THE Johannesburg Stock Exchange (JSE) fired general manager of market operations, Mike Bastenie, for dishonesty and breach of fiduciary duty. The JSE said Bastenie was found guilty by a disciplinary committee of ”breach of fiduciary duty to the JSE, dishonesty, prejudicing the security of the JSE’s computer systems and negligently managing a key strategic project of the JSE”. Bastenie, who is behind a plan to launch a R50m rival exchange to be known as eChange, was at first suspended on August 1 after news broke that he was involved in the rival operation. He resigned from the JSE, but was summoned to a disciplinary hearing while serving out his notice. JSE executive president Russell Loubser said, ”What is disturbing about Mr Bastenie’s involvement in the establishment of a rival exchange, however, is that he at no stage disclosed his intentions to the JSE despite the fact that he was privy to key strategic decisions and managing an important strategic project for the JSE,” he said. Bastenie said last week he expected to secure finance for his plan soon and that it could be up and running before the end of the year. – Reuters