[Last updated: 1 February 2026, unless otherwise noted]

The securities exchange operated by the JSE Limited is commonly referred to as the JSE. It was established in 1887 and is Africa's premier and largest exchange by market capitalization. The JSE has been a member of the World Federation of Exchanges since 1963.

Since 2017 a few new exchanges have been granted a license to operate a securities exchange in South Africa, including 4 Africa Exchange (now the Cape Town Stock Exchange (CTSE)), A2X Markets (commonly referred to as the 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 Limited remains the primary exchange for listing in South Africa and accordingly this document deals only with the JSE.

The JSE is a multi-asset class exchange. It offers a variety of investment products (including equities, depository receipts, a broader range of exchange-traded funds and debt instruments) in a range of markets issued by South African and international issuers. The JSE operates multiple markets across asset classes, namely, equities, bonds, financial, commodity and interest rate derivatives. The JSE provides (i) a primary market for listing and capital raising, (ii) a secondary market for trading, (iii) post-trade services including clearing and settlement, (iv) technology infrastructure and (v) information services.

The JSE equity market is currently comprised of two boards, the Main Board and the Alternative Exchange Board (AltX):

• The Main Board is a market for companies that meet the profit and other financial criteria of the JSE. Companies can list their shares or debt instruments as a primary or secondary listing on the Main Board. The Main Board is segmented through the classification of issuers to either the prime segment or the general segment. Listing on the general segment of the Main Board offers an issuer a Main Board listing with less stringent application of certain provisions of the Listings Requirements, as opposed to issuers on the prime segment of the Main Board. Only issuers who are not included in the FTSE/JSE All Share Index are eligible for inclusion in the general segment of the Main Board. The default position for all Main Board issuers is classification in the prime segment. Below, we set out the application of the Listings Requirements to the primary segment of the Main Board, unless otherwise specified.
• AltX is a parallel market focused on good quality, small- and medium-sized high growth companies and provides these smaller companies not yet able to list on the Main Board with a clear growth path and access to capital.

This summary focuses on the Main Board only.

Under the Financial Markets Act 2012, the Financial Sector Conduct Authority (FSCA) is the licensing authority in relation to the establishment of securities exchanges and overall supervisory authority in relation to securities services in South Africa. However, the JSE is a self-regulatory organization and the primary regulator for listings on its Main Board. It is governed through the Listings Requirements of the JSE (the JSE Listings Requirements).

The JSE allows foreign companies with a primary listing on an "approved exchange" other than the JSE to list their securities on the JSE as a dual or secondary listing. Approved exchanges in relation to the Main Board include the Australian Securities Exchange, London Stock Exchange, NYSE, Toronto Stock Exchange, Singapore Stock Exchange, Tadawul (Saudi) Exchange, Nasdaq Stock Market, Euronext Amsterdam, Euronext Brussels, Euronext Paris, Euronext Dublin, Euronext Milan, Euronext Lisbon, Euronext Oslo, Frankfurt Stock Exchange, Luxembourg Stock Exchange, SIX Swiss Exchange and the Hong Kong Exchanges and Clearing Ltd. Such foreign companies must be in compliance with the listing requirements of the exchange where they have a primary listing.

Due to the decline in companies and foreign investment companies listing on the JSE and the increase in delistings, the JSE initiated a complete overhaul of the JSE Listings Requirements through what became known as the "Simplification Project". The objective of the project is to modernize, streamline and clarify the JSE Listings Requirements by using plain language, reducing unnecessary complexity, and removing outdated or duplicative provisions. The JSE has emphasized that the simplification is intended to make the regulatory framework more accessible and easier to apply for potential issuers, listed companies, sponsors, shareholders and investors, while still maintaining an appropriate level of market integrity and investor protection. The JSE completed the Simplification Project and on 12 December 2025, the FSCA formally approved the revised, simplified JSE Listings Requirements. The revised JSE Listings Requirements became effective on 13 January 2026 for new applicants, and on 16 February 2026 for existing listed issuers.   The new framework wholly replaces the previous JSE Listings Requirements and substantially reduces their overall volume by more than 50%, while reorganizing and rewriting provisions to improve readability, eliminate ambiguity and 'cut red tape' where possible to ensure that the JSE Listings Requirements are fit for purpose, aimed at an effective and appropriate level of regulation and encouraging new listings.