shareholders and other investors. The discussion will be premised on the role that the JSE Ltd plays in the regulation of market participants and whether this role should be modified or transferred in the light of the JSE Ltd's listing on its own exchange.

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