Joburg Stock Exchange to face-off A2X at Tribunal over allegations of anti-competitive conduct

Outcome of the Tribunal proceedings could have significant implications for the structure of South Africa's financial market

- SIPHELELE DLUDLA

THE Johannesburg Stock Exchange (JSE) has denied any allegations of anti-competitive behaviour as it confirmed that the Competition Commission has referred it to the Competition Tribunal for prosecution, following a complaint lodged by rival exchange A2X Markets.

A2X is an authorised stock exchange that offers a complementary platform where companies can secondary list their shares for trade.

The JSE is currently ranked in the Top 20 largest stock exchanges in the world by market capitalisation, and is the largest stock exchange in Africa, having been in operation for 137 years.

The Commission's referral, made on 1 October 2025, marks the start of formal proceedings in a case that could reshape South Africa's capital markets.

The outcome of the Tribunal proceedings could have significant implications for the structure of South Africa's financial markets, where competition policy, investor access, and exchange regulation are increasingly under scrutiny.

The case stems from a complaint submitted by A2X in October 2022, alleging that the JSE has abused its dominant market position through exclusionary conduct involving its broker dealer accounting (BDA) system and matched principal (MP) trade type.