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South Africa’s Financial Markets Bill open for comment, due 2012
August 10, 2011--South Africa’s Government has released the Financial Markets Bill for public comment, with comments due by 5 September. The new law would replace the Securities Services Act (No 36 of 2004) which took effect on 1 February 2005.
South Africa is committed to a global regulatory reform agenda after the global financial crisis, according to a Government press release.
This means a stronger regulatory framework, more effective supervision, improved crisis resolution, and enhanced accountability through international assessments and peer reviews for the financial sector, including financial markets.
The Financial Markets Bill includes:
Strengthening the self-regulatory organisation model of supervision (which has proven efficient and effective in delivering on the objectives of securities regulation)
Aligning financial markets regulation with international best practice
Giving effect to recommendations made by the 2008 World Bank and International Monetary Fund Financial Sector Assessment Programme
Implementing South Africa’s commitment to the UNIDROIT Convention to improve investor protection in cross-border transactions
Ensuring alignment between legislation that governs financial markets and the wider legislative framework, including the new Companies Act and the Consumer Protection Act
The 2004 Act governs the regulation of securities services including securities exchanges, central securities depositories, clearing houses, and their respective members. It consolidated the South African regulatory framework for capital markets and aligned the regulation and supervision of South African financial markets with the prevailing international developments and regulatory standards.
After consultation the Bill will be tabled in Parliament and is expected to be implemented in 2012. The Bill and accompanying documents are available on the National Treasury and Financial Services Board websites. Draft subordinate regulation to be issued in terms of the Bill will also shortly be released for public comment. An FSB policy document is available.
view the REVIEWING THE REGULATION OF FINANCIAL MARKETS IN SOUTH AFRICA
Source: African Capital Markets
JSE sets new trading record – 230,797 trades on 10 August
August 10, 2011--South Africa’s Johannesburg Stock Exchange (www.jse.co.za) says that a record number of trades were executed on the exchange today (10 August). The JSE is the biggest securities market in Africa and its new trading record is 230,797 trades, valued at more than R29 billion ($4 bn).
The JSE FTSE All Share index rose 267 points to close at 28,658. The volume of shares traded was 531.5 million shares), according to a press release.
Head of Equities Trade, Leanne Parsons, said: “The JSE’s equity market moved sharply today, after yesterday’s holiday and following big moves on world markets. Our new record, of 230,797 trades, marks a 12% increase on our previous record of 205,784 transactions. That is a significant jump.”
Source: African Capital Markets
Rand, emerging markets under fire
August 9, 2011--Emerging assets tumbled on Tuesday to their weakest in over a year as China's higher-than-expected inflation reading intensified a global sell-off fuelled by the weekend's unprecedented US credit rating downgrade.
Risk premiums for Turkey and Hungary spiked higher in tandem with sharp currency losses while Russia's rouble fell over 3 percent as investors braced for a drop in oil demand.
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Source: FIN24
JSE closes almost 3% down
August 8, 2011--JSE stocks continued to tumble on Monday, closing the session nearly 3% in the red, tracking global sentiment.
By 17:00 local time, the JSE All Share [JSE:J203] index was down 2.97%, with resources losing 3.32% and platinum miners shedding 2.60%. Gold miners were the only gainers at 1.05% up.
Financials dropped 2.23% and industrials lost 2.81%, banks tumbled 3.43%.
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Source: FIN24
Bruised rand weakens more against dollar
August 8, 2011--The rand extended losses to trade at a five month low against the dollar as investors fretting about the global economy dumped emerging market assets perceived as risky.
The rand fell 3.1% to R7.1300/$, its weakest level since March.
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Source: FIN24
Risk aversion hammers SA stocks
August 5, 2011--South Africa’s blue-chip index officially closed down 1.08% on Friday, booking its biggest weekly decline since May 2010 as investors worldwide fled risky assets on worries about growth in the United States and sovereign debt in Europe.
The JSE Top-40 index of blue chips fell to 25 993.94, bringing this week’s losses to 6.69% - the biggest decline since early May 2010. The broader All Share [JSE:J203] index surrendered 1.17% to 29 256.75.
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Source: FIN 24
Bonds weaken on profit taking
August 5, 2011--South African bond yields weakened in late trade on Friday, which a trader attributed to some profit taking, after recent strong gains.
Bonds rallied up to 18 basis points during trade on Thursday, with traders describing yesterday's interest in the local market by foreign buyers as "phenomenal".
By 15:50, the benchmark R157 bond was trading at 7.150% from 7.085% at its previous close. The R207 was bid at 7.955% and offered at 7.950% from 7.860% and the R186 was trading at 8.040% from 8.080%.
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Source: FIN24
Bonds rally on foreign buying
August 4, 2011--South African bonds were up to 17 basis points firmer in late trade on Thursday as they continued to rally on foreign buying.
By 15:50, the benchmark R157 bond was trading at 7.030% from 7.115% at its previous close. The R207 was bid at 7.830% and offered at 7.810% from 7.975%, and the R186 was trading at 8.030% from 8.210%.
The rand was bid at 6.8634 against the dollar from its previous close of 6.7157.
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Source: FIN24
JSE weaker, but off session lows
August 3, 2011--The JSE shares remained weaker in midday trade on Wednesday, but was well of the session lows.
By 12:00 local time, the JSE All Share [JSE:J203] index was 0.48% off to 30 722.63, with resources down 0.16%, but platinum miners gained 0.99%, with gold miners higher at 1.16%.
Banks lost 0.68%, financials dropped 0.63% and industrials gave up 0.74%.
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Source: FIN24
Bonds firmer on rand, foreigners
August 3, 2011--South African bonds were up to 6 basis points firmer in late trade on Wednesday which a trader attributed to the stronger local currency and interest from offshore market participants.
By 15:50, the benchmark R157 bond was trading at 7.145% from 7.200% at its previous close. The R207 was bid at 7.995% and offered at 7.970% from 8.050%, and the R186 was trading at 8.240% from 8.300%.
The rand was bid at 6.7475 against the dollar from its previous close of 6.7877.
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Source: FIN24
