By Ana Monteiro, Bloomberg
Africa’s biggest stock-exchange operator is working to tighten oversight of how brokers and trading firms access the bourse to lessen the risk of rogue algorithms and trading errors that could disrupt the market.
The JSE now wants trading-service providers such as brokers to directly control and monitor market access to help prevent disruptive trades, it said in proposed changes to its rules and directives issued Monday.
The Johannesburg-based company first published the proposals in March 2024. After submitting them to the Financial Sector Conduct Authority, the JSE now plans to elevate key controls over algorithmic and direct-market-access trading from technical directives into its formal rulebook following feedback from the regulator. This would strengthen the exchange’s oversight powers.
The changes bring the JSE closer into line with post-financial-crisis global standards for algorithmic and DMA trading, reflecting controls already used in US and European markets.
Brokers will remain responsible for the oversight of these controls even if third-party vendors are involved in their design or maintenance, the JSE said.
JSE members have 10 days to lodge objections, following which the amendments will go to the FSCA for approval. The notice doesn’t specify an implementation date.
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