Tag: CapitalMarkets

For as long as African states have borrowed on international markets, a handful of analysts sitting thousands of kilometres away have had an outsized say in what that money costs. With the official launch of the Africa Credit Rating Agency (AfCRA) in Mauritius on 7 October 2026, the African Union (AU) has gone beyond claiming a seat at the proverbial table. Instead, it has built its own table.

South Africa is sitting on a growing backlog of mature private equity assets. Managers cannot exit them, and investors cannot access them. The global solution already exists, but we are not using it yet. Exits depend on a cooperative stock exchange, willing trade buyers and investors patient enough to wait out a fund’s full life.

Investors often turn to alternative investments. They seek something that listed markets cannot always provide. For instance, they want a different return profile. They also want less exposure to daily market sentiment. In addition, they want better portfolio risk management when conditions become more volatile.

The shift from Johannesburg Interbank Average Rate (JIBAR) to South African Rand Overnight Index Average (ZARONIA) marks a turning point in South Africa's financial landscape. It forms part of a global movement toward more reliable and transparent interest rate benchmarks. However, for businesses, it represents far more than a regulatory change.

The regulation of commercial paper issuance in South Africa has, since 1994, been governed by an exemption notice. This exemption notice is known as the Commercial Paper Regulations. It permits certain entities to issue debt instruments. It also ensures they are not deemed to conduct “the business of a bank” under the Banks Act 94 of 1990 (Banks Act).

We are pleased to announce that the Financial Sector Conduct Authority (FSCA) has published our approval of amendments to the Johannesburg Stock Exchange (JSE) Listings Requirements. These amendments deal with the Simplification Project. As a result, FSCA greenlights JSE’s simplification project, marking a major regulatory milestone.