JSE

What JSE does

JSE Limited is the operator of the Johannesburg Stock Exchange, Africa's largest stock exchange and a multi-asset marketplace spanning equities, bonds, equity derivatives, commodity derivatives, currency derivatives and interest rate derivatives. Founded in 1887 and headquartered in Sandton, Johannesburg, the group has been publicly listed on its own exchange since 2006 (ticker: JSE) and now oversees a market of 263+ listed companies with an aggregate market capitalisation of approximately R24.73 trillion, of which 59 inward listings contribute around R16 trillion (~68% of total market value). Under the JSE umbrella sit operating subsidiaries including JSE Clear (central clearing counterparty), JSE Investor Services, JSE Private Placements, SME Rise, the JSE Ventures Carbon Market, and a majority stake in Link Market Services South Africa acquired in 2020.

The group's core platform comprises electronic trading, clearing and settlement systems with settlement assurance and risk management capabilities, complemented by colocation services (including Colocation 2.0) housed within the JSE's data centre and the JSE-FIX protocol for international order routing. Supporting infrastructure includes the FTSE/JSE Africa Index Series, a Market Data Shop for licensing trading and reference data, a Sustainability Segment hosting green, social and sustainability bonds, and connectivity partnerships with Beeks/IPC and Rapid Addition to lower barriers for international and high-frequency participants. Listed companies gain access to capital through Main Board, AltX, the Empowerment Segment, SPAC and Standard Listing pathways, as well as JSE Private Placements for unlisted issuers.

JSE generates revenue across five streams: transaction and trading fees across all asset classes, listing and capital-raising fees, clearing and settlement fees (primarily through JSE Clear), market data licensing, and recurring colocation and connectivity subscriptions. Pricing is largely transaction- or subscription-based, with fee reductions used periodically (e.g., COVID-19 relief measures) to support smaller issuers. The exchange serves listed companies, trading and clearing members, institutional investors, retail investors, international participants, SMEs, the South African Government, and green bond issuers across African and global capital markets, holding a top 20 global ranking by market capitalisation and a 139-year operating history.

Name

JSE

Legal name

JSE Limited

Website

https://jse.co.za

Company type

Public

Founded year

1887

Operating status

Operating

Headcount range

101–250 employees

Short description

JSE Limited operates Africa's largest multi-asset stock exchange in Johannesburg, providing trading, clearing, settlement, market data and listing services across equities, bonds, derivatives, commodities and currencies for 263+ listed companies, trading members, institutional and retail investors, and international participants.

Ownership category

akta.pro rank

Product category

Stock Exchange Services

NAICS

Securities and Commodity Exchanges (523210), Commodity Contracts Intermediation (523160), Securities and Commodity Contracts Intermediation and Brokerage (5231)

SIC

Security Brokers, Dealers & Flotation Companies (6211), Commodity Contracts Brokers & Dealers (6221)

akta.pro industry

PRIMARYFSAFAEAB

Institutional Multi-Asset Trading Platforms (OTC/RFQ)

Financial & Insurance/Financial Exchanges & Market Infrastructure/Multi-Asset Exchanges & Trading Platforms

SECONDARYFSAFANAH

Multi-Asset Electronic Trading Platforms

Financial & Insurance/Financial Exchanges & Market Infrastructure/Trade Execution Platforms

SECONDARYFSAFABAA

Equity Index Futures & Options Exchanges

Financial & Insurance/Financial Exchanges & Market Infrastructure/Derivatives & Futures Exchanges

Keywords

• Stock exchange operations
• Equity trading platform
• Derivatives market services
• Bond listings trading
• Market data licensing

Headquarters

HQ city

Johannesburg

HQ country

South Africa

HQ region

Africa

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Technology or R&D, Personnel, Infrastructure, Operations, Marketing or Sales

Revenue model

1. Transaction and Trading Fees: Fees earned from trading activities across equities, derivatives, bonds, and currency markets
2. Listing Fees: Fees charged to companies for listing on the exchange, including primary listings, secondary listings, and specialist securities
3. Market Data Licensing: Revenue from licensing trading data, market statistics, and reference data through the Market Data Shop
4. Clearing and Settlement Services: Post-trade services including clearing operations and settlement for cash bonds, equities, and derivatives
5. Colocation and Connectivity Services: Fees for co-location facilities and connectivity solutions including JSE-FIX and Colo 2.0 services

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels10 records

Core offering

JSE operates a multi-asset securities exchange in South Africa providing regulated venues for trading equities, bonds, equity derivatives, currency derivatives, interest rate derivatives, and commodity derivatives. It offers listing services for companies seeking capital raising, post-trade clearing and settlement through JSE Clear, market data licensing, and colocation/connectivity services for low-latency trading access.

Product overview

The JSE operates as a multi-asset exchange platform offering a comprehensive portfolio of trading and post-trade services. The core offerings include the Equities Market for stocks and shares, Derivatives Market spanning equity, currency, bond, interest rate, and commodity derivatives, Debt Market for bond trading, and Exchange Traded Products including ETFs, ETNs, and actively managed products. Supporting services include FTSE/JSE Index Series for benchmarking, Market Data Products for real-time and historical data, Post-Trade Services encompassing clearing, settlement, and risk management, and JSE Clear as the central clearing counterparty. The JSE also offers specialized segments including JSE Investor Services, JSE Private Placements for private capital raising, SME Rise for small business ecosystem support, JSE Ventures Carbon Market for voluntary carbon trading, and a Sustainability Segment for ESG-focused bonds. Connectivity is enabled through Colocation and JSE-FIX services, while the JSE Investment Challenge provides investor education through a virtual trading simulator.

Differentiator

Problem solved

Functional benefit

Brands

• JSE Clear: Clearing and settlement operations for the JSE markets
• JSE Investor Services
• JSE Private Placements
• SME Rise
• JSE Ventures Carbon Market
• AltX
• JSE Enterprise Acceleration Programme
• JSE Investment Challenge
• ShareHub
• SheInvest
• JSE Data and Digital Academy

Products and services

• Equities Market Equities Market is the primary venue for trading ordinary shares, preference shares, REITs, depository receipts, share instalments, warrants, and debentures on the JSE.
• Derivatives Market Derivatives Market is JSE's multi-asset derivatives marketplace covering equity, currency, bond, interest rate, and commodity derivatives.
• Debt Market Debt Market is JSE's regulated venue for trading government, corporate, and sustainability-linked bonds.
• Exchange Traded Products (ETPs) Exchange Traded Products covers ETFs, ETNs, Actively Managed Certificates, and structured products available on the JSE.
• FTSE/JSE Africa Index Series FTSE/JSE Africa Index Series provides benchmark indices for South African and African market performance in partnership with FTSE Russell.
• Market Data Products Market Data Products covers real-time and historical trading data, market statistics, and reference data licensed through the JSE Market Data Shop.
• Post-Trade Services (JSE Clear) Post-Trade Services (JSE Clear) provides central counterparty clearing, settlement, and risk management for all JSE-traded instruments.
• Listing Services Listing Services provides companies with structured pathways to raise capital on the JSE across multiple listing boards and segments.
• JSE Private Placements JSE Private Placements is a marketplace platform that streamlines private capital raising for unlisted companies.
• JSE Ventures Carbon Market JSE Ventures Carbon Market is a voluntary carbon market platform enabling trading of carbon credits.
• Colocation and Connectivity Services Colocation and Connectivity Services provide low-latency trading infrastructure (Co-Location 2.0 and JSE-FIX) for market participants.
• JSE Investor Services JSE Investor Services provides portfolio tools, market data access, and education for investors.
• PWM Wealth Management Income-Focused ETF Listing New income-focused actively managed ETF launched on JSE's ETP segment for trading by investors.
• AI-Focused AMETF Listing AI-themed actively managed ETF listed on JSE's ETP segment for trading by investors.

Quantifiable outcome

• R24.73 trillion market capitalisation with 263+ listed companies
• +4 more outcomes

Named customers6 records

Segments6 records

Ideal customer profiles7 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

Feature3 records

Partnerships

Six partnerships are on record, tiered core and minor.

• Beeks / IPCcoreTechnology or Integration · 22 June 2026Partnership to deliver Infrastructure as a Service solution housed within the JSE's colocation data centre, enabling low-latency trading infrastructure for international participants.
• Rapid AdditioncoreTechnology or Integration · 22 June 2026Partnership to deliver the JSE-FIX service for seamless access with international order routing networks, reducing barriers to entry for new market participants.
• Link Market Services South AfricacoreStrategic or Co-development Partner · 3 September 2020JSE acquired 74.85% shareholding in Link SA for R224.5 million. Link SA is the second largest share registry business in South Africa with a client base including six of the top 40 issuers. The acquisition enables JSE to offer transfer secretarial, registry maintenance, treasury services, and corporate actions.
• Business Leadership South Africa (BLSA)minorStrategic or Co-development Partner · 4 May 2020JSE and BLSA partnered and each donated R1 million towards social outreach hygiene hampers and food parcels to assist disadvantaged communities in Gauteng during the COVID-19 pandemic.
• FTSE Russell / London Stock ExchangecoreStrategic or Co-development Partner · 6 April 2020The JSE and FTSE Russell combined forces to launch the FTSE/JSE Fixed Income Indices, replacing the previous JSE Fixed Income Indices (JSE ALBI and JSE CILI). The partnership combines JSE's regional expertise in Africa with FTSE Russell's world-class fixed income index expertise. The new indices offer enhanced data in standardized, automation-friendly format.
• Solidarity FundminorStrategic or Co-development PartnerJSE donated trading fees across all asset classes for two days to the Solidarity Fund as part of the #Trade4Solidarity campaign to support COVID-19 relief efforts.

Scale indicators12 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Euronext: Pan-European multi-asset exchange operator covering equities, bonds, derivatives, commodities and ETFs with a similar listing-trading-clearing-data revenue model. Most comparable structurally to JSE given its multi-country, multi-asset scope.
• Deutsche Börse: German exchange and clearing operator with strong derivatives franchise (Eurex), index services, and market data business. Comparable to JSE in combining trading, clearing, and indices across multiple asset classes and serving international participants.
• Australian Securities Exchange (ASX): Multi-asset Asia-Pacific exchange with equities, derivatives, fixed income, and post-trade services. Closely comparable to JSE in scope and in serving a developed-but-emerging-market-positioned economy with strong commodities exposure.
• Singapore Exchange (SGX): Asia-based multi-asset exchange with strong derivatives, FX, and commodities franchises serving international participants. Comparable to JSE as a regional gateway exchange with active inward listing flows and cross-border connect products.
• Hong Kong Exchanges and Clearing (HKEX): Gatekeeper exchange connecting Mainland China and international capital, with equities, derivatives, commodities, and clearing operations via HKEX Clear. Highly comparable role to JSE as a regional access point for global investors.
• B3 (Brasil, Bolsa, Balcão): Brazilian multi-asset exchange operator covering equities, derivatives, FX, fixed income, and commodities — the largest in Latin America. Comparable to JSE as a leading emerging-market exchange with an integrated trading-clearing-data model.
• TMX Group (Toronto Stock Exchange): Canadian exchange group operating equities, derivatives, and energy products. Comparable to JSE for its strong commodity derivatives franchise and emerging-market resource listings dynamic (mining/oil & gas producers).

Broad incumbents

• London Stock Exchange Group (LSEG): Global incumbent with FTSE Russell index joint venture explicitly partnered with JSE. Comparable as a large multi-asset market infrastructure operator whose fixed income index franchise directly competes/co-brands with JSE.
• Nasdaq, Inc. Global exchange operator with leading equities trading, derivatives, market data, and index services (incl. ESG). Comparable as a broad incumbent competing with JSE for international listings, index licensing, and technology-led connectivity partnerships.

Regional players

• Nigerian Exchange Group (NGX): West Africa's leading exchange operating across equities, bonds, and ETFs. Comparable to JSE as a regional African competitor/peer in the African capital markets ecosystem, though smaller in scale and product breadth.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/JSE_Group
• YouTubeyoutube.com/channel/UC-R9HbecTECy6Hm45dh8lnA/videos?sort=dd&view=0&flow=grid
• Facebookfacebook.com/Johannesburg.Stock.Exchange
• LinkedInlinkedin.com/company/jse-limited
• Instagraminstagram.com/jse_group

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about JSE