JSE hits back at claims it tried to block rival A2X
The Johannesburg Stock Exchange (JSE) has denied allegations by the Competition Commission that it engaged in exclusionary conduct
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The Johannesburg Stock Exchange (JSE) has denied allegations by the Competition Commission that it engaged in exclusionary conduct to limit the growth of rival exchange A2X.
Founded in 2017 by Kevin Brady, Sean Melnick, and Ashley Mendelowitz, A2X was created as an alternative South African trading venue aimed at challenging the long-standing dominance of the JSE.
This comes after the Competition Commission referred the JSE to the Competition Tribunal, accusing it of abusing its dominant market position through practices involving its broker-dealer accounting (BDA) system and matched principal (MP) trade type. The Commission is seeking amendments to the JSE’s trading rules and also wants the JSE to be fined up to 10% of its turnover.
In a statement released to the media on Monday, the JSE denied the allegations, adding that it has cooperated fully with the investigation and will file its formal plea in early 2026.
'The JSE is preparing its plea to the Commission’s referral, which, by agreement with the Commission and with the consent of the Tribunal, will be filed in early 2026. Given the nature of these proceedings, the JSE cannot determine if or when the matter will proceed to trial," the JSE said.
"The JSE has cooperated fully with the Commission throughout its investigation. The JSE denies these allegations in the strongest possible terms and has been advised by external legal counsel that the Commission’s claims are without merit".
A2X said it agrees with the Competition Commission’s view that fair competition is necessary for market growth and benefits investors.
"The Competition Commission has rightly identified that market growth requires fair competition - something that benefits all investors, listed companies, and ultimately the broader South African economy".
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