A SOUTH African firm said it aimed to set up a new completely electronic national stock market before 2001 to rival the Johannesburg Stock Exchange (JSE). The new exchange which is to offer trading, clearing and settlement services to the securities industry, will apply to the Financial Services Board for an operating license in September ahead of starting operations next year. ”Market participants are not happy with the JSE. It’s too costly and becoming more expensive and less efficient,” said eChange spokesperson Michael Du Plessis. He added that eChange had backing from institutional and private investors and industry participants but declined to name any of the backers. – Reuters
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