Themba Maseko | Head | Global Market & Investment Banking Compliance | Investec | mail me |
In a landmark moment for South Africa’s financial services sector, Investec and other SA stakeholders officially launched and handed over the new Market Surveillance Code of Conduct to the South African Institute of Stockbrokers (SAIS).
Senior representatives from across the industry, including some of the authorised users of the exchange, formally pledged their commitment to upholding its principles. This historic handover reflects a collective and proactive commitment to upholding ethical standards.
Aligning with global standards
The code reinforces transparency and aligns local financial market practices with global best-in-class norms. Leading industry stakeholders, including the JSE, A2X, the South African Institute of Financial Markets (SAIFM), Public Investment Corporation (PIC) and Steeleye, have already endorsed the code. This reflects widespread industry support and momentum.
We spearheaded the development of the New Market Surveillance Code of Conduct, which marks the culmination of three years of collaboration and consultation. This process involved regulators, market participants and industry leaders. The code defines the fit and proper conduct expected of all participants in South Africa’s financial markets. In addition, it provides a clear framework for detecting, deterring and addressing market abuse, manipulation and illegal trading practices.
Importantly, the code highlights the industry’s shared belief that market surveillance is the first line of defence against systemic risk. It also serves as a key driver of investor confidence, international participation and economic growth.
Investors across the globe seek to invest in trusted financial markets. It is not solely the responsibility of regulators to drive this initiative. All stakeholders in South Africa must contribute to ensuring our markets uphold the highest integrity to attract investment. By committing to these principles, we protect investor interests and foster a culture of accountability and transparency. This will, in turn, create more jobs and help address social issues that continue to hold our country back.
Custodianship of the New Market Surveillance Code of Conduct
Our support for the New Market Surveillance Code of Conduct reflects more than just our role in the market. It also underscores our deep-rooted commitment to South Africa and our responsibility in shaping its financial future.
South Africa’s financial market must be sustainable, competitive and trustworthy for future generations. As a result, SAIS will serve as the custodian of the code.
We are proud to take custodianship of the code to help increase confidence in the South African market by ensuring our services are delivered in an efficient, transparent and fair manner. Our role is to support a stable financial system, one that is well-regulated, inclusive and reflective of the integrity of all who participate. Let’s educate, transfer skills and move forward together with purpose, unity and leading by example.
– Erica Bruce, President of SAIS
Nedbank will take the baton from us as the code moves forward. The New Market Surveillance Code of Conduct will be periodically reviewed and updated. This ensures it remains responsive to evolving global standards, technological innovation, regulatory reform and the dynamic needs of the market.
It represents a living commitment to continuous improvement in financial market surveillance and conduct. It also serves as a continuous demonstration of the power of industry-wide collaboration in pursuit of a shared goal.
– Happy Shihau, Head of Compliance at Investec Corporate and Institutional Banking
This year, in addition to the handover, the conference also brought together the Buy Side and Sell Side. These are vital industry stakeholders working together to enhance the integrity of the financial landscape. While vendor focus areas differ, there is also significant overlap in what most of them aim to provide.
The importance of recognising emerging risks early
The Cape Town conference session highlighted the importance of recognising emerging risks early. It also emphasised the critical role shared standards play in building a resilient market surveillance culture. A key takeaway was the equal need to focus on both buy- and sell-side participants. Their inclusion is essential for closing oversight gaps and ensuring transparency.
In Johannesburg, the session focused on the role that aligned incentives play across the capital markets lifecycle. It became clear that governance and culture will not merely influence the sector – they will define it.
We must intentionally set standards, embed accountability and shape the frameworks that will govern key aspects of the market. These include intellectual property and the responsible use of Artificial Intelligence.
In conclusion
This is not a siloed effort. The true power lies in ecosystem-wide collaboration, where shared responsibility fuels innovation, trust and long-term resilience. Without this collective approach, the consequences will be significant.
By working together, we can exchange valuable insights, strengthen our collective frameworks and foster a resilient, well-regulated environment that upholds the integrity of South Africa’s financial markets. We are proud to be part of this important initiative, which reflects our core values as well as our commitment to ethical and transparent market practices.
– Cumesh Moodliar, CEO at Investec
