View source for JSE Limited

{{Short description|Stock exchange in Johannesburg, South Africa}}
{{other uses|JSE (disambiguation)}}
{{Use dmy dates|date=November 2020}}
{{Use South African English|date=September 2012}}
{{Infobox exchange
|name      = Johannesburg Stock Exchange Limited
|alt_name  = 
|logo      = JSE_Limited_Logo.svg
|logo_size = 170px
|image     = Johannesburg Stock Exchange.jpg
|image_size = 250px
|type      = [[Stock exchange]]
|city      = [[Sandton]], [[Johannesburg]]
|country   = South Africa
|coor      = {{coord|-26.1029|28.0576|type:landmark_region:ZA|display=inline,title}}
|foundation= {{Start date and years ago|1887|11|08|df=y|br=y}}
|closed    =
|owner     = 
|key_people= {{ubl|[[Phuthuma Nhleko]] ([[non-executive chairman]])|[[Leila Fourie]] ([[Chief executive officer|CEO]])}}
|currency  = [[South African rand|Rand]]
|commodity = 
|listings  = 435<ref name= "Johannesburg Stock Exchange (JSE) Live"/>
|mcap      = [[South African rand|R]]21.73 trillion <small>(July 2025)</small><ref name= "Johannesburg Stock Exchange (JSE) Live"/>
|indexes   = [[FTSE/JSE All-Share Index]]<br/>[[FTSE/JSE Top 40 Index]]
|homepage  = {{URL|https://www.jse.co.za/|jse.co.za}}
|footnotes = 
}}

The '''JSE Limited''' (previously the '''JSE Securities Exchange''' and the '''Johannesburg Stock Exchange''')<ref>{{Cite web|title=NASDAQ - JSE|url=https://www.nasdaq.com/glossary/j/johannesburg-stock-exchange|access-date=30 September 2021|website=[[Nasdaq]]}}</ref> is a [[stock exchange]] in [[South Africa]], and the largest in Africa by [[market capitalization]]. It has been located in [[Sandton]], [[Gauteng]], since it moved from [[Johannesburg CBD]] in 2000.<ref>{{Cite web|title=History & Company Overview {{!}} Johannesburg Stock Exchange|url=https://www.jse.co.za/our-business/history-%26-company-overview|access-date=2021-09-30|website=www.jse.co.za|archive-date=4 March 2022|archive-url=https://web.archive.org/web/20220304100254/https://www.jse.co.za/our-business/history-%26-company-overview|url-status=dead}}</ref><ref>{{Cite web|title=A Complete Introduction to the JSE ( Johannesburg Stock Exchange)|url=https://sashares.co.za/johannesburg-stock-exchange/|access-date=2021-09-30|website=SA Shares|date=21 September 2021 |language=en-US}}</ref>

As of July 2025, the JSE had a market capitalization of [[South African rand|R]]21 trillion (€1.05 trillion/£911 billion/$1.23 trillion), and a total of 435 listed companies. In the same month, the [[FTSE/JSE All-Share Index]] (ALSI) hit 100,000 points - the highest since its foundation.<ref name= "JSE hits 100,000 milestone"/><ref name= "Johannesburg Stock Exchange (JSE) Live">{{cite web|url= https://afx.kwayisi.org/jse/ |title= Johannesburg Stock Exchange (JSE) Live |author= |publisher= African 'Xchanges |date= |access-date= 24 July 2025 }}</ref>

==History==
The discovery of [[gold]] on the [[Witwatersrand]] in 1886 led to many mining and financial companies opening and a need soon arose for a stock exchange. The first share transactions on the Rand took place in a rustic canvas tent, with trade taking place on Sundays, as this was the only day when mining was not allowed, owing to a strictly enforced regulation prohibiting the entry of African workers to the gold reefs.<ref>{{Cite web|title=Johannesburg Stock Exchange {{!}} Sustainable Stock Exchanges|url=https://sseinitiative.org/stock-exchange/jse/|access-date=2021-09-30|language=en-US}}</ref><ref>{{Cite web|title=What is JSE Limited|url=https://capital.com/jse-limited-definition|access-date=2021-09-30|website=capital.com|language=en}}</ref>
[[File:Wollan, B.M. (Esquire).jpg|thumb|left|Benjamin Minors Wollan]]
The ''Johannesburg Exchange & Chambers Company'' was established by a [[London]] businessman, Benjamin Minors Woollan, and housed at the corner of Commissioner and Simmonds Streets. Out of this the JSE was born on 8 November 1887.

What immediately gave the JSE a clear advantage over exchanges such as Kimberley, Barberton, and, most importantly, London, was that listing of companies for a quotation on the Official List of the JSE was an easy and relatively cheap procedure.

This relatively simple and non-restricting nature of the early Exchange promoted a wave of initial registrations on the Official List, with 68 companies by the end of November 1887. The Official List further expanded to more than 300 companies by the end of January 1890.<ref name="Lukasiewicz">{{cite journal | last=Lukasiewicz | first=Mariusz | title=From Diamonds to Gold: The Making of the Johannesburg Stock Exchange, 1880–1890 | journal=Journal of Southern African Studies | publisher=Informa UK Limited | volume=43 | issue=4 | date=22 May 2017 | issn=0305-7070 | doi=10.1080/03057070.2017.1307675 | pages=715–732| s2cid=157405691 }}</ref>

By 1890, the trading hall became too small and had to be rebuilt but this too was outgrown. Trading then moved into the street. The Mining Commissioner closed off Simmonds Street between Market Square and Commissioner Street by means of chains.

In 1903, a new building was built for the JSE on Hollard Street. It was a storey building that took up an entire whole city block bounded by Fox and Main, Hollard and Sauer Streets.

After [[World War II]], it became apparent that this building was again inadequate and in 1947 the decision was made to rebuild the stock exchange. It took 11 years before construction began and in February 1961 the second exchange at Hollard Street was officially opened. By 1963, the JSE became a member of the Federation International Bourses de Valeurs (FIBV).

In 1978, the JSE took up residence at 17 Diagonal Street near Kerk Street, [[Johannesburg]]. 1993 saw the JSE become an active member of the African Stock Exchanges Association. After 108 years, the [[open outcry]] system of trading was changed to an electronic system on 7 June 1996.

In September 2000, the Johannesburg Securities Exchange moved to its present location in [[Sandton, Gauteng]] at the corner of Maude Street and Gwen Lane. It adopted the JSE Securities Exchange as its new official name.{{citation needed|date=December 2019}}

In 2001 an agreement was struck with the [[London Stock Exchange]] enabling cross-dealing between the two bourses<ref>{{cite news |url=https://www.telegraph.co.uk/money/main.jhtml?xml=/money/2001/04/03/cnlse03.xml |title=LSE in deal with S Africa exchange |work=The Telegraph|access-date=11 September 2008 | location=London | first=Simon
| last=English | date=3 April 2001}}{{dead link|date=July 2021|bot=medic}}{{cbignore|bot=medic}}</ref> and replacing the JSE's trading system with that of the LSE.<ref>{{cite web |url=http://www.spa-etf.com/JSE,%20LSE%20sign%20development%20deal.txt |title=JSE, LSE sign development deal |publisher=The Namibian |access-date=19 December 2019| archive-url=https://web.archive.org/web/20140527220030/http://www.spa-etf.com/JSE,%20LSE%20sign%20development%20deal.txt| archive-date=27 May 2014| url-status=dead}}</ref>

In 2009 the JSE acquired the [[Bond Exchange of South Africa]] for R240 million and rebranded it the JSE debt market adding South African government and corporate bonds as well as interest rate derivatives to its product set.<ref>{{cite web |url=https://www.jse.co.za/trade/debt-market |title=JSE Debt Market |access-date=22 July 2014 |publisher=JSE Limited}}</ref><ref name="jse">{{cite web|url=http://www.iol.co.za/business/personal-finance/financial-planning/investments/moves-to-make-bond-trading-fairer-to-you-1.1167280 |title=Moves to make bond trading fairer to you |publisher=iol.co.za |date=2011-10-30 |access-date=2013-08-20}}</ref>

On 18 June 2012, the JSE became a founding member of the United Nations [[Sustainable Stock Exchanges Initiative|Sustainable Stock Exchanges initiative]] on the eve of the [[United Nations Conference on Sustainable Development|United Nations Conference on Sustainable Development (Rio+20)]].<ref>{{cite web|title=Sustainable Stock Exchanges Initiative: Exchanges listing over 4,600 companies commit to promoting sustainability|url=https://www.reuters.com/article/2012/06/18/idUS166113+18-Jun-2012+HUG20120618|work=Sustainable Stock Exchanges initiative|publisher=Reuters|access-date=13 May 2014|url-status=dead|archive-url=https://web.archive.org/web/20140513011240/http://www.reuters.com/article/2012/06/18/idUS166113+18-Jun-2012+HUG20120618|archive-date=13 May 2014}}</ref>

[[File:Johannessburg Stock Exchange Logo .jpg|frame|JSE logo prior to the April 2014 re-branding]]
On 14 April 2014, the JSE re-branded to demonstrates the bourse's identity as a modern African marketplace that connects investors to growth opportunities not only in South Africa but globally.<ref>{{Cite web|url = https://www.jse.co.za/news/the-jse-transfroms-its-brand-identity|title = The JSE transforms its Brand Identity|date = 14 April 2014|access-date = 27 October 2014|publisher = JST Limited}}</ref>

In May 2022, the JSE became the first exchange to come to market with a new service from provider xyt that would utilize peer group rankings to help trading firms explore market share and examine and view trading interactions and performance. It would be called JSE Trade Explorer.<ref>{{Cite web |title=Johannesburg Stock Exchange is first to market with equity data analytics platform - The TRADE |url=https://www.thetradenews.com/johannesburg-stock-exchange-first-to-market-with-equity-market-data-analytics-platform/ |access-date=2022-05-10 |website=www.thetradenews.com}}</ref>

==Composition==
The JSE provides a market where securities can be traded freely under a regulated procedure. It not only channels funds into the economy, but also provides investors with returns on investments in the form of dividends.<ref>{{Cite web|date=2020-07-18|title=Functions of the JSE: Johannesburg Stock/Securities Exchange|url=https://www.bstudies.co.za/venture/securities/functions-of-the-jse/|access-date=2021-09-30|language=en}}</ref><ref>{{Cite web|title=Johannesburg Stock Exchange in Sandown, Johannesburg|url=https://www.sa-venues.com/attractionsga/jse.php|access-date=2021-09-30|website=www.sa-venues.com}}</ref>[[File:JOBURG (1893) The Exchange.jpg|thumb|right|The Johannesburg Exchange in 1893]] The exchange successfully fulfils its main function—the raising of primary capital—by rechannelling cash resources into productive economic activity, thus building the economy while enhancing job opportunities and wealth creation.

The exchange is directed by an honorary committee of 16 people, all with full voting rights. The elected stockbroking members, who cannot number less than eight or more than eleven, may appoint an executive president and five outside members to the committee. Policy decisions are made by the committee and carried out by a full-time executive committee headed by the executive president.

The JSE is governed by its members but through their use of JSE services and facilities, these members are also customers of the Exchange. Each year the JSE must apply to the [[Minister of Finance (South Africa)|Minister of Finance]] for an operating license which vests external control of the exchange in the [[Financial Services Board (South Africa)|FSB]].<ref>{{Cite web|date=2020-07-18|title=Functions of the JSE: Johannesburg Stock/Securities Exchange|url=https://www.bstudies.co.za/venture/securities/functions-of-the-jse/|access-date=2021-09-30|language=en}}</ref>

===JSE TradElect===
The JSE's fully automated (electronic trading) trading system is called the Millennium Exchange, which replaced the JSE TradElect system in 2012, which in turn had replaced the JSE SETS system in April 2007, which had replaced the JSE JET system in May 2002.

The change to the Millennium Exchange involved moving the platform from London to a new platform housed in the JSE building in Johannesburg, thus speeding up the execution of transactions. The JSE operates an order-driven, central order book trading system with opening, intra-day and closing auctions.

===Sens===
In August 1997, the JSE launched the real-time Stock Exchange News Service (Sens) to enhance market transparency and investor confidence. Initially, it was optional for listed companies to use the service during its two-month trial period.

From 15 October, augmented JSE [[Listing (finance)|listing requirements]] oblige companies to disseminate any corporate news or price-sensitive information on the service prior to using any other media outlet. Sens is carried by all the major [[wire service]]s.

===Strate===
{{Main|Strate CSD}}
Since its inception over ten years ago, Strate (Pty) Ltd has become the licensed South Africa's Central Securities Depository (CSD) for the electronic settlement of financial instruments in South Africa. Strate's stated core purpose is to mitigate risk, bring efficiencies to South African financial markets and improve its profile as an investment destination.

Strate handles the settlement of a number of securities, including equities and bonds for the Johannesburg Stock Exchange (JSE), as well as a range of derivative products such as warrants, [[exchange-traded fund]]s (ETFs), retail notes and tracker funds. It has now added the settlement of money market securities to its portfolio of services. It provides services to issuers for their investors in terms of the Companies Act and Securities Services Act (SSA), 2004.

==Trading hours==
JSE's normal trading sessions are from 9:00am to 5:00pm on all weekdays except Saturdays, Sundays and holidays declared by the exchange in advance.<ref>{{Cite web|url=http://www.wikinvest.com/List%20of%20Stock%20Exchanges|title=List of Stock Exchanges|website=Wikinvest|access-date=2017-09-01|archive-date=11 December 2019|archive-url=https://web.archive.org/web/20191211125737/https://www.sigfig.com/site/|url-status=dead}}</ref>

In July 2025, it was reported that the exchange was considering 24-hour trading. xxxxxx

==Listed companies==
{{main|List of companies traded on the JSE}}

==Alternative Exchange==<!-- This section is linked from [[Bond Exchange of South Africa]] -->
{{main|AltX}}
The '''Alternative Exchange''' is a stock exchange that was founded as a division of the JSE in order to accommodate small- and medium-sized high growth companies. Its [[website]] is accessible from the front page of the JSE's main website. The Alternative Exchange is known as '''AltX'''.

==Growth==

In 2003 the JSE had an estimated 473 listed companies and a market capitalisation of US$182.6 billion (€158 billion), as well as an average monthly traded value of US$6.399 billion (€5.5 billion).<ref>{{cite web|title=Corporate identity|url=http://www.jse.co.za/history_corporate_id.jsp|url-status=dead|archive-url=https://web.archive.org/web/20090206162518/http://www.jse.co.za/history_corporate_id.jsp|archive-date=6 February 2009|access-date=9 January 2009|publisher=JSE Limited}}</ref>

In March 2022, the [[market capitalisation]] of the JSE was at US$2.35 trillion.<ref name="JSE 2022">{{cite web | title=Johannesburg Stock Exchange| website=TradingHours | date=30 March 2022 | url=https://www.tradinghours.com/markets/jse | access-date=30 March 2022}}</ref>

As of July 2025, the JSE had a market capitalization of [[South African rand|R]]21.73 trillion, and 435 listed companies. The [[FTSE/JSE All-Share Index]] (ALSI) hit 100,000 points in the same month - an all-time record.<ref name= "JSE hits 100,000 milestone">{{cite web|url= https://businesstech.co.za/news/finance/832651/jse-hits-100000-milestone/ |title= JSE hits 100,000 milestone |author= Luke Fraser |publisher= BusinessTech |date= 23 July 2025 |access-date= 24 July 2025 }}</ref><ref name= "Johannesburg Stock Exchange (JSE) Live"/>

==Ownership==
The bourse is operated by JSE Limited, a company that listed on its own main board in June 2006.<ref>{{cite web
 |url         = http://www.citizen.co.za/index/article.aspx?pDesc=18011,1,22
 |title       = JSE lists on itself
 |publisher   = The Citizen
 |access-date  = 30 July 2008
 |url-status     = dead
 |archive-url  = https://web.archive.org/web/20090207042520/http://www.citizen.co.za/index/article.aspx?pDesc=18011,1,22
 |archive-date = 7 February 2009}}</ref><ref>{{Cite web|date=2017-06-21|title='The JSE is 23% black-owned and 22% white-owned'|url=https://www.moneyweb.co.za/in-depth/fnb-business-leadership/the-jse-is-23-owned-by-black-people-22-by-white-people/|access-date=2021-09-30|website=Moneyweb|language=en}}</ref>

==Fees and taxes==
* Securities Transfer Tax (STT) 0.25%. Applies to share purchases only, not share sales.
* Strate 0.005787% (excluding [[Value added tax|VAT]]) based on the value of the share transactions:
**Minimum R10.19 for trades with a value up to R176,000.
**Maximum R73.49 for trades with a value over R1,270,000.
* [[Financial Sector Conduct Authority (South Africa)|FSCA]] Investor Protection Levy 0.0002% (excluding [[Value added tax|VAT]]) on all trades.

==See also==
* Cibecs (2009)
* [[Diamonds as an investment]]
* [[Gold as an investment]]
* [[Investment Analysts Society of South Africa]]
* [[South African Futures Exchange]]
* [[List of stock exchanges in the Commonwealth of Nations]]
* [[List of stock exchanges]]
* [[List of African stock exchanges]]
* [[South African Mineral Reporting Codes]]
* [[South African Institute of Stockbrokers]]
* [[South African Institute of Financial Markets]]
* [[A2X Markets]]
* [[CCP Global]]

==Further reading==
* Lukasiewicz, Mariusz. Gold, Finance and Imperialism in South Africa, 1887-1902: A View from the Stock Exchange. Palgrave Macmillan, 2024.
*Lukasiewicz, Mariusz. "From Diamonds to Gold: The Making of the Johannesburg Stock Exchange, 1880–1890." ''Journal of Southern African Studie''s 43.4 (2017). pp.&nbsp;715–732
*Klein, Harry. ''The story of the Johannesburg Stock Exchange: 1887-1947.'' Johannesburg: The Committee of the Johannesburg Stock Exchange. 1948
*Rosenthal, Eric. ''On 'Change Through the Years: A History of Share Dealing in South Africa.'' Cape Town: Flesch Financial Publications. 1968

==References==
{{Reflist|30em}}

==External links==
{{commons category|Johannesburg Stock Exchange}}
* {{Official website|http://www.jse.co.za }}
* [https://web.archive.org/web/20070505035431/http://www.altx.co.za/index.jsp JSE Alternative Exchange official website]
{{Authority control}}

{{World Federation of Exchanges}}
{{Stock market}}
{{Stock exchanges top 20}}
{{Greater Johannesburg|econ}}
{{Economy of South Africa}}

{{DEFAULTSORT:Jse Limited}}
[[Category:Johannesburg Securities Exchange]]
[[Category:Financial services companies established in 1887]]
[[Category:Financial services companies of South Africa]]
[[Category:Stock exchanges in South Africa]]
[[Category:Economy of Johannesburg]]
[[Category:Companies listed on the Johannesburg Stock Exchange]]