Sistema de negociação nutron

Sistema de negociação Nutron
Aumente a produtividade do organizador / servidor usando nosso módulo de pedidos em um tablet!
Gerenciar lojas (comida, varejo ou salão de beleza / spa) em um único sistema. Consolide relatórios, controle tudo desde o headoffice com o BMS.
Autenticação das Funções POS, os Registros de Tempo agora são integrados com scanners de dedo biométricos!
Soluções de PDV para hotelaria e indústrias similares.
Soluções de PDV para indústrias de varejo, especialidades e similares.
Soluções de POS para serviços de spa e salão de beleza.
Hardware e Periféricos de PDV.
Web Design e Desenvolvimento de Outsourcing.
Oferecemos soluções de software para o setor de hospitalidade, bem como para o setor de varejo, de jantares finos a restaurantes de serviço rápido, a supermercados, lojas, boutiques e estabelecimentos similares.

2013 FINANCEIROS.
A JSE e seus grupos de partes interessadas têm um relacionamento simbiótico, e é reconhecido que, ao trabalhar para criar e contribuir para um ambiente no qual suas partes interessadas possam prosperar, a Bolsa apoiará sua própria capacidade de longo prazo de continuar criando valor. para essas partes interessadas.
1. Acionistas e analistas da JSE Ltd.
Desempenho financeiro da JSE e como criamos valor.
AGMs Relatório anual e relatório intercalar Interacção directa Avisos distribuídos através do SENS JSE website Road shows Rádio, TV e artigos de jornais.
Áreas de crescimento de desempenho Sustentabilidade da empresa Custos Política de dividendos Sistemas de ações Perspectivas.
Ofertas de JSE, desempenho e como negociar.
Relatórios de resultados Relatório anual e relatório intercalar Avisos distribuídos através do SENS JSE website Road shows Comunicados de imprensa e entrevistas Showcases sobre empresas cotadas Webinars e apresentações sobre produtos novos e existentes JSE website.
Áreas de crescimento de desempenho Sustentabilidade da empresa Política de dividendos Esquemas de ações Perspectivas Educação financeira e educação de investidores Mercados e mercados de JSE Aspectos do negócio de JSE.
3.1. Emitentes
Requisitos para trazer produtos comercializados no mercado.
Website Funcionários de relacionamento com clientes Fóruns de clientes Extranet dedicada Notificações de mercado Reuniões individuais.
Atendimento ao cliente Expectativas do cliente.
3.2. Membros.
Garantir que a JSE compreenda as necessidades dos membros.
Service hotline Website Publicidade Comunicados de imprensa Mídias sociais Funcionários de relacionamento com clientes Fóruns do cliente Extranet dedicada Comunicações do mercado Reuniões individuais.
Atendimento ao cliente Expectativas do cliente.
3.3. Comunidade de investidores.
Compreender a gama de produtos de investimento disponíveis através do JSE e como investir neles.
Educação do investidor Vitrinas para empresas listadas Webinars e apresentações sobre produtos novos e existentes Comunicados à imprensa e entrevistas Rádio, TV e artigos de jornal Site da JSE.
Alfabetização financeira e educação de investidores JSE mercados e produtos Aspectos do negócio de JSE.
4. Empregados.
Estratégia, valores e políticas da empresa, aprimoramento de habilidades, retenção e motivação de talentos.
Reuniões de equipe Análise de necessidades de treinamento Revisões de desempenho Sessões de comunicação Intranet JSE website Comitês de funcionários Email Denunciantes & rsquo; linha direta.
Desenvolvimento e treinamento Saúde e segurança Programas de bem-estar Remuneração, benefícios Equidade no emprego Desempenho financeiro Código de conduta e ética Programa de assistência aos funcionários Programa de orientação.
5. Potenciais funcionários.
JSE como empregador de escolha.
Relatório Anual Sítio da JSE SENS Entrevistas Revista JSE Agências de emprego Exposições profissionais.
Política de remuneração Desenvolvimento de pessoas Opções de carreira.
6. Fornecedores.
Feedback de desempenho; requisitos da empresa.
Reuniões agendadas Negociações.
Monitorar o desempenho Avaliações Avaliação de custos Expectativas de crescimento e desenvolvimento de produtos e serviços.
7. Governo nacional e local.
Áreas de interesse mútuo (as partes interessadas incluem o Tesouro Nacional; o Departamento de Agricultura; o Departamento de Minerais e Energia; o Banco de Reserva da África do Sul; e os Serviços de Receita da África do Sul)
Reuniões ad hoc como e quando necessário.
Quadro regulatório do setor financeiro Conformidade com o CPSS-IOSCO Questões de controle cambial Questões tributárias que impactam os mercados de capitais e nossos clientes Considerações sobre a estrutura do mercado, particularmente em relação a novos produtos, nos quais o suporte regulatório é essencial.
8. Regulador JSE.
Áreas de interesse regulatório mútuo.
O JSE trabalha em estreita colaboração com os representantes do FSB FSB e participa das reuniões de diretoria e de gerenciamento por meio de convênios ad hoc sobre temas relevantes.
Política de investimento Questões regulatórias Desenvolvimento de produtos e serviços Vigilância Investidores e mecanismos de proteção de mercado.
9. Painéis externos e associações.
Reuniões ad hoc Comités consultivos JSE Patrocínio e adesão.
Várias iniciativas em andamento durante o ano, tratando de atendimento, expectativas, perspectivas, estratégias, sustentabilidade e regulação.
10. Comunidade.
Investimento social corporativo.
Website da JSE Oficiais de Educação Artigos em vários meios de comunicação social Revista JSE Estratégia da CSI.
Iniciativas de educação, incluindo: JSE / Liberty Investment Challenge Iniciativas de literacia financeira & ndash; JEF Assistência médica e desenvolvimento comunitário Patrocínios e doações JSE Benevolent Fund.
1. Envolvimento com os acionistas e analistas da JSE Ltd.
Os acionistas da JSE Ltd fornecem ao Grupo com capital acionário que financia suas operações e gastos de capital. Os investidores auxiliam o Grupo em sua busca por crescimento de longo prazo. O Conselho trabalhou muito para se aproximar dos acionistas e analistas da JSE.
A divisão de Relações com Investidores é conhecida por grandes investidores e seus detalhes de contato estão disponíveis no site da Companhia. A informação é distribuída através de vários canais. O site continuamente aborda consultas de analistas, investidores e acionistas em potencial. A segurança e a integridade das informações são cuidadosamente mantidas, garantindo que todas as informações críticas cheguem aos acionistas simultaneamente.
O CEO da JSE, o CFO e o chefe de Relações com Investidores engajam os acionistas por meio de sessões regulares de comunicação, reuniões e outros processos. Eles se encontram regularmente com investidores e analistas para promover o diálogo e comunicar a estratégia e o desempenho da JSE.
Os diretores são incentivados a participar de todas as assembleias gerais. Os acionistas são incentivados a estar presentes e fazer perguntas. Os acionistas também têm a oportunidade, quando desejam, de se encontrar com diretores e gerentes.
O JSE tem uma estratégia robusta de envolvimento de mídia e, ao longo dos anos, estabeleceu relações de mídia estreitas e integrais para gerenciar sua reputação e a percepção do público sobre o Exchange. A função de mídia e relações públicas faz parte da divisão de Emissores e Relações com Investidores, onde a equipe se envolve continuamente com a mídia por meio de várias vias de comunicação, incluindo comunicados à imprensa e porta-vozes da JSE para participar das conferências e eventos organizados pela mídia. JSE. & # 160;
O JSE tem um portal de mídia em seu site, onde todos os lançamentos de mídia estão disponíveis publicamente em: jse. co. za/About-Us/Media/Press-Releases. aspx.
Devido às mudanças nas formas em que a sociedade consome mídia e informação, o JSE tem uma presença estabelecida em várias plataformas de mídia social, onde envolve constantemente a mídia e o público em geral sobre uma infinidade de tópicos enquanto fornece informações sobre o Exchange.
Por favor, siga em frente:
Como a JSE opera em grande parte na indústria de serviços, ela faz parte de um ecossistema complexo que envolve várias partes interessadas. A JSE se concentra constantemente na construção de um modelo de negócios sustentável, com profundidade e abrangência, concentrando-se em produtos, mantendo-se próximo aos clientes e fornecendo-lhes os serviços de que necessitam.
A Bolsa continua a aumentar a sua gama de produtos e os volumes de transações, ao mesmo tempo que restringe os custos e as taxas aos clientes. Isto é conseguido apesar de uma infra-estrutura de custos razoavelmente fixa e um investimento significativo em tecnologia, permitindo que a JSE permaneça competitiva. O site do JSE, jse. co. za, oferece aos clientes acesso a informações detalhadas sobre o JSE.
3.1. Emitentes
O JSE se concentra em atrair emissores de alta qualidade e garante sua qualidade, definindo e aplicando requisitos de listagem de alta qualidade.
O JSE opera uma carteira eletrônica de pedidos totalmente automática para seu mercado de ações. O JSE fornece aos emitentes visibilidade aos investidores locais e internacionais todos os anos através de mostras de investidores e roadshows. O JSE também lista vários produtos de fundos negociados em bolsa, bem como futuros e opções.
3.2. Membros.
O JSE interage com seus membros através de:
gerenciamento de contas; sessões de fórum de corretores; pedidos de reunião ad hoc; sessões de treinamento one-on-one; suporte on-site nos membros & # 39; escritórios; sessões de comunicação; grupos de trabalho técnicos; comitês consultivos; e outra comunicação.
Finalmente, o JSE interage com seus clientes por meio do helpdesk de Suporte ao Cliente do JSE, que fornece suporte comercial e suporte funcional a aplicativos para clientes, bem como para membros do grupo de capital social & # 39; operações de front, middle e back-office.
O suporte ao cliente também oferece os seguintes serviços:
Suporte de primeiro nível para todos os assinantes pagantes do JSE em todos os serviços do JSE aos quais eles se inscrevem; Ativação de clientes garantindo que todos os novos membros de capital estejam habilitados para serviços de produção e teste; Treinamento de usuário; Gerenciamento de incidentes do cliente através do qual o helpdesk JSE e as equipes de negócios se comunicam com os clientes do Exchange, usando vários canais de comunicação (email, SMS, mensagens de difusão); e Suporte técnico de primeira linha para clientes de derivativos de ações, derivativos de commodities e mercados de taxas de juros.
3.3. Comunidade de investidores.
A JSE valoriza seu relacionamento com investidores institucionais e privados e adota uma abordagem positiva e proativa para garantir que a comunicação seja tratada adequadamente. Há uma comunicação regular de mão dupla com a comunidade de investidores. O JSE envolve-se em iniciativas de literacia financeira de forma proativa e a pedido.
4. Empregados.
Filosofia.
O JSE se envolve com seus funcionários de várias maneiras e está comprometido em apoiar o desenvolvimento de seu pessoal. A Bolsa se orgulha das pessoas que emprega e, portanto, incentiva um ambiente onde as pessoas se sintam valorizadas. Isto é conseguido através de políticas de pessoas e práticas de equipe, que são focadas em:
empoderamento dos outros e do eu, ligados à responsabilidade; investimento em pessoas e aprendizado contínuo; uma cultura de alto desempenho alcançada através de diversos indivíduos e equipes; e equidade e democracia no local de trabalho.
Todas as políticas relacionadas aos funcionários são de responsabilidade do Diretor: Recursos Humanos.
A cultura do JSE é incentivar auto-iniciantes colaborativos e inovadores, promovendo com mérito e recompensando o bom desempenho. Políticas de desenvolvimento, como o plano de eqüidade de emprego, plano de habilidades individuais e um esquema de incentivo e retenção de longo prazo para funcionários seniores importantes estão em vigor. O JSE opera em um ambiente não sindicalizado, mas trabalha para promover boas relações com os funcionários por meio de políticas detalhadas e engajamento; portanto, não houve dias de greve e nenhum custo financeiro associado.
A empresa oferece um ambiente seguro para seus funcionários, inquilinos, clientes e visitantes. Não tolerará qualquer forma de assédio sexual ou outro tipo de discriminação no local de trabalho. Políticas e procedimentos disciplinares e de reclamações estão em vigor para garantir padrões justos e equitativos quando as regras da organização são transgredidas.
Perfil do pessoal.
O complemento de funcionário da JSE em 31 de dezembro de 2013 foi o seguinte, em uma base divisional:
A política de eqüidade de emprego da JSE tem como objetivo erradicar todas as formas de discriminação e criar oportunidades para todos os funcionários, com ênfase especial no perfil demográfico do negócio.
O JSE melhorou seu status de empowerment econômico negado (BEE) auditado de um nível 5 (2011) para um nível 4 (2012), alcançando assim um dos objetivos do scorecard corporativo de 2013. Isto foi verificado por um agente acreditado pelo Sistema Nacional de Acreditação Sul-Africano (SANAS) em outubro de 2013, sob o Código do Setor Financeiro (FSC), publicado sob a Seção 9 da Ampla Capacitação Econômica Negra (BBBEE). ) Aja. Mais informações estão disponíveis no relatório anual integrado.
Rotatividade e recrutamento de pessoal.
O volume de negócios da JSE para 2013 foi de 10,14%. Das demissões em 2013, 44 foram por demissões, três por demissões e uma por aposentadoria.
Treinamento e desenvolvimento.
A JSE está comprometida em apoiar o desenvolvimento de seu pessoal e em atrair, desenvolver e reter os melhores talentos e habilidades.
O JSE promove uma cultura de aprendizado entre seus funcionários, pois conta com seus conhecimentos e habilidades para prestar o melhor serviço aos seus clientes e partes interessadas. A política de aprendizado e desenvolvimento fornece diretrizes dentro das quais todos os funcionários da JSE podem desenvolver as competências necessárias para o crescimento empresarial e individual, inclusive por meio de cursos patrocinados pela JSE.
Em 2013, a JSE gastou R4,3 milhões (2012: R4.8 milhões) em treinamento e desenvolvimento, incluindo cursos patrocinados pela JSE.
O JSE também tem um programa formal de orientação interna voltado ao desenvolvimento de funcionários. capacidades para atender às necessidades futuras de negócios e facilitar a transformação. Doze mentores e mentorandos completaram o programa em 2013. Os principais objetivos e propósitos do programa são:
apoiar o desenvolvimento pessoal e administrativo contínuo; entrincheirar a cultura organizacional e valores fundamentais; permitir que o JSE desenvolva e mantenha pessoas excelentes; e garantir que o JSE se torne uma organização de aprendizagem.
Saúde e bem estar.
A JSE possui vários serviços para melhorar a saúde e a segurança dos funcionários e para fornecer sinais de aviso antecipado de acordo com os padrões internacionais para a construção de infraestrutura e garantia de segurança. O Exchange adere à Lei de Saúde e Segurança Ocupacional de 1993 e aos regulamentos relevantes. As questões de segurança são da responsabilidade da equipa de gestão do edifício, que reporta ao Secretário da Empresa do Grupo, um membro da gestão executiva da JSE. Não houve multas, acidentes ou outros incidentes sociais significativos no período em análise.
Foi também realizada uma avaliação do risco ambiental em conformidade com os requisitos de saúde e segurança ocupacional da JSE. Esta avaliação destacou as áreas de melhoria na estrutura e abordagem da JSE, bem como melhorias pontuais específicas baseadas em inspeções no local. Muitas das melhorias físicas específicas foram efetuadas desde a revisão. As áreas restantes estão sendo tratadas através de um foco renovado em certos elementos de risco e mudanças nas áreas responsáveis.
O JSE compromete-se a criar e manter um ambiente livre de todas as formas de discriminação injusta, incluindo a discriminação contra pessoas vivendo com HIV / Aids e outras doenças que ameaçam a vida. O JSE reconhece que a epidemia de HIV / Aids afetará seu local de trabalho. Tem uma política para fornecer diretrizes para lidar com essa pandemia.
O JSE tem um programa de bem-estar, que inclui um Programa de Assistência ao Empregado (EAP, Employee Assistance Program) que fornece suporte aos funcionários e suas famílias imediatas. O EAP é operado por uma organização externa independente chamada ICAS e está disponível em uma série de questões 24 horas por dia, 365 dias por ano. O programa ajuda os funcionários e suas famílias a lidar com situações cotidianas e preocupações mais sérias anonimamente e confidencialmente.
Um comitê - The JSE Voice - foi criado para implementar as melhorias necessárias para atender às necessidades específicas dos funcionários e da organização. Os objetivos do programa de bem-estar dos funcionários são melhorar a saúde geral e o bem-estar, a produtividade, a colaboração, o moral e a atitude.
5. Potenciais funcionários.
O JSE tem como objetivo ser um empregador de escolha, envolvendo-se com possíveis empregados de várias maneiras. Indiretamente, fá-lo através do seu relatório anual, o site da JSE, declarações SENS, artigos na mídia e a revista JSE. Diretamente, envolve-se através de entrevistas, indicações de funcionários, agências de emprego e recrutamento eletrônico.
O JSE se envolve com possíveis funcionários sobre a própria Bolsa e suas atividades, bem como políticas relacionadas aos funcionários da JSE, incluindo remuneração, desenvolvimento de pessoas e opções de carreira.
Os seguintes sucessos foram alcançados durante 2013:
Melhor comunicação interna. Conversas de liderança introduzidas para melhorar os canais de comunicação entre a gerência sênior e o executivo. Melhor gerenciamento de desempenho. Funcionários melhorados & # 39; capacidade de gerenciar e adaptar-se à mudança. Intervenções abordando o gerenciamento de mudanças foram iniciadas e continuarão em 2014.
6. Fornecedores & # 160;
Os fornecedores são selecionados aplicando o processo de seleção de fornecedores de JSEs apropriado, conforme definido no processo de seleção de JSE. Esse processo de alinhamento de melhores práticas visa garantir que o serviço ou produto apropriado seja obtido pelo preço certo. Este processo é então apoiado pela contratação formal, garantindo que os termos e níveis de serviço apropriados estejam em vigor. A aprovação financeira do fornecedor e o processo de pagamento aos fornecedores são rigidamente controlados e supervisionados pelo departamento de compras. Uma política de aquisições orienta a prática apropriada de aquisição para o JSE. Os fornecedores são gerenciados de acordo com os níveis de serviço definidos contratualmente, adequados ao tipo de produto ou serviço fornecido, e o desempenho é medido por meio de reuniões formais de nível de serviço e fóruns periódicos. Os principais fornecedores são especialmente gerenciados de perto, não apenas em nível de nível de serviço, mas também em nível estratégico, para assegurar a continuidade apropriada para a JSE. O JSE tem vários parceiros que são estratégicos para os negócios e reconhecemos a importância de seus serviços para a execução eficaz e eficiente do & # 160; JSE.
7. Governo nacional e local & # 160;
O engajamento da JSE com autoridades do governo ocorre principalmente em nível executivo. As respostas regulatórias nos principais mercados concorrentes da JSE, inclusive em relação à transparência aumentada e à regulamentação para locais de execução alternativos e produtos de venda livre (OTC), têm implicações diretas para a África do Sul e a JSE. Isto também se aplica à direção política final do Tesouro Nacional em relação à implementação do movimento para a regulamentação prudencial e em relação ao desenvolvimento dos mercados de taxa de juros à vista e derivativos. O JSE não apenas participa dos debates, mas também toma as medidas necessárias para implementar estratégias que melhor posicionem o JSE, uma vez que as diretrizes da política sejam claras.
8. Regulador JSE.
A JSE é regulamentada pela Lei de Mercados Financeiros (FMA), nº 19 de 2012, pelo Financial Services Board (FSB). A FSB é a autoridade reguladora encarregada de assegurar que a JSE opera seus mercados de valores mobiliários no interesse público e de acordo com a legislação que rege a operação de uma bolsa na África do Sul. O FSB é convidado a participar de todas as reuniões do comitê de diretoria e diretoria.
A divisão de regulamentação do emissor interage com o FSB das seguintes formas:
O FSB tem assento permanente no Comitê Consultivo de Regulamentação do Emissor da JSE e no Comitê de Títulos e Derivativos de Taxa de Juros. Através destes comitês, o FSB participa ativamente do processo de consulta quando as mudanças estão sendo propostas para os Requisitos de Listagem; O JSE se reúne regularmente com o FSB para assessorá-lo sobre novos desenvolvimentos e projetos que as equipes estão desenvolvendo. Isso inclui alterações de regras propostas e também a listagem de novos produtos; O FSB é convidado para as reuniões do Comitê de Supervisão da Organização de Autorregulação (SRO), onde as atividades de SRO da JSE são discutidas e avaliadas; e O JSE se reúne regularmente com o FSB para discutir assuntos pertinentes à seção 81 das FMA. Esta disposição trata de declarações falsas e enganosas.
Até o momento, o FSB recebeu a mais alta posição da Organização Internacional de Comissões de Valores Mobiliários (IOSCO). A África do Sul é um dos únicos 36 países que conseguiram obter um memorando de entendimento multilateral (MOU) com outros mercados desenvolvidos. Isto permite ao FSB a opção de cooperação transfronteiriça e troca de informações com outros mercados de valores mobiliários.
9. Painéis externos e associações.
Há muitos outros participantes do setor, nacionais e internacionais, com quem o JSE interage regularmente: o Financial Advisory Board (FMAB), o Securities Regulation Panel, o King Committee, a Business Unit Africa do Sul (BUSA), Business Leadership South Africa ( BLSA), a Federação Mundial de Bolsas (WFE), o Comité das Bolsas de Valores da SADC (COSSE) e vários comités da indústria / grupos de pressão.
Projetos da TransFarm Africa; projetos hídricos (feitos em conjunto com o Fórum Econômico Mundial); e desenvolvimento de liderança; programas agrícolas que levam pequenos agricultores ao mercado no Malawi, Moçambique e Zâmbia; projetos hídricos (feitos em conjunto com o Fórum Econômico Mundial e o Departamento de Assuntos Hídricos da África do Sul); e Desenvolvimento de Projetos de Infraestrutura.
Envolvimento das partes interessadas através de comités consultivos da JSE.
Através dos comitês consultivos da JSE, as partes interessadas podem discutir e influenciar a atividade da JSE, incluindo negociação em todos os mercados, compensação e liquidação, índices e Requisitos de Listagem. As comissões analisam e aconselham sobre os princípios e questões operacionais e, quando apropriado, propõem alterações às Regras, Directivas e Requisitos de Listagem da JSE.
A nomeação de todos os membros do comitê consultivo é aprovada pelo Conselho da JSE para assegurar a combinação correta de partes interessadas da indústria e representação de JSE. Os mandatos também são aprovados pelo Conselho.
Comitê Consultivo da Safcom.
O objetivo principal do comitê é assessorar a JSE em todos os elementos das operações da Safcom e fornecer orientação à diretoria da Safcom sobre como essas mudanças devem ser implementadas e o impacto da mesma. O comitê também analisa quaisquer alterações propostas às Regras e Diretrizes da JSE relacionadas à compensação e liquidação de derivativos.
O comitê normalmente se reúne pelo menos uma vez por trimestre, mas mais reuniões regulares podem ser solicitadas quando surgem questões. O representante da JSE responsável pela gestão geral da Safcom (Responsável) preside a sessão e é responsável por estabelecer a agenda para cada reunião. Os assuntos de interesse são apresentados ao Conselho para debate, e quaisquer discussões e decisões são devidamente anotadas e registradas. Quando necessário, são apresentadas recomendações formais ao Comitê de Risco da Safcom ou diretamente ao Conselho.
Quatro reuniões do Comitê Consultivo da Safcom foram realizadas em & # 160; 2013.
Desenvolvimentos / destaques relevantes para o Comitê Consultivo da Safcom em 2013.
Validação do modelo Safcom e backtesting: Um exercício independente de back-testing e validação foi concluído em janeiro de 2013, com foco nos modelos de teste de estresse e de margem da Safcom, bem como na metodologia de quantificação de fundos por default. Os resultados desse processo foram submetidos ao FSB, que afirmou sua satisfação com o processo e os resultados. O backtesting foi operacionalizado internamente pela equipe de gerenciamento de risco do JSE. Gerenciamento de procedimentos padrão da Safcom: Como parte das atividades em andamento para manter sua conformidade com a IOSCO, a Safcom introduziu uma estrutura processual formal para o gerenciamento de inadimplência no mercado de derivativos local. Esses procedimentos foram testados ao longo do ano (primeiro internamente e posteriormente em conjunto com o mercado), antes de serem formalizados no terceiro trimestre de 2013. Linhas de liquidez Safcom: Como parte de sua avaliação do cumprimento da Isoco pela Safcom, O FSB destacou a necessidade de a Safcom garantir um apoio externo à liquidez a ser utilizado em tempos de dificuldades de mercado. Muito de 2013 foi gasto colocando essas linhas de liquidez no local, começando com uma análise quantitativa da exposição à liquidez da Safcom, a negociação das linhas de liquidez necessárias com os bancos comerciais locais e, finalmente, a implementação de mudanças no JSE & # 39 s livro de regras para facilitar o uso das novas linhas de liquidez. Esperava-se que as linhas entrassem em vigor no final de dezembro de 2013 / início de janeiro de 2014. Metodologia da margem Safcom: Em 2012, a Safcom realizou uma revisão de sua metodologia de margem, que culminou em uma proposta de compensação de margem da carteira. As restrições do sistema levaram a que isso não fosse implementado em 2013. Em vez disso, um plano para revisar os insumos para a atual metodologia J-SPAN foi aceito. A primeira fase desta revisão foi aprovada no quarto trimestre de 2013 e deverá ser implementada no primeiro trimestre de 2014. As fases restantes deverão estar concluídas até o final do terceiro trimestre de 2014. Safcom default fund: Em um esforço para fortalecer a gestão de risco no mercado de derivativos, a Safcom se comprometeu a estabelecer um novo fundo de default (independente de quaisquer fundos de garantia previamente estabelecidos). O comitê estava intimamente envolvido nas discussões sobre o dimensionamento e operacionalização do fundo. Isto deu origem a uma série de melhorias, implementadas em 2013. Reconhecimento da Safcom ESMA: Em 2013, a Safcom foi solicitada a obter o reconhecimento da Autoridade Europeia dos Valores Mobiliários e dos Mercados (ESMA), para continuar a prestar serviços a membros de compensação locais que foram sucursais ou filiais de sociedades holding registadas na Europa. Em setembro, um pedido formal foi apresentado ao regulador europeu, cujo resultado deve ser concluído no novo ano.
O comitê é atualmente presidido por Leila Fourie, Diretora: Serviços de pós-negociação.
O Comitê Consultivo da África.
Durante o ano de 2013, a JSE trabalhou no estabelecimento de sua presença em países-alvo no continente. O Comité Consultivo para África esteve estreitamente envolvido neste processo.
Facilitar o acesso da JSE a outros atores do mercado africano. Para aconselhar o JSE sobre novas oportunidades de listagem para o Main Board, AltX e o mercado de taxa de juros.
Teleconferências regulares com os membros do comitê para acompanhar os desenvolvimentos em outros mercados africanos. Assistência e aconselhamento sobre eventos e reuniões nacionais.
O foco principal para a JSE este ano tem sido se estabelecer e ser conhecido no mercado nigeriano. Várias viagens foram realizadas. O engajamento durante essas viagens foi com a Bolsa de Valores da Nigéria, com partes interessadas no mercado e com os emissores. O JSE apresentou-se a vários fóruns, abordando questões como a governança corporativa e a regulamentação dos mercados de ações.
Recentemente, a equipe da JSE visitou o Quênia e se envolveu com a Nairobi Securities Exchange, assim como várias outras partes interessadas no mercado queniano.
A equipe da JSE participou de teleconferências trimestrais com o Comitê Consultivo da África. Essas discussões englobaram as macroeconomias dos países-alvo, regulamentação e legislação e outros assuntos de interesse.
O conselho e a participação ativa do comitê foram de grande valor em 2013. Todos os membros do comitê têm profundo conhecimento de seus mercados e das partes interessadas ativas nesses mercados. O Desenvolvimento de Negócios continuará solicitando orientação do Comitê Consultivo da África e a equipe de Desenvolvimento de Negócios continuará a manter contato regular com o presidente do comitê, Sr. Nathan Mintah.
Comitê Consultivo de Derivativos Agrícolas.
Discutir e aconselhar sobre questões pertinentes aos produtos agrícolas negociados no mercado de derivativos de commodities. Em muitos casos, isso envolve problemas que se estendem ao mercado físico de grãos, como armazenamento e classificação.
Esforçar-se por assegurar consultas extensivas sobre tópicos relevantes com os participantes do mercado; representantes da indústria agrícola e membros registrados, que fornecem feedback em nome de seus clientes. A diretoria executiva da JSE continua sendo a tomadora final de decisões, caso o comitê não consiga chegar a um acordo sobre qualquer item discutido.
As reuniões são agendadas a cada segundo mês, mas o comitê se reúne apenas como e quando necessário. O comitê se reuniu cinco vezes em 2013.
Desenvolvimentos / destaques relevantes para o Comitê Consultivo de Derivativos Agrícolas em 2013:
Discutiu uma proposta da Grain South Africa para alterar as especificações do contrato de trigo, essencialmente removendo os pontos de entrega do Western Cape do contrato de Randfontein e criando um contrato separado para o Cape sem diferenciais. Após extensa consulta e cuidadosa consideração, o JSE decidiu manter o status quo. Discutiu uma série de itens relacionados à tecnologia, incluindo o aumento na negociação de alta frequência. Discutiu e concordou em alterar o processo de marcação a mercado de futuros para incluir as relações de spread do calendário. Apoiou a introdução de contratos “commodity” e “futuros”. A possibilidade de um contrato de farinha de soja e óleo também foi discutida. Além de discutir esses novos produtos, o comitê também apoia novas opções de safra de curto prazo, um minicontrato de 10 toneladas para permitir que produtores menores tenham acesso aos instrumentos disponíveis e aos contratos de grãos da Zâmbia. Mover o mercado para cotações anônimas também foi debatido em profundidade. Em essência, isso significaria que códigos de membros não seriam mais visíveis nas janelas de profundidade. Após uma extensa consulta com os membros, a JSE decidiu não mudar o modelo, uma vez que os benefícios limitados para fazer a mudança para o comércio anônimo foram destacados. Regulamentações de classificação de sementes de girassol foram discutidas e foi concedido apoio para passar a uma base limpa a partir da nova temporada de comercialização. Um compromisso de comerciantes relatório, semelhante ao que nos EUA, foi discutido em profundidade. Finalmente, os critérios mínimos específicos para o número de participantes em cada categoria e o tamanho das posições foram acordados. Uma vez que esses critérios mínimos sejam cumpridos, o JSE começará a publicar esse relatório. Uma metodologia para orientar a resolução de transações de erros reportadas ao JSE foi discutida. O comitê forneceu informações sobre os limites e critérios para negócios que se qualificariam como negociações de erro, com a intenção de que isso fosse implementado em todos os mercados de derivativos.
Em 2013, o comitê foi presidido por Chris Sturgess, diretor: Derivativos de commodities.
Comitê Consultivo de Derivativos de Moeda.
Estruturar e melhorar o mercado de derivativos de moeda da JSE em benefício dos maiores mercados financeiros.
O comitê confirma / concorda com uma abordagem, que é apresentada à gerência executiva da JSE para discussão. Se necessário, quaisquer questões não resolvidas serão levadas à gerência executiva da JSE para comentários adicionais e, quando necessário, discutidas com o FSB.
As reuniões são organizadas trimestralmente e ad hoc, como e quando necessário. O comitê se reuniu duas vezes em 2013.
Desenvolvimentos / destaques relevantes para o Comitê Consultivo de Derivativos de Moeda em 2013:
O contrato de Super Derivativos para fornecer distorções de opção e avaliações foi revisado. A Bolsa investigou e pesquisou fornecedores alternativos e concluiu que os Super Derivativos eram a fonte mais apropriada. Depois de receber inúmeros pedidos dos participantes do Mercado de Derivativos de Moeda, foi acordado que a Bolsa divulgaria os preços de fixação de moeda às 11:00 da manhã na África do Sul e às 10:00 da Nova York (16:00 ou 17:00 SA). Depois que uma solicitação da unidade de Investimentos Coletivos (CIS) confiava em se envolver mais no Mercado de Derivativos de Moeda, foi levantada uma exigência para fixação antecipada de preços no futuro. Ficou acordado que a Bolsa divulgará um preço de fixação da segunda moeda e futuro às 15:00, hora da África do Sul. A Bloomberg e a Thomson Reuters estão no processo de fazer alterações no sistema para permitir que as primeiras avaliações acima sejam exibidas em suas respectivas páginas derivadas de moeda. The currency derivatives billing model was reviewed and changes were implemented in July 2013. The sliding scales for futures and options were amended. The on-screen market maker rebate incentive, off-screen and broker fee rebate incentives remained the same. Numerous requests were received to invert the Japanese yen, as it is normally traded in the inverse, namely ZAR/JPY, but the derivative markets work opposite and this is confusing for the general market. The JPY/ZAR was approved by the SARB and subsequently listed on the Currency Market. The composite currency futures page was created on Bloomberg and Reuters. Clients now have access to live currency future prices for the listed currency pairs in a central, easy-to-use location. The non-deliverable Chinese yuan contract was delisted and replaced with the deliverable Chinese renminbi contract in May 2013. The RAIN Index was reviewed by the committee and the re-weighting has been placed on hold pending further research. When the monthly rebates are calculated, trades that are included in statistics but not charged for are taken into account when calculating the value for monthly rebates. All members were informed and the impact to each member's rebates was analysed and provided to them. As from 1 December 2013, the trades are no longer included in the calculation. The quanto euro/US dollar contract was approved by the SARB and listed on 25 November 2013. Following on from the advisory meetings in 2012, the Exchange has proposed that the rule relating to the US dollar/rand trading in a minimum size of 201 contracts off screen be lowered to 100 contracts. This is currently with the committee for comment.
The committee is chaired by Graham Smale, Director: Bond and Financial Derivatives.
The Equity Derivatives Advisory Committee.
Ensure strategic communication and agreement between the JSE and Equity Derivative (ED) Market participants to ensure an efficient, transparent Equity Derivative Market with true price discovery and best execution. Create a forum where relationships are built between the JSE and market participants to grow the ED Market together in the interests of the South African derivatives market as a whole.
Four meetings were held in 2013.
Material developments/highlights for Equity Derivatives Advisory Committee in 2013:
The stability and technical issues experienced on the Equity Derivative Market were a consistent topic during most of the Equity Derivatives Advisory Committee meetings. The JSE used the meetings to provide feedback on system incidents and gather input on suggestions for stabilising the trading system. The committee approved of the proposal for replacing the Nutron Trading System with a solution from Millennium IT (the trading system provider currently used by the JSE's Equity Market). This project was later expanded, not only to upgrade the trading system, but also to upgrade the post-trading and clearing system. In order to get specialists involved in detailed product strategic discussions and decisions, two sub-committees to the Equity Derivatives Advisory Committee were created. Feedback from the sub-committees was provided and discussed during the Equity Derivatives Advisory Committee meetings: Options Advisory Sub-Committee – traders in this specialised product are not well represented on the main Equity Derivatives Advisory Committee. The sub-committee was used to agree product structural changes with the market to improve the liquidity of JSE listed options. Major decisions included: increasing the transparency of the traded volatilities, changing option exercise random allocations to pro-rata allocations and enhancing the daily options mark-to-market process. A committed market-maker for on-screen option trading was also introduced. CFD Advisory Sub-Committee – This new product was launched by the JSE during 2013. It saw the JSE using a more collaborative approach to design and implement the product, which required input from market participants. The sub-committee meetings were used to co-produce all aspects of this new product. A proposal for the introduction of a trade cancellation rule and directive for error trades was presented to the committee for input. The final rule and directive changes will be implemented during 2014. Feedback about the following products and initiatives to improve these products were also provided at the Equity Derivatives Advisory Committee meetings: Can-do product suite, international derivatives (IDX), dividend-neutral single-stock futures and MSCI products. This year saw much more collaboration between the JSE's Equity Derivative and Equity Markets. Feedback about initiatives in the various markets was provided at the advisory committee meetings. Feedback from the Equity Market at the Equity Derivatives Advisory Committee included: information about the new Equity Market billing model, co-location and high-frequency trading initiatives. It is anticipated that the 2014 Equity Derivatives Advisory Committee meetings will focus on market quality and billing model improvements.
The committee is chaired by Graham Smale, Director: Bond and Financial Derivatives.
Equities Trading Advisory Committee.
Consider and advise on principle and operational matters relating to equity trading. Propose amendments to the JSE Rules and directives governing equity trading.
The committee makes recommendations to the JSE executive on the basis of reasonable consensus. Where reasonable consensus on any issue considered by the committee cannot be reached, the conflicting views on the issue in question are referred to the JSE executive or, where appropriate, to the JSE Board for determination.
Meetings are held quarterly. The committee met four times in 2013.
Material developments/highlights for the Equities Trading Advisory Committee in 2013:
Billing model review. Trading transaction fees are now charged at 0.0053% of value traded and not per trade leg. This new methodology was implemented on 30 September 2013. Equity Market systems upgrade. This was implemented on 11 November 2013. Two new trading sessions were introduced: Closing price publication (CPP) session. This session facilitates the publication of the official closing price. Closing price cross (CPX) session. This session facilitates on-book continuous trading, after the closing auction, at the published closing price, for five minutes. This functionality is enabled for ZA01 only as a pilot phase. Colocation services. The JSE will be launching this offering with an initial build of 35 client racks, but can only accommodate 20 racks on go-live. There will be a two-month grace period before the next batch of clients can go live, with monthly take-on thereafter. The proposed go-live for co-location is the second quarter of 2014 and clients can commence installation of their infrastructure from end-February 2014. Review of the block trade (BT) rules. The JSE recognises that the block trade size requirements have not been revised since 2002. As trade sizes have decreased globally and value traded has increased substantially, it was agreed that the minimum size requirements for a block trade should be based on the average daily volume of a security. This revised rule should become effective in the first quarter of 2014.
For more information, visit the Equity Market bulletin board on the JSE extranet: jse. co. za/Extranet/Equity-Bulletin-Board. aspx.
The committee is chaired by Leanne Parsons, Director: Equity Market.
FTSE/JSE Advisory Committee.
Consider and advise on principles and operational matters relating to and proposed amendments to the ground rules governing the management of the FTSE/JSE Africa Index Series and the FTSE/JSE All Africa Index Series. Ensure that best practice is used in the construction and management of the index series. Review the selection methodology for constituent companies and the treatment of securities within the FTSE/JSE Africa Index Series and may make recommendations arising from this review to FTSE and the JSE.
The committee was set up by FTSE and the JSE. The committee operates independently of FTSE and the JSE, subject to the committee acting within its constitution and terms of reference. FTSE and the JSE will use their reasonable endeavours to implement the decisions of the committee regarding the operation of the FTSE/JSE Africa Index Series.
The committee met four times in 2013.
Material developments/highlights for the FTSE/JSE Advisory Committee in 2013:
All corporate actions with major impact on the index series were discussed in the context of their conformance to the ground rules. All technical outages impacting the index series were discussed in terms of their impact on the index series. Amendments and improvements were made to the FTSE/JSE ground rules document. Some end-of-day product modifications were made. A change in the index free float methodology was smoothly implemented in March 2013, whereby constituent free float changed from a banded to an actual basis. A change to the methodology used for the shareholder weighted indices (SWIX) was smoothly implemented in March 2013, whereby the free float calculation changed from nationality to a register location basis.
The membership of the committee, which operates differently from the other advisory committees as it is created under the JSE's joint venture with FTSE, is intended to be representative of the users of the FTSE/JSE Africa Index Series and should consist of representatives from domestic and international investors and investment banks as well as domestic and international actuaries.
The committee is chaired by Francois Oosthuizen, Sanlam.
Bond and Interest Rate Derivatives Committee.
The separate Bond and Interest Rate Derivatives (IR) committees were merged into a single committee in 2012. This was done because of the commonality of market participants and linkages between the product sets.
Create and be responsible for the secondary market trading of a diverse set of products, across the cash, repo/carry and derivatives markets.
The committee is to be able to canvass and converse with the members of the market about: amendments to trading and settlement rules. the development of new products. fees and changes to the billing model. subjects appropriate to the general evolution of the market, for example: pre - and post-trade transparency. electronic vs. reported trading. clearing (this is more specifically covered in the Safcom Risk Committee meetings, but aspects of clearing may have a direct relationship to trading). Endeavour to achieve reasonable consensus on topics of discussion. Where this is not possible, depending on the nature of the lack of consensus, it may be necessary to poll a wider set of opinions across the market or to refer the matter to the JSE executive management or the JSE Board for further consideration. Deliberations and decisions by the committee are not binding on the JSE, which retains full discretion as to whether to implement or go against a decision of the committee. In doing so, the JSE will take into account its regulatory duty to include the interests of the market as a whole and not only the interests as represented at the committees.
The committee met only once in 2013. This is less regular than normal because the discussion surrounding the electronic trading platform, which had previously been held through the Bond Advisory Committee, was externalised to a committee formed by National Treasury to address this issue. All follow-up meetings regarding this issue have now taken place at National Treasury.
Material developments and highlights of the Bond and Interest Rate Derivatives Committee in 2013:
An amendment to the mark-to-market (MTM) valuation rules was requested. The most recent set of MTM rules was put in place in 2005 and has not since been updated. The new MTM valuation strategy will target increasing the amount of data used in determining MTM valuations. Currently, MTMs are revalued very rarely (especially for corporate debt). By increasing the data set, the hope is to improve the stale MTM pricing. Since the advisory committee meeting, the MTM rules have been amended and agreed upon. It was raised that, with the daily turnover reports distributed to the market, it is possible (in certain scenarios) to identify who actioned certain trades. It was agreed that transparency is key in the market, but this is about "what" traded and not "who" negociados. Following this, the JSE has implemented new turnover reports, whereby members can no longer identify who actioned trades. It was queried whether or not inter-dealer brokers (IDBs) can trade bond futures, given that there is currently an unwritten rule that IDBs should not deal directly with any buy-side clients (with regard to spot bond trading). Given that bond futures are a separate product, it was agreed that IBDs are allowed to trade bond futures.
The committee is chaired by Graham Smale, Director: Bond and Financial Derivatives.
Issuer Regulation Advisory Committee.
To consider and advise on proposed amendments to the JSE Listings Requirements. To consider objections and appeals in relation to the Listings Requirements.
Make recommendations to the JSE on the basis of reasonable consensus. Where reasonable consensus cannot be reached on any issue considered by the committee, the conflicting views on the issue in question shall be referred to the Issuer Regulation executive management or, where appropriate, to the Board for determination. Individual members of the committee may be requested to: assist the Issuer Regulation division in an advisory capacity; assist the Issuer Regulation division with objections from relevant parties; or serve on the Issuer Regulation Appeal Committee.
Meetings are arranged as and when required. The committee met formally during the year on 18 October 2013 about proposed changes to the Listings Requirements. Members are consulted on an ad hoc basis on many matters. In view of the Issuer Regulation division's regulatory responsibility for the debt market, it also has a separate Debt Issuer Advisory Committee with a similar mandate.
Both committees are chaired by John Burke, Director: Issuer Regulation.
JSE SRI Index Advisory Committee.
Consider and advise on principle and operational matters relating to and proposed amendments to the ground rules. Ensure that best practice is used in the construction and management of the JSE SRI Index. Review the selection methodology for constituent companies and the treatment of securities in the JSE SRI Index, and may make recommendations arising from this review to the JSE. Consider and advise on introducing new indices to the series. Oversee the annual reviews.
Make recommendations to the JSE on the basis of reasonable consensus. The JSE will use its reasonable endeavours to implement the recommendations of the advisory committee regarding the operation of the JSE SRI Index. Where reasonable consensus cannot be reached on any issue considered by the committee, the conflicting views on the issue in question shall be referred to the JSE executive management or, where appropriate, to the Board for determination. The JSE is responsible for the appointment of the members of the JSE SRI Index Advisory Committee. The committee operates independently of the JSE, subject to the committee acting within its terms of reference.
Meetings are arranged as and when required. The committee met three times in 2013.
Material developments/highlights for the JSE SRI Advisory Committee in 2013:
At the first meeting of the year, the JSE presented the findings from the strategic review conducted during 2012. The committee expressed its support for the proposed strategy and approved the changes for the 2013 annual index review. In September, the committee met with a delegation from the mining sector and the Chamber of Mines in a follow-up discussion to the 2012 decision to preclude the sector from the best performer category for the 2012 SRI Index. The meeting was aimed at discussing the developments in the sector and in individual companies with regard to labour issues following the incidents of 2012. During November, the annual assessment results were presented to the committee for confirmation and then announced publicly.
The membership of the committee is intended to be representative of the users of the SRI Index and of the sustainability industry.
The committee's membership therefore includes experts from the sustainability arena, investment professionals, academics and listed companies. The committee also invites the JSE SRI Index data provider to attend.
There was one change to the committee membership in January 2013, when the representative from the Government Employees Pension Fund was replaced by a colleague.
The committee is chaired by Raymond Ndlovu, Black Elephant Investment Holdings.
10. Community.
The JSE is committed to making a difference in the lives of South Africans by investing time, effort and money in various initiatives. The JSE also believes that this difference should be sustainable and should ensure that individuals benefit directly through positive and meaningful contributions.
In 2013, the JSE began the process of re-assessing its activities in this regard. This culminated in the executive approving a more focused strategy related to our corporate social investment (CSI). The strategy will focus our activities into areas that we believe are relevant to the country in which we operate as well as the business activities of the JSE. These activities may be of broader benefit to society in the manner in which we believe we are best able to make a meaningful contribution.
The areas that constitute the JSE's main focus in this regard are as follows:
National priority issues, such as poverty alleviation, job creation, youth and community development etc. as indicated by the National Development Plan and the Financial Sector Codes, among other key policy and development papers/legislation. Strategically aligned causes (areas that relate to the JSE's business) where the JSE is hence better suited to make meaningful contributions (such as enterprise development and financial literacy).
We will also be growing our emphasis on staff participation in CSI initiatives, thereby encouraging active citizenship.
The process of re-aligning our CSI spend to mirror the identified priority areas is an ongoing effort and is evolutionary in nature. We continue to priortise our activities, which are focused on education (see the following sections). This is reflected by the significant amount spent on related activities.
A summary of these initiatives is shown below:
*Does not affect JSE cash flow.
The JSE's educational initiatives are aimed at increasing understanding about the financial markets (particularly among high school learners and university students), encouraging investment among South Africans and growing the pool of potential employees in the financial markets. The JSE believes that this assists in growing the number of people who might become investors or businesses that might list.
JSE/Liberty Investment Challenge – Community Investment 
Now in its 40th year, the challenge is a focused and far-reaching educational youth programme aimed at introducing South African high school learners and university students to the world of finance. The challenge coaches learners in the fundamentals of investment strategy and encourages them to research and strategise around the trading of JSE-listed shares by managing a virtual portfolio of R1 million.
Financial literacy activities.
We have not as yet conducted a formal social impact assessment or endeavoured to measure social return on investment, but we believe that the actions we have taken and programmes we have put in place not only demonstrate the JSE's continued commitment to contributing to a positive impact on communities, but will also enable the achievement or promotion of a number of positive outcomes, including the following:
Enhancing the financial literacy of the South African youth; Enhancing the South African youth's understanding of the securities market and its role in wealth generation; Equipping the South African youth with some of the financial skills that will assist them in realising employment opportunities and/or contributing to and participating in the country's economy in the future; Driving financial literacy in the youth market by educating them about the value of investing and exposing the learners/students to the investment fundamentals through the simulated trading of shares on the JSE; and Students will eventually be feeders into the financial sector.
Investment education through the curriculum at schools.
During 2013, the JSE partnered with the South African Reserve Bank (SARB), the Financial Planning Institute, the National Credit Regulator and the KZN Financial Literacy Association to promote the financial literacy of South Africa's youth.
Power Hour sessions and regional public seminars.
The Retail Development team continues to conduct Power Hour sessions in Durban, Cape Town and Sandton. In these sessions, the audience is provided with knowledge and skills related to investing and with product information. These sessions are also enhanced through webinars, which increase their reach to areas not visited. The regional public seminars are conducted in partnership with JSE divisions and retail broking firms in targeted areas.
In 2013, a new focus area was initiated, aimed at growing the investor market. As a result of this, a public game (virtual trading game) was introduced to offer a learning opportunity for aspiring investors.
The aim of the virtual trading game is:
to increase retail investors at the JSE by giving them an opportunity to try their investment skills in a risk-free environment. to influence people to educate themselves by playing this game before they try out investing their hard-earned cash.
The virtual trading game gives the participants an opportunity to experience the real market, develop their knowledge of the stock market, test their investment strategies, learn how to keep track of a share portfolio and practice trading in a risk-free environment. The virtual trading game will help participants to acquire investment skills and enable them to trade with real money in the stock market.
During 2013, plans were also made to develop learning modules for the public in an effort to enhance learning about the market. These modules will be self-paced and interactive and will enable participants to learn progressively, from basic to intermediate and advanced levels. They will cover all the JSE markets.
Another exciting initiative that began in 2013 was the development of a platform to enable stokvels and investment clubs to participate in educational forums aimed at growing their knowledge of investments on the JSE. This important component of the public currently has custody of community savings and presents an opportunity to grow investors on the market.
JSE Empowerment Fund (JEF) Trust.
The JEF Trust provides promising black students with the finance and support to acquire the appropriate qualifications and the opportunity to enter the financial services sector on completion of their university training.
Through the dividends received as a result of its shareholding, the JEF Trust is able to provide the financial assistance reflected in the table below and this financial assistance does not affect the JSE's cash flow.
In 2013, progress was as follows:
Community development and healthcare.
The JSE supports a number of worthy charities over and above our community efforts in education and financial literacy.
Each of these address important social and environmental issues. Here we comment on just a few of those:
Noah (nurturing Orphans of Aids for Humanity)
Noah was a non-profit organisation committed to building the capacity of South African communities to care for their own children made vulnerable by HIV/Aids as well as social and economic challenges. Approximately 5 500 children were registered with Noah and received support that ranged from feeding programmes to homework assistance, life skills training, daycare, aftercare and psychosocial services. Unfortunately, owing to a lack of funding, Noah was no longer able to continue operating and ceased its operations during 2013.The JSE continued to support Noah through it's wind-down process. We are saddened at the closure of Noah but are pleased to have been a part of their tremendous achievements.
During the past two years, the JSE and its employees have supported the operations of Noah through generous donations (both in kind and monetary) and sponsorships, such as CEO breakfasts, an annual gala dinner and book breakfasts. JSE employees have also supported the Freedom Park Ark (both while it was under Noah and after it became independent following the closure of Noah) through volunteer work and donations of cash and in kind.
In 2013, the JSE began contributing to Afrika Tikkun, which addresses the educational, health and social needs of underprivileged children as they are growing and developing, giving them the opportunity to grow into well rounded adults who are equipped to positively contribute to society. The majority of Afrika Tikkun's programmes are run though their Centres of Excellence. These facilities act as the hubs that positively affect the lives of underprivileged children and their families through schooling, healthcare, enterprise and skills development, and so on. There are currently six centres spread across the poorest areas of Gauteng and the Western Cape. In Gauteng, there are centres in Diepsloot, Alexandra, Orange Farm and Braampark, and in the Western Cape there are centres in Mfuleni and Delft. Further details on the work done by Afrika Tikkun can be found at afrikatikkun/what-we-do/#.UvDTcPmSxh4.
Constituted in 2001 by Sidney Frankel, one of the JSE's long-term stakeholders, to uplift the Manyeleti villages, the Buffelshoek Trust focuses on two needs of this poverty-stricken, rural community – education and healthcare. Located in Mpumalanga, adjacent to the Kruger National Park, this community has been identified as one of twenty-three rural and urban nodes by the South African government. These nodes represent the largest concentrations of poverty in the country. This municipal area has the smallest economy; a limited resource base; and contributes the least to the district and the provincial GDP. Growth of the agricultural and tourism sectors can make a meaningful contribution to the local economy. The area has great potential in creating economic growth and reducing unemployment. However, resources to initiate such growth are not easily accessible. The trust has contributed significantly toward improving healthcare and education in the community, details of which can be found at buffelshoektrust. co. za/att. asp.
Recent policy changes have introduced more generous levels of assistance.
Other sponsorships, donations and contributions.
The JSE sponsors and donates money to initiatives that it believes directly and indirectly improve the lives of ordinary South Africans and that contribute to constructively advancing the general business environment both in South Africa and on the African continent.
In 2013, the JSE invested (R1 million) (2012: R1.3 million) in the following initiatives, among others:
The Benevolent Fund, managed by the JSE, was set up by JSE stockbrokers and member firms to assist unemployed persons employed by the broking community and the JSE before November 1995 and who find themselves in dire financial circumstances because of their inability to find new employment.
At present, an aggregate of R442 600 (2012: R390 100) is distributed among about 156 beneficiaries per month. Beneficiaries are also offered non-financial assistance. The financial assistance described above does not affect the JSE's cash flow.
Recent policy changes have introduced more generous levels of assistance.
Community investment and relations as well as all sponsorships and contributions are the responsibility of Siobhan Cleary, Director: Strategy and Public Policy, JSE.

Avvento Trader (ITaC Solution)
products in this solution.
For more information fill in the contact form and one of our highly experienced sales representatives will contact you or simply call (+27)11 663 4383 .
All of our solutions are tailored to suit our clients ever-changing market conditions.
Obrigado! Sua submissão foi recebida!
Opa! Something went wrong while submitting the form.
Valores Mobiliários & amp; Trading Technology’s Exchange Solution integrates four individual solutions to create a fully comprehensive, end-to-end and back office solution suited to any exchange venue. The Exchange Solution was developed using state-of-the-art technology to ensure the solution is fast and efficient. Exchange Solution includes an Automated Trading System, a Management and Surveillance component, a Risk Management System and a full Central Depository System. Each individual solution is able to act.
independently of one another or as a combined package.
For more information fill in the contact form and one of our highly experienced sales representatives will contact you or simply call (+27)11 663 4383 .
All of our solutions are tailored to suit our clients ever-changing market conditions.
Obrigado! Sua submissão foi recebida!
Opa! Something went wrong while submitting the form.
AVVENTO TRADER.
For the JSE (Johannesburg Stock Exchange) ITAC initiative STT the creator of Nutron is providing the market with an integrated replacement solution for trading. STT’s integrated solution includes modules which make our valued clients’ daily operations even simpler by providing all the tools required to conduct their business expertly and efficiently. The solution includes two integrated modules:
В· RTRM (Real time Risk Management)
Características principais.
• Principal Code Association/DMA.
• Post trade functionality / Deal Management.
• Message Tracker.
• Save Layout.
• Excel Integration.
• User Management.
• Transaction Views.
• Algorithms & Algo API.
• User Interface.
• Communication Protocol.
• Hot Failover.
• Data Management.
• Integrates with GCMS for Clearing and Trading Reports.
REAL time Risk Management Module.
The Real Time Risk Management system was created for use by clearing firms, brokerages, and commercial, private and investment banks. The RTRM will enable accurate and an instantaneous summary with regards to exposure on client - and broker accounts. The Real Time Risk Management system is a solution with many beneficial elements which can be extended to clients as a value-added service.
Características principais.
• Real Time Projected Initial - and Variation Margin Calculation.

Global Leaders in.
STT the original developer of Nutron is providing the market with an integrated replacement solution for trading and deal management perfect for ITaC.
- Post trade functionality and Deal Management.
- Real time risk management.
- Real time spread margining.
Avvento is available now as a deal management solution only!
exchange solutions.
Four individual solutions to create a fully comprehensive, end-to-end and back office solution suited to any exchange venue.
CENTRAL SECURITIES DEPOSITORY.
A robust settlement system that has adopted best practices with regard to securities settlement.
market statistics.
Market statistics service for Exchanges, Brokerage Firms, Custodians, and Investors.
surveillance.
The STT Market Surveillance Solution is a product which STT has developed to collect, store and present all exchange data required for a comprehensive Market Surveillance solution.
Derivatives risk management & clearing solutions.
A derivative's back office solution that clears, accounts and reports for the financial, agricultural, currency derivatives and interest rate markets.
Negociação & amp; Broker solutions.
The system has the ability to Import Transactional Data and link that to multiple Custody Systems, Fortress Custody and other systems.
Custodial Solutions.
Designed for use by commercial banks and CSDP's as well as a settlement system that has adopted best practices with regard to securities settlement.
Central Bank Solutions.
Uma solução integrada para requisitos de front, middle e back office, bem como um sistema de leilão de mercado monetário.
Other software.
A collection of STT's valued added services and products.
Consistently Reliable, Versatile & Inovativa.
We are the Global Leaders in Financial Market Software. We have an impressive, fast growing footprint worldwide, with extensive collective knowledge in the financial markets. Our core products cover exchange solutions, to back office management systems, to front end trading tools.
exchange solutions.
Four individual solutions to create a fully comprehensive, end-to-end and back office solution suited to any exchange venue.
CENTRAL SECURITIES DEPOSITORY.
A robust settlement system that has adopted best practices with regard to securities settlement.
MARKET STATISTICS.
Market statistics service for Exchanges, Brokerage Firms, Custodians, and Investors.
SURVEILLANCE.
The STT Market Surveillance Solution is a product which STT has developed to collect, store and present all exchange data required for a comprehensive Market Surveillance solution.
DERIVATIVES RISK MANAGEMENT & CLEARING SOLUTIONS.
A derivative's back office solution that clears, accounts and reports for the financial, agricultural, currency derivatives and interest rate markets.
TRADING SOLUTIONS.
The system has the ability to Import Transactional Data and link that to multiple Custody Systems, Fortress Custody and other systems.
Broking SOLUTIONS.
STT’s Broker solution was designed with greater flexibility in mind. The solution is comprised of three separate components; trading, risk management and clearing & assentamento.
CUSTODIAL SOLUTIONS.
Designed for use by commercial banks and CSDP's as well as a settlement system that has adopted best practices with regard to securities settlement.
CENTRAL BANK SOLUTIONS.
Uma solução integrada para requisitos de front, middle e back office, bem como um sistema de leilão de mercado monetário.
OTHER SOFTWARE.
A collection of STT's valued added services and products.
Company Showcase.
We are passionate about creating tailored solutions to individual companies with the highest standards ensured, and with our extensive collective knowledge in the financial markets; we strive to deliver quality products that are in line with the latest technology.
Some of our Clients.
Directors and Management Team.
Presidente do Conselho.
Jeremy Hodgson.
Diretor Geral.
Michelle Janke.
Marketing & Vendas.
Zack Hodgson.
Director Management.
Michelle Hodgson.
Operations Director.
Louisjan Bonthuys.
Mike Krug.
Client Relations Director.
Dewald Marais.
Projects Director.
Hooben Pillay.
Financial Director.
Ron Stafford.
Gerente de Recursos Humanos.
David Furnivall.
Gerente de Operações.
Johan van der Merwe.
The Lusaka Securities Exchange GO LIVE!
The LuSE has launched a new state of the art, trading, clearing and settlement system.
SARB LIVE on CBMS.
South African Reserve Bank (SARB) goes live on STT's Central Bank Management System.
M-trade USSD Trading Platform Live!
STT's M-trade live trading M-Akiba Kenyan Government Bonds on 23 March 2017.
Contate-Nos.
We have an impressive, fast growing footprint worldwide, with extensive collective knowledge in the financial markets. Our core products cover exchange solutions, to back office management systems, to front end trading tools.
África do Sul.
8th Floor, Douglas Roberts Centre.
22 Skeen Boulevard.
C/o Vistra (Mauritius) Limited, 3rd Floor, 355 NeXTeracom Tower I.

Sophis, the equity and derivatives trading and risk management software specialist, has announced the release of a new Real-Time Server for its RISQUE system.
Melhor desempenho e escalabilidade para usuários do sistema RISQUE. Isto.
provides real-time quotes, electronic tickets and access to a centralised.
Além disso, o Sophis Real-Time Server lida com vários dispositivos eletrônicos.
market feeds. Os clientes podem receber cotações em tempo real de qualquer número de.
fontes, rotear ordens para várias trocas e recuperar a execução.
informações em tempo real.
Arnaud Vinciguerra, diretor de pesquisa & amp; Desenvolvimento em Sophis disse: "As.
trading portfolios become larger and more complex there is a greater need.
para desempenho e distribuição de alta velocidade de relatórios de risco para múltiplos.
sites. Análise de dados pesada e testes de estresse exigem um enorme.
quantidade de poder de processamento. The development of our new Real Time Server.
com base em uma plataforma CORBA de n camadas melhora drasticamente o poder de processamento.
fornecendo uma solução escalável que resolve o balanceamento de carga complexo.
problemas que às vezes afligem os usuários como o tamanho e a complexidade dos seus.
trading portfolio increases.
The development a single gateway between the Sophis Risque trading.
appplication and multiple market interfaces will enable traders to route.
orders directly to the markets, anywhere in the world, in real time, 24.
hours a day giving them real-time, global market coverage."
O Sophis Distributed Real-time Server é executado em uma plataforma UNIX SUN em.
Solaris 2.7, usando o Orbacus 3.3.2 e usa um banco de dados Oracle.

2013 FINANCIALS.
The JSE and its stakeholder groups have a symbiotic relationship, and it is acknowledged that, by working to create and contribute to an environment in which its stakeholders may be able to flourish, the Exchange will support its own long-term ability to continue creating value for these stakeholders.
1. JSE Ltd shareholders and analysts.
JSE financial performance and how we create value.
AGMs Annual report and interim report Direct interaction Notices distributed through SENS JSE website Road shows Radio, TV and newspaper articles.
Performance Growth areas Company sustainability Costs Dividend policy Share schemes Prospects.
JSE offerings, performance and how to trade.
Results announcements Annual report and interim report Notices distributed through SENS JSE website Road shows Press releases and interviews Showcases on listed companies Webinars and presentations about new and existing products JSE website.
Performance Growth areas Company sustainability Dividend policy Share schemes Prospects Financial literacy and investor education JSE markets and products Aspects of JSE business.
3.1. Issuers.
Requirements to bring traded products on market.
Website Client relationship officers Client forums Dedicated extranet Market notices One-on-one meetings.
Client service Client expectations.
3.2. Membros.
Ensuring the JSE understands member needs.
Service hotline Website Advertising Press releases Social media Customer relationship officers Customer forums Dedicated extranet Market notices One-on-one meetings.
Client service Client expectations.
3.3. Investor community.
Understanding the range of investment products available through the JSE and how to invest in them.
Investor education Showcases for listed companies Webinars and presentations about new and existing products Press releases and interviews Radio, TV and newspaper articles JSE website.
Financial literacy and investor education JSE markets and products Aspects of JSE business.
4. Employees.
Company strategy, values and policies, enhancement of skills, retention and motivation of talent.
Team meetings Training needs analysis Performance reviews Communication sessions Intranet JSE website Employee committees Email Whistle-blowers’ hotline.
Development and training Health and safety Wellness programmes Remuneration, benefits Employment equity Financial performance Code of conduct and ethics Employee assistance programme Mentorship programme.
5. Potential employees.
JSE as employer of choice.
Annual report JSE website SENS Interviews JSE magazine Employment agencies Career exhibitions.
Remuneration policy People development Career options.
6. Suppliers.
Performance feedback; requirements of company.
Scheduled meetings Negotiations.
Monitor performance Evaluations Cost assessment Growth expectations and product and service developments.
7. National and local government.
Areas of mutual interest (stakeholders include the National Treasury; the Department of Agriculture; the Department of Minerals and Energy; the South African Reserve Bank; and the South African Revenue Services)
Ad hoc meetings as and when necessary.
Financial sector regulatory framework CPSS-IOSCO compliance Exchange control matters Tax issues as they impact capital markets and our clients Market structure considerations, particularly in relation to new products, where regulatory support is critical.
8. JSE regulator.
Areas of mutual regulatory interest.
The JSE works closely with the FSB FSB representatives attend Board and management meetings by invitation Ad hoc arrangements on relevant topics.
Investment policy Regulatory issues Development of products and services Surveillance Investor and market protection mechanisms.
9. External panels and associations.
Ad hoc meetings JSE advisory committees Sponsorship and membership.
Various ongoing initiatives during the year, dealing with service, expectations, prospects, strategies, sustainability and regulation.
10. Community.
Corporate social investment.
JSE website Education officers Articles in various media JSE magazine CSI strategy.
Education initiatives including: JSE/Liberty Investment Challenge Financial literacy initiatives – JEF Health care and community development Sponsorships and donations JSE Benevolent Fund.
1. Engagement with JSE Ltd shareholders and analysts.
The JSE Ltd's shareholders provide the listed Group with equity capital that funds its operations and capital spending. Investors assist the Group in its drive for long-term growth. The Board has worked hard to get close to the JSE's shareholders and analysts.
The Investor Relations division is known to major investors and its contact details are available on the Company website. Information is distributed through various channels. The website continually addresses queries from analysts, investors and potential shareholders. The security and integrity of the information is carefully maintained, while ensuring all critical information reaches shareholders simultaneously.
The JSE's chief executive officer (CEO), chief financial officer (CFO) and head of Investor Relations engage shareholders through regular communication sessions, meetings and other processes. They regularly meet investors and analysts to foster dialogue and communicate the JSE's strategy and performance.
The directors are encouraged to attend all general meetings. Shareholders are encouraged to be present and to ask questions. Shareholders are also afforded the opportunity, when they wish, to meet with directors and management.
The JSE has a robust media engagement strategy and over the years has established close and integral media relationships to manage its reputation and audience perceptions about the Exchange. The media and public relations function forms part of the Issuer and Investor Relations division, where the team continuously engages with the media via various communication avenues including press releases and by having JSE spokespeople available to engage with the media at various conferences and events hosted by the JSE. 
The JSE has a media portal on its website where all media releases are publicly available on: jse. co. za/About-Us/Media/Press-Releases. aspx.
Owing to the changing ways in which society consumes media and information, the JSE has an established presence on various social media platforms, where it constantly engages the media and the general public on a plethora of topics while providing information about the Exchange.
Please follow up on:
As the JSE operates largely in the service industry, it forms part of a complex ecosystem engaging with a number of stakeholders. The JSE consistently focuses on building a sustainable business model, with depth and breadth, focusing on products, staying close to customers and giving them the services that they require.
The Exchange continues to grow its product range and trade volumes while constraining costs and fees to customers. This is achieved despite a fairly fixed cost infrastructure and a significant investment in technology, enabling the JSE to remain competitive. The JSE's website, jse. co. za, gives customers access to detailed information on the JSE.
3.1. Issuers.
The JSE focuses on attracting top quality issuers and ensures their quality by setting and enforcing high quality Listings Requirements.
The JSE operates a fully automatic electronic central order book for its equities market. The JSE provides issuers with visibility to local and international investors every year through investor showcases and road shows. The JSE also lists a number of exchange-traded fund products, as well as futures and options.
3.2. Membros.
The JSE interacts with its members through:
account management; broker forum sessions; ad hoc meeting requests; one-on-one training sessions; on-site support at members' offices; communication sessions; technical workgroups; advisory committees; and other communication.
Finally, the JSE interacts with its clients through the JSE's Client Support helpdesk, which provides business support and application functional support to clients as well as equity members' front, middle and back-office operations.
The Client Support helpdesk also provides the following services:
First level support to all JSE paying subscribers on all JSE services to which they subscribe; Client enablement by ensuring that all new equity members are enabled for production and test services; User training; Client incident management through which the JSE helpdesk(s) and business teams communicate with the Exchange's clients, using various communication channels (email, SMS, broadcast messages); and First-line technical support for equity derivatives, commodity derivatives and interest rate markets clients.
3.3. Investor community.
The JSE values its relationship with both institutional and private investors and adopts a positive and proactive approach to ensure that communication is handled appropriately. There is regular two-way communication with the investor community. The JSE engages in financial literacy initiatives proactively and on request.
4. Employees.
Philosophy.
The JSE engages with its employees in many ways and is committed to supporting the development of its people. The Exchange prides itself on the people it employs and therefore encourages an environment where people feel valued. This is achieved through people policies and team practices, which are focused on:
empowerment of others and self, linked to accountability; investment in people and continuous learning; a high-performance culture achieved through diverse individuals and teams; and equity and democracy in the workplace.
All policies relating to employees are the responsibility of the Director: Human Resources.
The JSE's culture is to encourage collaborative, innovative self-starters by promoting on merit and rewarding good performance. Developmental policies such as the employment equity plan, individual skills plan and a long-term incentive and retention scheme for key senior employees are in place. The JSE operates in a non-unionised environment, but works to promote good employee relations through detailed policies and engagement; therefore there have been no strike days and no associated financial cost.
The Company provides a safe environment for its employees, tenants, clients and visitors. It will not tolerate any form of sexual or other harassment or discrimination in the workplace. Disciplinary and grievance policies and procedures are in place to ensure fair and equitable standards when the organisation's rules are transgressed.
Staff profile.
The employee complement of the JSE as at 31 December 2013 was as follows, on a divisional basis:
The JSE's employment equity policy aims to eradicate all forms of discrimination and to create opportunities for all employees, with a special emphasis on the business's demographic profile.
The JSE has improved its audited black economic empowerment (BEE) status from a Level 5 (2011) to a Level 4 (2012), thus achieving one of the 2013 corporate scorecard objectives. This was verified by a South African National Accreditation System (SANAS)-accredited agent in October 2013, under the Financial Sector Charter (FSC) Code, gazetted under Section 9 of the Broad-Based Black Economic Empowerment (BBBEE) Act. More information is available in the integrated annual report.
Staff turnover and recruitment.
The JSE's staff turnover for 2013 was 10.14%. Of the terminations of employment in 2013, 44 were owing to resignations, three to dismissals and one to retirement.
Treinamento e desenvolvimento.
The JSE is committed to supporting the development of its people and to attracting, developing and retaining the best talent and skills.
The JSE promotes a culture of learning among its employees, as it relies on their knowledge and skills to provide the best service to its clients and stakeholders. The learning and development policy provides guidelines within which all JSE employees can develop the competencies necessary for business and individual growth, including through JSE-sponsored courses.
In 2013, the JSE spent R4.3 million (2012: R4.8 million) on training and development, including JSE-sponsored courses.
The JSE also has a formal internal mentorship programme aimed at developing employees' capabilities to meet future business needs and to facilitate transformation. Twelve mentors and mentees completed the programme in 2013. The primary objectives and purposes of the programme are to:
support continuing personal and management development; entrench the organisational culture and core values; enable the JSE to develop and retain excellent people; and ensure that the JSE becomes a learning organisation.
Health and wellness.
The JSE has several services in place to enhance employee health and safety and to provide early warning signals in accordance with international standards for building infrastructure and ensuring safety. The Exchange adheres to the Occupational Health and Safety Act, 1993, and the relevant regulations. Safety issues are the responsibility of the building management team, which reports to the Group Company Secretary, a member of the JSE executive management. There have been no fines, accidents or other significant social incidents in the period under review.
An assessment of environmental risk in line with the JSE Occupational Health and Safety requirements has also been carried out. This assessment highlighted improvement areas in the JSE structure and approach as well as specific pin-point improvements based on site inspections. Many of the specific physical improvements have been effected since the review. The remaining areas are being addressed through a renewed focus on certain risk elements and changes in responsibly areas.
The JSE commits itself to creating and maintaining an environment free from all forms of unfair discrimination, including discrimination against people living with HIV/Aids and other life-threatening illnesses. The JSE acknowledges that the HIV/Aids epidemic will affect its workplace. It has a policy in place to provide guidelines for handling this pandemic.
The JSE has a wellness programme, which includes an Employee Assistance Programme (EAP) that provides support to employee and their immediate families. The EAP is operated by an independent external organisation called ICAS and is available on a range of issues 24 hours a day, 365 days a year. The programme helps employees and their families to deal with everyday situations and more serious concerns anonymously and confidentially.
A committee – The JSE Voice – has been established to implement the necessary improvements to address the specific needs of the employees and the organisation. The goals of the employee wellness programme are to improve general health and well-being, productivity, collaboration, morale and attitude.
5. Potential employees.
The JSE aims to be an employer of choice, engaging with prospective employees in a number of ways. Indirectly, it does so through its annual report, the JSE website, SENS statements, articles in the media and the JSE magazine. Directly, it engages through interviews, employee referrals, employment agencies and e-recruitment.
The JSE engages with potential employees about the Exchange itself and its activities, as well as policies related to JSE employees, including remuneration, people development and career options.
The following successes were achieved during 2013:
Improved internal communication. Leadership conversations introduced to improve communication channels between senior management and the executive. Improved performance management. Improved employees' ability to manage and adapt to change. Interventions addressing change management commenced and will continue in 2014.
6. Suppliers 
Suppliers are selected by applying the appropriate JSEs supplier selection process as defined in the JSE selection process. This best practice aligned process aims to ensure that the appropriate service or product is obtained at the right price. This process is then supported by formal contracting, ensuring that appropriate terms and service levels are in place. The supplier financial approval and payment process to suppliers is tightly controlled and overseen by the procurement department. A procurement policy guides appropriate procurement practice for the JSE. Suppliers are managed against contractually defined service levels appropriate to the type of product or service provided and performance is measured through formal service level meetings and periodic forums. Key suppliers are especially closely managed not only on a service level basis but also on a strategic level to ensure appropriate continuity for the JSE. The JSE has a number of partners that are strategic to the business and we acknowledge the importance of their services to the effective and efficient running of the JSE.
7. National and local government 
The JSE's engagement with government authorities occurs mainly at an executive level. Regulatory responses in the JSE's major global competitor marketplaces, including in relation to increased transparency and the regulation for alternative execution venues and over-the-counter (OTC) products, have direct implications for South Africa and the JSE. This also applies to the final policy direction from National Treasury in relation to the implementation of the move to prudential regulation and in relation to the development of the spot and derivative interest rate markets. The JSE not only participates in the debates, but also takes the necessary steps to implement strategies to best position the JSE once the policy directions are clear.
8. JSE regulator.
The JSE is regulated under the Financial Markets Act (FMA), No. 19 of 2012, by the Financial Services Board (FSB). The FSB is the regulatory authority tasked with ensuring that the JSE operates its securities markets in the public interest and in accordance with the legislation governing the operation of an exchange in South Africa. The FSB is invited to attend all Board and Board committee meetings.
The Issuer Regulation division interacts with the FSB in the following ways:
The FSB has a permanent seat on the JSE's Issuer Regulation Advisory Committee and the Bonds and Interest Rate Derivatives Committee. Through these committees, the FSB participates actively in the consultation process when changes are being proposed to the Listings Requirements; The JSE regularly meets with the FSB to advise it of new developments and projects that the teams are developing. This includes proposed rule changes and also the listing of new products; The FSB is invited to the Self-Regulatory Organisation (SRO) Oversight Committee meetings, where the JSE's SRO activities are discussed and assessed; and The JSE regularly meets with the FSB to discuss matters pertaining to section 81 of the FMA. This provision deals with false and misleading statements.
To date, the FSB has been accorded the highest standing by the International Organisation of Securities Commissions (IOSCO). South Africa is one of only 36 countries that have been able to secure a multilateral memorandum of understanding (MOU) with other developed markets. This allows the FSB the option of cross-border cooperation and information exchange with other securities markets.
9. External panels and associations.
There are many other industry players, both domestic and international, with whom the JSE interacts regularly: the Financial Markets Advisory Board (FMAB), the Securities Regulation Panel, the King Committee, Business Unity South Africa (BUSA), Business Leadership South Africa (BLSA), the World Federation of Exchanges (WFE), the Committee of SADC Stock Exchanges (COSSE), and various industry committees/lobby groups.
TransFarm Africa projects; water projects (done in conjunction with the World Economic Forum); and leadership development; agricultural programmes taking small scale farmers to market in Malawi, Mozambique and Zambia; water projects (done in conjunction with the World Economic Forum and the SA Department of Water Affairs); and Infrastructure Project Development.
Stakeholder engagement through JSE advisory committees.
Through the JSE's advisory committees, stakeholders are able to discuss and influence JSE activity, including trading on all markets, clearing and settlement, indices and Listings Requirements. The committees consider and advise on principle and operational matters and, where appropriate, propose amendments to the JSE Rules, directives and Listings Requirements.
The appointment of all advisory committee members is approved by the JSE Board to ensure the correct combination of stakeholders from the industry and JSE representation. Mandates are also approved by the Board.
Safcom Advisory Committee.
The primary purpose of the committee is to advise the JSE on all elements of the operations of Safcom and provide guidance to the Safcom board on how these changes should be implemented and the impact thereof. The committee also reviews any proposed amendments to the JSE Rules and directives relating to the clearing and settlement of derivatives.
The committee typically meets at least once a quarter, but more regular meetings can be requested as matters arise. The JSE representative responsible for the overall management of Safcom (the Responsible Officer) chairs the session and is responsible for establishing the agenda for each meeting. Matters of interest are presented to the Board for debate, and any discussions and decisions are duly noted and recorded. Where necessary, formal recommendations are put forward, either to the Safcom Risk Committee or directly to the Board.
Four Safcom Advisory Committee meetings were held in 2013.
Material developments/highlights for the Safcom Advisory Committee in 2013.
Safcom model validation and back-testing: An independent back-testing and validation exercise was completed in January of 2013, focusing on Safcom's margin and stress testing models, as well as its default fund quantification methodology. The results of this process were submitted to the FSB, which stated its satisfaction with the process and outcomes. Back-testing has been operationalised internally by the JSE's Risk Management team. Safcom default procedure management: As part of ongoing activities to maintain its IOSCO compliance, Safcom introduced a formal procedural framework for the management of defaults in the local derivatives market. These procedures were tested during the course of the year (first internally and later in conjunction with the market), before being formalised in the third quarter of 2013. Safcom liquidity lines: As part of its assessment of Safcom's IOSCO compliance, the FSB highlighted the need for Safcom to secure external liquidity support to be used in times of market distress. Much of 2013 was spent putting these lines of liquidity in place, starting with a quantitative analysis of Safcom's liquidity exposure, the negotiation of the required liquidity lines with local commercial banks, and finally the implementation of changes to the JSE's rulebook to facilitate the use of the new liquidity lines. The lines were expected to be in place by late December 2013/early January 2014. Safcom margin methodology: In 2012, Safcom undertook a review of its margin methodology that culminated in a proposal involving portfolio margin offset. System constraints led to this not being implemented in 2013. Rather, a plan to review the inputs to the current J-SPAN methodology was accepted. The first phase of this review was approved in the fourth quarter of 2013 and is due to be implemented in the first quarter of 2014. The remaining phases are expected to be completed by the end of the third quarter of 2014. Safcom default fund: In an effort to strengthen the management of risk in the derivatives space, Safcom undertook the establishment of a new default fund (independent of any previously established guarantee funds). The committee was intimately involved in discussions regarding the sizing and operationalisation of the fund. This ushered in a number of enhancements, implemented in 2013. Safcom ESMA recognition: In 2013, Safcom was required to seek recognition from the European Securities and Markets Authority (ESMA), to enable it to continue to provide services to local clearing members that were either branches or subsidiaries of European-registered holding companies. In September, a formal application was submitted to the European regulator, the outcome of which should be concluded in the new year.
The committee is currently chaired by Leila Fourie, Director: Post-Trade Services.
The Africa Advisory Committee.
During the course of 2013, the JSE has worked on establishing its presence in targeted countries on the continent. The Africa Advisory Committee has been closely involved with this process.
To facilitate JSE access to other African market stakeholders. To advise the JSE on new listing opportunities for the Main Board, AltX and the Interest Rate Market.
Regular teleconferences with committee members to keep abreast of developments in other African markets. Assistance and advice on country events and meetings.
The main focus for the JSE this year has been on getting established and known in the Nigerian market. Numerous trips have been undertaken. Engagement during these trips has been with the Nigerian Stock Exchange, with stakeholders in the market and with issuers. The JSE has presented to a number of forums, addressing issues such as corporate governance and the regulation of stock markets.
Recently, the JSE team visited Kenya and engaged with the Nairobi Securities Exchange as well as various other stakeholders in the Kenyan market.
The JSE team has engaged in quarterly conference calls with the Africa Advisory Committee. These discussions have encompassed the macroeconomies of the target countries, regulation and legislation, and other matters of interest.
The advice and active participation of the committee has been of great value during 2013. The committee members all have deep knowledge of their markets and the stakeholders active in those markets. Business Development will continue to solicit advice from the Africa Advisory Committee and the Business Development team continues to liaise regularly with the committee's chairman, Mr Nathan Mintah.
Agricultural Derivatives Advisory Committee.
Discuss and advise on issues pertinent to the agricultural products traded on the commodity derivatives market. In many instances, this involves issues that extend to the physical grain market, such as storage and grading.
Endeavour to ensure extensive consultation on relevant topics with the market participants; agricultural industry representatives and registered members, who provide feedback on behalf of their customers. The JSE executive management remains the ultimate decision-maker, should the committee not be able to reach agreement on any item discussed.
Meetings are scheduled every second month, but the committee meets only as and when required. The committee met five times in 2013.
Material developments/highlights for the Agricultural Derivatives Advisory Committee in 2013:
Discussed a Grain South Africa proposal to amend the wheat contract specifications, in essence removing the Western Cape delivery points from the Randfontein contract and creating a separate contract for the Cape with no differentials. After extensive consultation and careful consideration, the JSE decided to maintain the status quo. Discussed a number of technology related items, including the increase in high-frequency trading. Discussed and agreed to amend the futures mark-to-market process to include calendar spread relationships. Supported the introduction of commodity can-do contracts as well as quanto futures. The possibility of a soya meal and oil contract was also discussed. In addition to discussing these new products, the committee also supports short-dated new crop options, a 10-ton mini-contract to enable smaller producers to access the instruments available and Zambian grain contracts. Moving the market to anonymous quoting was also debated at length. In essence, this would mean member codes would no longer be visible in the depth windows. After extensive consultation with members, the JSE decided not to change the model as limited benefits to making the change to anonymous trading were highlighted. Sunflower seed grading regulations were discussed and support was granted to move to a clean basis as from the new marketing season. A commitment of traders report, similar to that in the US, was discussed at length. Finally, minimum criteria specific to the number of participants in each category and the size of positions were agreed to. Once these minimum criteria are met, the JSE will commence publishing such a report. A methodology to guide resolving error trades reported to the JSE was discussed. The committee provided input into the thresholds and criteria for trades that would qualify as error trades, with the intention that this would be implemented across all derivative markets.
In 2013, the committee was chaired by Chris Sturgess, Director: Commodity Derivatives.
Currency Derivatives Advisory Committee.
Structure and enhance the JSE's currency derivatives market for the benefit of the greater financial markets.
The committee confirms/agrees on an approach, which is presented to JSE executive management for discussion. If need be, any unresolved issues are taken to JSE executive management for further comment and, where necessary, discussed with the FSB.
Meetings are arranged quarterly and ad hoc as and when required. The committee met twice in 2013.
Material developments/highlights for the Currency Derivatives Advisory Committee in 2013:
The Super Derivatives contract to provide option skews and valuations was reviewed. The Exchange investigated and researched alternative vendors and concluded that Super Derivatives was the most appropriate source. After receiving numerous requests from the Currency Derivatives Market participants it was agreed that the Exchange would disseminate currency rand spot fixing prices at 11:00 South African time and 10:00 New York time (16:00 or 17:00 SA time). After a request from the Collective Investment Schemes (CIS) unit trusts to become more involved in the Currency Derivatives Market, a requirement for an early future price fixing was raised. It was agreed that the Exchange will disseminate a second currency rand future fixing price at 15:00 South African time. Bloomberg and Thomson Reuters are in the process of making system changes to allow the early valuations above to be displayed on their respective currency derivatives pages. The currency derivatives billing model was reviewed and changes were implemented in July 2013. The sliding scales for futures and options were amended. The on-screen market maker rebate incentive, off-screen and broker fee rebate incentives remained the same. Numerous requests were received to invert the Japanese yen, as it is normally traded in the inverse, namely ZAR/JPY, but the derivative markets work opposite and this is confusing for the general market. The JPY/ZAR was approved by the SARB and subsequently listed on the Currency Market. The composite currency futures page was created on Bloomberg and Reuters. Clients now have access to live currency future prices for the listed currency pairs in a central, easy-to-use location. The non-deliverable Chinese yuan contract was delisted and replaced with the deliverable Chinese renminbi contract in May 2013. The RAIN Index was reviewed by the committee and the re-weighting has been placed on hold pending further research. When the monthly rebates are calculated, trades that are included in statistics but not charged for are taken into account when calculating the value for monthly rebates. All members were informed and the impact to each member's rebates was analysed and provided to them. As from 1 December 2013, the trades are no longer included in the calculation. The quanto euro/US dollar contract was approved by the SARB and listed on 25 November 2013. Following on from the advisory meetings in 2012, the Exchange has proposed that the rule relating to the US dollar/rand trading in a minimum size of 201 contracts off screen be lowered to 100 contracts. This is currently with the committee for comment.
The committee is chaired by Graham Smale, Director: Bond and Financial Derivatives.
The Equity Derivatives Advisory Committee.
Ensure strategic communication and agreement between the JSE and Equity Derivative (ED) Market participants to ensure an efficient, transparent Equity Derivative Market with true price discovery and best execution. Create a forum where relationships are built between the JSE and market participants to grow the ED Market together in the interests of the South African derivatives market as a whole.
Four meetings were held in 2013.
Material developments/highlights for Equity Derivatives Advisory Committee in 2013:
The stability and technical issues experienced on the Equity Derivative Market were a consistent topic during most of the Equity Derivatives Advisory Committee meetings. The JSE used the meetings to provide feedback on system incidents and gather input on suggestions for stabilising the trading system. The committee approved of the proposal for replacing the Nutron Trading System with a solution from Millennium IT (the trading system provider currently used by the JSE's Equity Market). This project was later expanded, not only to upgrade the trading system, but also to upgrade the post-trading and clearing system. In order to get specialists involved in detailed product strategic discussions and decisions, two sub-committees to the Equity Derivatives Advisory Committee were created. Feedback from the sub-committees was provided and discussed during the Equity Derivatives Advisory Committee meetings: Options Advisory Sub-Committee – traders in this specialised product are not well represented on the main Equity Derivatives Advisory Committee. The sub-committee was used to agree product structural changes with the market to improve the liquidity of JSE listed options. Major decisions included: increasing the transparency of the traded volatilities, changing option exercise random allocations to pro-rata allocations and enhancing the daily options mark-to-market process. A committed market-maker for on-screen option trading was also introduced. CFD Advisory Sub-Committee – This new product was launched by the JSE during 2013. It saw the JSE using a more collaborative approach to design and implement the product, which required input from market participants. The sub-committee meetings were used to co-produce all aspects of this new product. A proposal for the introduction of a trade cancellation rule and directive for error trades was presented to the committee for input. The final rule and directive changes will be implemented during 2014. Feedback about the following products and initiatives to improve these products were also provided at the Equity Derivatives Advisory Committee meetings: Can-do product suite, international derivatives (IDX), dividend-neutral single-stock futures and MSCI products. This year saw much more collaboration between the JSE's Equity Derivative and Equity Markets. Feedback about initiatives in the various markets was provided at the advisory committee meetings. Feedback from the Equity Market at the Equity Derivatives Advisory Committee included: information about the new Equity Market billing model, co-location and high-frequency trading initiatives. It is anticipated that the 2014 Equity Derivatives Advisory Committee meetings will focus on market quality and billing model improvements.
The committee is chaired by Graham Smale, Director: Bond and Financial Derivatives.
Equities Trading Advisory Committee.
Consider and advise on principle and operational matters relating to equity trading. Propose amendments to the JSE Rules and directives governing equity trading.
The committee makes recommendations to the JSE executive on the basis of reasonable consensus. Where reasonable consensus on any issue considered by the committee cannot be reached, the conflicting views on the issue in question are referred to the JSE executive or, where appropriate, to the JSE Board for determination.
Meetings are held quarterly. The committee met four times in 2013.
Material developments/highlights for the Equities Trading Advisory Committee in 2013:
Billing model review. Trading transaction fees are now charged at 0.0053% of value traded and not per trade leg. This new methodology was implemented on 30 September 2013. Equity Market systems upgrade. This was implemented on 11 November 2013. Two new trading sessions were introduced: Closing price publication (CPP) session. This session facilitates the publication of the official closing price. Closing price cross (CPX) session. This session facilitates on-book continuous trading, after the closing auction, at the published closing price, for five minutes. This functionality is enabled for ZA01 only as a pilot phase. Colocation services. The JSE will be launching this offering with an initial build of 35 client racks, but can only accommodate 20 racks on go-live. There will be a two-month grace period before the next batch of clients can go live, with monthly take-on thereafter. The proposed go-live for co-location is the second quarter of 2014 and clients can commence installation of their infrastructure from end-February 2014. Review of the block trade (BT) rules. The JSE recognises that the block trade size requirements have not been revised since 2002. As trade sizes have decreased globally and value traded has increased substantially, it was agreed that the minimum size requirements for a block trade should be based on the average daily volume of a security. This revised rule should become effective in the first quarter of 2014.
For more information, visit the Equity Market bulletin board on the JSE extranet: jse. co. za/Extranet/Equity-Bulletin-Board. aspx.
The committee is chaired by Leanne Parsons, Director: Equity Market.
FTSE/JSE Advisory Committee.
Consider and advise on principles and operational matters relating to and proposed amendments to the ground rules governing the management of the FTSE/JSE Africa Index Series and the FTSE/JSE All Africa Index Series. Ensure that best practice is used in the construction and management of the index series. Review the selection methodology for constituent companies and the treatment of securities within the FTSE/JSE Africa Index Series and may make recommendations arising from this review to FTSE and the JSE.
The committee was set up by FTSE and the JSE. The committee operates independently of FTSE and the JSE, subject to the committee acting within its constitution and terms of reference. FTSE and the JSE will use their reasonable endeavours to implement the decisions of the committee regarding the operation of the FTSE/JSE Africa Index Series.
The committee met four times in 2013.
Material developments/highlights for the FTSE/JSE Advisory Committee in 2013:
All corporate actions with major impact on the index series were discussed in the context of their conformance to the ground rules. All technical outages impacting the index series were discussed in terms of their impact on the index series. Amendments and improvements were made to the FTSE/JSE ground rules document. Some end-of-day product modifications were made. A change in the index free float methodology was smoothly implemented in March 2013, whereby constituent free float changed from a banded to an actual basis. A change to the methodology used for the shareholder weighted indices (SWIX) was smoothly implemented in March 2013, whereby the free float calculation changed from nationality to a register location basis.
The membership of the committee, which operates differently from the other advisory committees as it is created under the JSE's joint venture with FTSE, is intended to be representative of the users of the FTSE/JSE Africa Index Series and should consist of representatives from domestic and international investors and investment banks as well as domestic and international actuaries.
The committee is chaired by Francois Oosthuizen, Sanlam.
Bond and Interest Rate Derivatives Committee.
The separate Bond and Interest Rate Derivatives (IR) committees were merged into a single committee in 2012. This was done because of the commonality of market participants and linkages between the product sets.
Create and be responsible for the secondary market trading of a diverse set of products, across the cash, repo/carry and derivatives markets.
The committee is to be able to canvass and converse with the members of the market about: amendments to trading and settlement rules. the development of new products. fees and changes to the billing model. subjects appropriate to the general evolution of the market, for example: pre - and post-trade transparency. electronic vs. reported trading. clearing (this is more specifically covered in the Safcom Risk Committee meetings, but aspects of clearing may have a direct relationship to trading). Endeavour to achieve reasonable consensus on topics of discussion. Where this is not possible, depending on the nature of the lack of consensus, it may be necessary to poll a wider set of opinions across the market or to refer the matter to the JSE executive management or the JSE Board for further consideration. Deliberations and decisions by the committee are not binding on the JSE, which retains full discretion as to whether to implement or go against a decision of the committee. In doing so, the JSE will take into account its regulatory duty to include the interests of the market as a whole and not only the interests as represented at the committees.
The committee met only once in 2013. This is less regular than normal because the discussion surrounding the electronic trading platform, which had previously been held through the Bond Advisory Committee, was externalised to a committee formed by National Treasury to address this issue. All follow-up meetings regarding this issue have now taken place at National Treasury.
Material developments and highlights of the Bond and Interest Rate Derivatives Committee in 2013:
An amendment to the mark-to-market (MTM) valuation rules was requested. The most recent set of MTM rules was put in place in 2005 and has not since been updated. The new MTM valuation strategy will target increasing the amount of data used in determining MTM valuations. Currently, MTMs are revalued very rarely (especially for corporate debt). By increasing the data set, the hope is to improve the stale MTM pricing. Since the advisory committee meeting, the MTM rules have been amended and agreed upon. It was raised that, with the daily turnover reports distributed to the market, it is possible (in certain scenarios) to identify who actioned certain trades. It was agreed that transparency is key in the market, but this is about "what" traded and not "who" negociados. Following this, the JSE has implemented new turnover reports, whereby members can no longer identify who actioned trades. It was queried whether or not inter-dealer brokers (IDBs) can trade bond futures, given that there is currently an unwritten rule that IDBs should not deal directly with any buy-side clients (with regard to spot bond trading). Given that bond futures are a separate product, it was agreed that IBDs are allowed to trade bond futures.
The committee is chaired by Graham Smale, Director: Bond and Financial Derivatives.
Issuer Regulation Advisory Committee.
To consider and advise on proposed amendments to the JSE Listings Requirements. To consider objections and appeals in relation to the Listings Requirements.
Make recommendations to the JSE on the basis of reasonable consensus. Where reasonable consensus cannot be reached on any issue considered by the committee, the conflicting views on the issue in question shall be referred to the Issuer Regulation executive management or, where appropriate, to the Board for determination. Individual members of the committee may be requested to: assist the Issuer Regulation division in an advisory capacity; assist the Issuer Regulation division with objections from relevant parties; or serve on the Issuer Regulation Appeal Committee.
Meetings are arranged as and when required. The committee met formally during the year on 18 October 2013 about proposed changes to the Listings Requirements. Members are consulted on an ad hoc basis on many matters. In view of the Issuer Regulation division's regulatory responsibility for the debt market, it also has a separate Debt Issuer Advisory Committee with a similar mandate.
Both committees are chaired by John Burke, Director: Issuer Regulation.
JSE SRI Index Advisory Committee.
Consider and advise on principle and operational matters relating to and proposed amendments to the ground rules. Ensure that best practice is used in the construction and management of the JSE SRI Index. Review the selection methodology for constituent companies and the treatment of securities in the JSE SRI Index, and may make recommendations arising from this review to the JSE. Consider and advise on introducing new indices to the series. Oversee the annual reviews.
Make recommendations to the JSE on the basis of reasonable consensus. The JSE will use its reasonable endeavours to implement the recommendations of the advisory committee regarding the operation of the JSE SRI Index. Where reasonable consensus cannot be reached on any issue considered by the committee, the conflicting views on the issue in question shall be referred to the JSE executive management or, where appropriate, to the Board for determination. The JSE is responsible for the appointment of the members of the JSE SRI Index Advisory Committee. The committee operates independently of the JSE, subject to the committee acting within its terms of reference.
Meetings are arranged as and when required. The committee met three times in 2013.
Material developments/highlights for the JSE SRI Advisory Committee in 2013:
At the first meeting of the year, the JSE presented the findings from the strategic review conducted during 2012. The committee expressed its support for the proposed strategy and approved the changes for the 2013 annual index review. In September, the committee met with a delegation from the mining sector and the Chamber of Mines in a follow-up discussion to the 2012 decision to preclude the sector from the best performer category for the 2012 SRI Index. The meeting was aimed at discussing the developments in the sector and in individual companies with regard to labour issues following the incidents of 2012. During November, the annual assessment results were presented to the committee for confirmation and then announced publicly.
The membership of the committee is intended to be representative of the users of the SRI Index and of the sustainability industry.
The committee's membership therefore includes experts from the sustainability arena, investment professionals, academics and listed companies. The committee also invites the JSE SRI Index data provider to attend.
There was one change to the committee membership in January 2013, when the representative from the Government Employees Pension Fund was replaced by a colleague.
The committee is chaired by Raymond Ndlovu, Black Elephant Investment Holdings.
10. Community.
The JSE is committed to making a difference in the lives of South Africans by investing time, effort and money in various initiatives. The JSE also believes that this difference should be sustainable and should ensure that individuals benefit directly through positive and meaningful contributions.
In 2013, the JSE began the process of re-assessing its activities in this regard. This culminated in the executive approving a more focused strategy related to our corporate social investment (CSI). The strategy will focus our activities into areas that we believe are relevant to the country in which we operate as well as the business activities of the JSE. These activities may be of broader benefit to society in the manner in which we believe we are best able to make a meaningful contribution.
The areas that constitute the JSE's main focus in this regard are as follows:
National priority issues, such as poverty alleviation, job creation, youth and community development etc. as indicated by the National Development Plan and the Financial Sector Codes, among other key policy and development papers/legislation. Strategically aligned causes (areas that relate to the JSE's business) where the JSE is hence better suited to make meaningful contributions (such as enterprise development and financial literacy).
We will also be growing our emphasis on staff participation in CSI initiatives, thereby encouraging active citizenship.
The process of re-aligning our CSI spend to mirror the identified priority areas is an ongoing effort and is evolutionary in nature. We continue to priortise our activities, which are focused on education (see the following sections). This is reflected by the significant amount spent on related activities.
A summary of these initiatives is shown below:
*Does not affect JSE cash flow.
The JSE's educational initiatives are aimed at increasing understanding about the financial markets (particularly among high school learners and university students), encouraging investment among South Africans and growing the pool of potential employees in the financial markets. The JSE believes that this assists in growing the number of people who might become investors or businesses that might list.
JSE/Liberty Investment Challenge – Community Investment 
Now in its 40th year, the challenge is a focused and far-reaching educational youth programme aimed at introducing South African high school learners and university students to the world of finance. The challenge coaches learners in the fundamentals of investment strategy and encourages them to research and strategise around the trading of JSE-listed shares by managing a virtual portfolio of R1 million.
Financial literacy activities.
We have not as yet conducted a formal social impact assessment or endeavoured to measure social return on investment, but we believe that the actions we have taken and programmes we have put in place not only demonstrate the JSE's continued commitment to contributing to a positive impact on communities, but will also enable the achievement or promotion of a number of positive outcomes, including the following:
Enhancing the financial literacy of the South African youth; Enhancing the South African youth's understanding of the securities market and its role in wealth generation; Equipping the South African youth with some of the financial skills that will assist them in realising employment opportunities and/or contributing to and participating in the country's economy in the future; Driving financial literacy in the youth market by educating them about the value of investing and exposing the learners/students to the investment fundamentals through the simulated trading of shares on the JSE; and Students will eventually be feeders into the financial sector.
Investment education through the curriculum at schools.
During 2013, the JSE partnered with the South African Reserve Bank (SARB), the Financial Planning Institute, the National Credit Regulator and the KZN Financial Literacy Association to promote the financial literacy of South Africa's youth.
Power Hour sessions and regional public seminars.
The Retail Development team continues to conduct Power Hour sessions in Durban, Cape Town and Sandton. In these sessions, the audience is provided with knowledge and skills related to investing and with product information. These sessions are also enhanced through webinars, which increase their reach to areas not visited. The regional public seminars are conducted in partnership with JSE divisions and retail broking firms in targeted areas.
In 2013, a new focus area was initiated, aimed at growing the investor market. As a result of this, a public game (virtual trading game) was introduced to offer a learning opportunity for aspiring investors.
The aim of the virtual trading game is:
to increase retail investors at the JSE by giving them an opportunity to try their investment skills in a risk-free environment. to influence people to educate themselves by playing this game before they try out investing their hard-earned cash.
The virtual trading game gives the participants an opportunity to experience the real market, develop their knowledge of the stock market, test their investment strategies, learn how to keep track of a share portfolio and practice trading in a risk-free environment. The virtual trading game will help participants to acquire investment skills and enable them to trade with real money in the stock market.
During 2013, plans were also made to develop learning modules for the public in an effort to enhance learning about the market. These modules will be self-paced and interactive and will enable participants to learn progressively, from basic to intermediate and advanced levels. They will cover all the JSE markets.
Another exciting initiative that began in 2013 was the development of a platform to enable stokvels and investment clubs to participate in educational forums aimed at growing their knowledge of investments on the JSE. This important component of the public currently has custody of community savings and presents an opportunity to grow investors on the market.
JSE Empowerment Fund (JEF) Trust.
The JEF Trust provides promising black students with the finance and support to acquire the appropriate qualifications and the opportunity to enter the financial services sector on completion of their university training.
Through the dividends received as a result of its shareholding, the JEF Trust is able to provide the financial assistance reflected in the table below and this financial assistance does not affect the JSE's cash flow.
In 2013, progress was as follows:
Community development and healthcare.
The JSE supports a number of worthy charities over and above our community efforts in education and financial literacy.
Each of these address important social and environmental issues. Here we comment on just a few of those:
Noah (nurturing Orphans of Aids for Humanity)
Noah was a non-profit organisation committed to building the capacity of South African communities to care for their own children made vulnerable by HIV/Aids as well as social and economic challenges. Approximately 5 500 children were registered with Noah and received support that ranged from feeding programmes to homework assistance, life skills training, daycare, aftercare and psychosocial services. Unfortunately, owing to a lack of funding, Noah was no longer able to continue operating and ceased its operations during 2013.The JSE continued to support Noah through it's wind-down process. We are saddened at the closure of Noah but are pleased to have been a part of their tremendous achievements.
During the past two years, the JSE and its employees have supported the operations of Noah through generous donations (both in kind and monetary) and sponsorships, such as CEO breakfasts, an annual gala dinner and book breakfasts. JSE employees have also supported the Freedom Park Ark (both while it was under Noah and after it became independent following the closure of Noah) through volunteer work and donations of cash and in kind.
In 2013, the JSE began contributing to Afrika Tikkun, which addresses the educational, health and social needs of underprivileged children as they are growing and developing, giving them the opportunity to grow into well rounded adults who are equipped to positively contribute to society. The majority of Afrika Tikkun's programmes are run though their Centres of Excellence. These facilities act as the hubs that positively affect the lives of underprivileged children and their families through schooling, healthcare, enterprise and skills development, and so on. There are currently six centres spread across the poorest areas of Gauteng and the Western Cape. In Gauteng, there are centres in Diepsloot, Alexandra, Orange Farm and Braampark, and in the Western Cape there are centres in Mfuleni and Delft. Further details on the work done by Afrika Tikkun can be found at afrikatikkun/what-we-do/#.UvDTcPmSxh4.
Constituted in 2001 by Sidney Frankel, one of the JSE's long-term stakeholders, to uplift the Manyeleti villages, the Buffelshoek Trust focuses on two needs of this poverty-stricken, rural community – education and healthcare. Located in Mpumalanga, adjacent to the Kruger National Park, this community has been identified as one of twenty-three rural and urban nodes by the South African government. These nodes represent the largest concentrations of poverty in the country. This municipal area has the smallest economy; a limited resource base; and contributes the least to the district and the provincial GDP. Growth of the agricultural and tourism sectors can make a meaningful contribution to the local economy. The area has great potential in creating economic growth and reducing unemployment. However, resources to initiate such growth are not easily accessible. The trust has contributed significantly toward improving healthcare and education in the community, details of which can be found at buffelshoektrust. co. za/att. asp.
Recent policy changes have introduced more generous levels of assistance.
Other sponsorships, donations and contributions.
The JSE sponsors and donates money to initiatives that it believes directly and indirectly improve the lives of ordinary South Africans and that contribute to constructively advancing the general business environment both in South Africa and on the African continent.
In 2013, the JSE invested (R1 million) (2012: R1.3 million) in the following initiatives, among others:
The Benevolent Fund, managed by the JSE, was set up by JSE stockbrokers and member firms to assist unemployed persons employed by the broking community and the JSE before November 1995 and who find themselves in dire financial circumstances because of their inability to find new employment.
At present, an aggregate of R442 600 (2012: R390 100) is distributed among about 156 beneficiaries per month. Beneficiaries are also offered non-financial assistance. The financial assistance described above does not affect the JSE's cash flow.
Recent policy changes have introduced more generous levels of assistance.
Community investment and relations as well as all sponsorships and contributions are the responsibility of Siobhan Cleary, Director: Strategy and Public Policy, JSE.