South Africa’s JSE announce job cuts to be ‘effective’

Prabashinee Moodley

South Africa’s stock exchange JSE has disclosed that it has plans to retrench about 60 if its staff “nimble” and “cost-effective”. The Chief Executive Officer of JSE Limited, Nicky Newton-King, said this step is geared towards achieving agility

“We are taking these difficult steps, particularly regarding our staff, while recognising our responsibility to operate the JSE so as to enhance the trust in the South African financial markets,” she said.

The changes to be implemented were not as a direct result of the new competition, but of the overall environment in which the company operated, Newton-King said.

“The stock exchange space is becoming more demanding. Global securities exchanges and other players in the financial services industry are changing the way in which they operate in response to regulatory and technology developments.

The JSE says this is not in direct reaction to growing competition but rather because the exchange space is changing. The JSE has also cited a challenging macroeconomic environment.

“The macroeconomic environment is also challenging. We haven’t done this for our competitors, but as a result of a combination of factors,” she said.

About JSE
The Johannesburg Stock Exchange (“JSE”) located at 1 Exchange Square, 2 Gwen Lane, Sandton, Johannesburg, South Africa. The JSE offers secure, efficient primary and secondary capital markets across a diverse range of securities, supported by our post-trade and regulatory services. We are the market of choice for local and international investors looking to gain exposure to the leading capital markets in South Africa and the broader African continent.

It is currently ranked the 19th largest stock exchange in the world by market capitalisation and the largest exchange in the African continent.

The exchange company was formed in 1887 during the first South African gold rush. Following the first legislation covering financial markets in 1947, the JSE joined the World Federation of Exchanges in 1963 and upgraded to an electronic trading system in the early 1990s. The bourse demutualised and listed on its own exchange in 2005.