Since 2017, a few new securities exchanges (apart from the securities exchange operated by the JSE Limited (JSE)) have been granted a licence to operate as a securities exchange in South Africa, including 4 Africa Exchange (now Cape Town Stock Exchange (CTSE)), A2X Markets (A2X) and Equity Express Securities Exchange (EESE). These exchanges are becoming more attractive to small to medium sized issuers as alternative exchanges and for diversified instruments. However, the JSE remains the primary exchange for listing in South Africa and accordingly, this document deals only with the JSE and listings on the Main Board of the JSE.