FSCA fines A2X Markets R700 000 for breaching listing regulations

After a regulatory review of A2X Markets' 2023 opt‑out listing process, the bourse has paid a R700 000 administrative penalty to the Financial Sector Conduct Authority (FSCA),

This follows the conclusion of a 90‑day enforceable undertaking between A2X and the FSCA.

In 2023, competitor bourse JSE complained that the smaller exchange had breached listing requirements.

The JSE said A2X was using an “opt‑out” model that bypassed the formal listing application procedures required under the Financial Markets Act and A2X’s own listing requirements.

A2X essentially automatically listed unless they actively said no – without their consent.

Normally, companies have to apply and agree formally to be listed, following the rules set by the Financial Markets Act and A2X’s own listing requirements.

According to an FSCA June 2025 report, this approach contravened both the Act and A2X’s own listing rules.

As part of a 90-day enforceable undertaking, A2X had to ask the companies if they wanted to stay listed.

This ensured that all companies now listed have provided explicit consent, bringing A2X’s listings fully in line with regulatory requirements.

Some 40 of the 43 companies listed under that process have chosen to remain on the exchange.

The companies that will remain on the exchange include Richemont, Glencore, Gold Fields, Harmony Gold, Bid Corporation, Mondi, Clicks, Bidvest, Shaftesbury, Quilter and Redefine REIT.

Kevin Brady, CEO of A2X, said the outcome “demonstrates corporate South Africa’s support of the tangible benefits A2X and competition deliver to South African capital markets”.

Brady added that the process has clarified listing procedures and allowed the exchange to focus on enhancing competition, efficiency, and liquidity in the country’s equity markets.

BUSINESS REPORT