Solidarity Fund given R34.4 million impetus as traders open hearts and wallets
Johannesburg, Friday 17 April 2020: The JSE has declared its inaugural #Trade4Solidarity campaign a resounding success. Held over two days on Wednesday and Thursday this week, all revenues that the bourse earned across all asset classes were donated to the Solidarity Fund as companies and brokers answered the JSE's challenge to donate a portion of their fees over the two days in a unique act of unity in the war against covid-19.
The covid-19 crisis has highlighted the already high and mounting unemployment and inequality in South Africa - which drove the JSE's conviction to unite the industry in launching its #Trade4Solidarity initiative.
JSE Group CEO, Leila Fourie announced that R34.4 million was pledged by the trading community to the Solidarity Fund, and said: "When President Cyril Ramaphosa launched the fund, we knew we had to rise up and play our part. We put out a call to our market participants and I am humbled at how everyone has rallied together jointly as the Capital Markets ecosystem in our efforts to donate to the solidarity fund. The money raised will no doubt touch many lives that have been impacted by the coronavirus."
The fund is a rapid response vehicle designed to fund impactful initiatives that will augment the national health response contributions to national humanitarian efforts. The third focus area of the fund aims to mobilize South Africans to flatten the curve and manage the pandemic and its impacts on households and communities.
Gloria Serobe, chairperson of the Solidarity Fund, applauded the JSE & market participants saying "As South Africans we are known for our resilience and I am so pleased and thankful to the JSE, financial market members, organisations and ordinary South Africans that have really rallied together in their support of South Africans in our time of need by donating to the Solidarity Fund."
38 market participants, both large and small, stepped up to get behind the initiative by contributing a portion or a percentage of their trading revenues to the fund over two days.
Andre Nortje, CEO of Strate who also participated says "I am sure I speak for all the market participants when I say we are grateful for the opportunity to get involved and play our part. Knowing that all the money raised will make a real difference to the people who need it the most in the fight against this pandemic, is greatly comforting."
In addition to the #Trade4Solidarity pledge, the JSE Board and Group CEO also pledged 30% of their salaries to the fund. Members of the JSE Executive will also be making contributions. Fourie took it one step further and made an appeal to her team at the JSE to contribute individually: "Employees donated in their personal capacity and I must applaud all my colleagues who gave so generously, and without reservation we raised a sizeable amount which is a true testament to the JSE way."
"All donations from government, corporates and ordinary South Africans will be used to fight the greatest public health crisis this world has witnessed in our lifetime," concludes Fourie.
that participated in #Trade4Solidarity