WEF Global Competitiveness Report 2013-2014: South Africa
ranks first in regulation of securities exchanges
September 12, 2013
Johannesburg, 4th September 2013 – The latest World Economic
Forum (WEF) Global Competiveness Report ranks South Africa first out of 148
countries for regulation of securities exchanges for the fourth consecutive
year. This, together with several other elements of the report, points to the
country’s exchange as a sound environment in which to invest.
“We are very pleased with this accolade for South Africa, which indicates
that the Johannesburg Stock Exchange (JSE) is a secure and credible environment
to raise capital and in which to invest,” says Director of Issuer Regulation
John Burke. “Investors, regardless of size, can have a high level of comfort
when using the exchange. This ranking is also testament the JSE and Financial
Services Board (FSB)’s sound working relationship.” The country’s securities
market regulators are the JSE and its regulator, the Financial Services Board.
Other elements of the report which should give investors comfort are South
Africa’s first place rankings for strength of auditing and reporting standards;
efficacy of corporate boards; and the protection of minority shareholders’
interests. This is the first time that South Africa has achieved a first place
ranking for protection of minority shareholders’ interests.
Another key ranking is South Africa’s second place for financing through the
local equity market, moving up from third place last year. “South Africa has
access to deep pools of capital both from our well-developed local investment
community and high participation of foreign investors. This makes the exchange
an ideal destination to raise capital for development in the region,” adds
Burke.
South Africa’s financial market development ranking remains impressive at
third place.
Overall, South Africa ranked number 53 in the survey out of 148
economies from number 52 last year (when 144 countries were assessed).
Released annually in September, the report rates countries according to 12
pillars or sets of criteria. This includes competitiveness in terms of quality
of infrastructure and institutions, efficiency, market sophistication as well as
capacity for innovation amongst others. Regulation of securities exchanges falls
under the eighth pillar for financial market development.
To view or download the full report, please visit http://www.weforum.org
ENDS
Issued on behalf of:
Nicky Newton-King
CEO JSE Ltd
For
media enquiries please contact:
Victoria Williams / Thamari Kally H+K
Strategies South Africa
Tel: +27 11 463 2198
Cell: +27 72 452 1772 Cell:
+27 72 921 3520
Email: victoria@corpcom.co.za Email: rozt@corpcom.co.za
About JSE Limited
As South Africa’s only full service
securities exchange, the JSE connects buyers and sellers in four different
financial markets, namely equities, equity derivatives, commodities derivatives
and interest rate instruments. The JSE Ltd offers the investor a first world
trading environment, with world class technology, surveillance and settlement in
an emerging market context. It is amongst the top 20 largest equities exchanges
in terms of market capitalisation in the world.
For further information,
please visit www.jse.co.za