Johannesburg Stock Exchange
JSE Limited (previously the JSE Securities Exchange and the Johannesburg Stock Exchange) is the oldest existing and largest stock exchange in Africa. It is situated at the corner of Maude Street and Gwen Lane in Sandton, Johannesburg, South Africa. In 2003 the JSE had an estimated 472 listed companies and a market capitalization of US$182.6 billion (€158 billion), as well as an average monthly traded value of US$6.399 billion (€5.5 billion). As of 31 December 2013, the market capitalization of the JSE was at US$1,007 billion.
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.
The exchange successfully fulfills 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. Although there is only one stock exchange in South Africa, the Stock Exchanges Control Act (repealed by the Securities Services Act of 2004) does allow for the existence and operation of more than one exchange. Each year the JSE must apply to the Minister of Finance for an operating license which vests external control of the exchange in the FSB.