JOHANNESBURG Oct 4 The Johannesburg Stock
Exchange (JSE) has failed in an interim attempt to block the
issuing of an operating licence to a rival bourse, South
Africa's Financial Services Board said on Tuesday, although its
main appeal is still pending.
The JSE had launched an "urgent application for interim
relief", arguing that the creation of the new ZAR X Stock
Exchange would cause harm to "the financial system of the
country and its investors."
But the FSB, which granted ZAR X a licence on Aug. 31, said
its appeal board had found "no evidence that the JSE would
suffer harm or prejudice".
The more-than-century-old JSE is Africa's biggest and most
liquid stock market. The interim application was lodged pending
the hearing of the main appeal, whose result will be heard at a
later stage, the FSB said.
(Reporting by Nqobile Dludla; Editing by Mark Trevelyan)