As one of the Top 20 largest exchanges in the world by market capitalisation ranked by the World Federation of Exchanges, the JSE provides Issuers with access to deep and liquid capital markets in a regulated and secure marketplace for over 130 years.
The JSE’s capital markets enable innovation, raising capital and shared prosperity. As a leading global exchange, the JSE co-creates and unlocks value through innovative products and services that meet the needs of our clients.
To increase efficiency, the JSE has further expanded our secondary listing framework to also include eligibility for LSE issuers, listed on the Standard Market, for a premium listing on the JSE.
What is a Standard Listing?
A “Standard Listing” allows companies listed under the standard listing framework on the LSE to complete a fast-track secondary listing on the JSE. Foreign companies with a secondary listing on the JSE are eligible to be classified as “domestic”, which gives you exposure to local institutional mandates and provides local investors with an opportunity to diversify their investments in Rand hedge stocks across the African continent and beyond.
What does it do?
A secondary listing on the JSE provides a range of benefits, including access to a large, sophisticated and liquid capital market, local investment classification, eligibility to FTSE/JSE Index inclusion, access to fresh capital and opportunities in Africa and enhanced profile in the market
The JSE will be satisfied with the regulation and disclosure regime of LSE, issuers would also be asked to disclose notifications dealing with changes in beneficial ownership or dealings in securities by directors and those closely related to the directors pursuant to either local legislation,.
To be eligible for the fast-track listing, a company must be listed on the LSE standard market for longer than 18 months. There is no need for a full prospectus, instead applicants are required to make a pre-listing announcement and meet the spread requirements on the local South Africa register. The pre-listing announcement is less onerous, but must still contain the prescribed information, including website details where information from the company’s latest audited financial statements, competent persons’ reports and valuation reports can be accessed.
Who is it for?
Standard Listing is ideal for companies listed on the LSE and which seek access to capital, new investors, increased visibility or a local presence in the African and South African markets.
What are the requirements?
- Standard Listings are required to comply with the EU minimum requirements which include disclosure directives laid down by EU legislation, such as the EU Prospectus Directive, the Transparency Directive and the Market Abuse Directive (the “EU Disclosure Directives”).
- The Applicant will be required to comply with the conditions for listing set out in the JSE’s rules under the current listing framework for Secondary Listings framework.