Competition Commission refers case against the JSE to the Tribunal
The JSE has advised its shareholders that the Competition Commission has referred the JSE to the Competition Tribunal for prosecution.
In a November 10 statement, the JSE says the commission did not provide details in its announcement, on social media, on November 9, or in the non-confidential version of its referral affidavit to the tribunal.
The referral affidavit, published on the commission’s social media accounts, is dated October 1.
The JSE says it 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 notes that it cannot determine if or when the matter will proceed to trial.
The referral arises from a complaint that fellow stock exchange A2X submitted to the commission in October 2022, alleging that the JSE is abusing a dominant market position by engaging in exclusionary conduct concerning the JSE's broker dealer accounting (BDA) system and matched principal (MP) trade type.
The JSE posits that it 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.
“The commission's referral seeks an order from the tribunal that the JSE amend its rules relating to the BDA system and the MP trade type, as well as a potential administrative penalty,” the stock exchange notes.
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