South Africa boasts mature capital markets that serve the domestic economy as well as the wider continent. The Johannesburg Stock Exchange (JSE) is the world’s 19th largest exchange, and offers investors five key financial markets: equities, bonds, currency, equity and commodity derivatives. History The JSE was formed in 1887 to facilitate the first South African gold rush. Following the first legislation covering financial markets in 1947, the JSE joined the World Federation of Exchanges in 1963 and upgraded to an electronic trading system in the early 1990s. The bourse demutualised and listed on the JSE in 2005. In 2003 the bourse launched AltX, an alternative exchange for small and mid-sized listings, followed by the Yield X for interest rate and currency instruments. The JSE acquired the South African Futures Exchange (SAFEX) in 2001 and the Bond Exchange of South Africa (BESA) in 2009.Equity market With a market capitalisation of $929-billion as of the end of 2012, Johannesburg is the biggest exchange on the continent, significantly larger than both Cairo ($60-billion) and Lagos ($55-billion). It is also highly liquid, with the value of trades hitting R3.4trillion ($418.2-billion) in 2012, up from R3.3trillion ($400.1-billion) in 2011 and R3-trillion ($364.5-billion) in 2010. There are approximately 400 companies listed on the exchange across Main Board and AltX. While a number of heavyweights like AngloGold Ashanti, British American Tobacco, SABMiller and telecommunications firm MTN account for a large share of the market, the exchange has cultivated a diverse variety of offerings. The JSE is indexed by the FTSE/JSE Africa Index Series, a partnership between JSE and the FTSE Group. The main two measurements of performance are the All Share Index (ASI), covering 99% of market capitalisation, and the All Share Top 40 Top Companies Index, which tracks the top listings in a representative spread of sectors. South African bond market South Africa’s fixed-income market accounts for 96% of the value of all African bonds. The majority of South African bonds are issued by government and state-owned entities but the number of corporate bonds issued is growing. Bond trading is available on the stock exchange, which also offers over-the-counter depository services and a variety of bond-based derivatives, including bond futures, forward-rate agreements, vanilla swaps and standard bond options. The JSE is aiming to attract new issuers to the bourse, including those offering rand- denominated foreign notes, which are now treated as domestic securities following a successful negotiation with the South African Reserve Bank. In November 2012 the Namibian government floated a R850-million ($103.6-million) 10-year bond priced at 8.26%, the first tranche of a R3-billion ($365.7-million) programme, and the JSE hopes to encourage other African countries to list debt on the exchange.Derivatives The JSE offers trading of a variety of derivatives, including futures and options on equities, bonds, indices, interest rates, currencies and commodities. The JSE is ranked the sixth top exchange by number of single stock futures traded and ninth by the number of currency derivatives traded in 2012 in the World Federation Annual Derivatives Survey. FSB website: www.fsb.co.zaReserve Bank website: www.resbank.co.za Website: www.world-exchanges.org Foreign listings In 2011, South Africa’s inward listing rules were changed to allow foreign domiciled companies to be treated as domestic listings. While foreign firms had been allowed to list on the JSE since 2004, they had been subject to foreign exchange rules, which limited the amount of these equities that local investors could hold. The lifting of these restrictions has been an important regulatory shift for the exchange makes the JSE a more attractive listings destination. Information supplied by the JSE. For more, visit www.jse.co.za Reviewed: 6 June 2013Would you like to use this article in your publication or on your website? See: Using SAinfo material While these regulatory changes will likely hasten the move of trading from OTC to the JSE, the JSE have also taken steps to make the exchange a more attractive platform for this activity. This includes improving transparency in the JSE’s fee structure and continuous product innovation. Membership More than 110 equities and 50 bond brokers are licensed in South Africa, a mixture of local and foreign outfits. There are more than 100 equity derivatives members, 50 commodity derivatives members and more than 50 currency derivatives members.Technology The JSE has undertaken major technological upgrades to improve the latency of trading times and embarked on reform of the clearing and settlement timeframe. In July 2012 the JSE implemented a new trading platform the Millennium Exchange in the equities market, while at the same time moving the trading system from London to Johannesburg. Following this successful transition trades can now be executed up to 400 times faster than under the previous TradElect system. The change allows for increased liquidity and more high-frequency traders. Regulation The JSE currently acts as the frontline regulator, setting listing requirements and enforcing trading rules. The Financial Services Board (FSB) supervises the JSE in the commission of its regulatory duties and, as the JSE has no criminal or civil jurisdiction, processes any cases where statutory legislation has been contravened. The regulatory landscape is set to change significantly in the near future, as South Africa looks to implement a twin peaks model of oversight. Under the new system, prudential supervision will be transferred to the South African Reserve Bank (SARB) and market conduct regulation will be led by a bolstered FSB. The JSE will continue to act as frontline regulator while it will report to the FSB as the lead regulator, a concept endorsed in 2012 to avoid overlaps in jurisdiction between the FSB and the Reserve Bank. South Africa is currently ranked 1st in the world in terms of regulation of securities exchanges in the World Economic Forum’s Global Competitiveness Survey for 2012- 2013. This is an accolade for both the JSE its regulators.
Girls Pink Knotted Ribbon Bun Hair Net – Dancewear Ballet Bridal AccessoriesHair Bun NetKnotted Ribbon DesignDiameter measures approximately 10cm (3.9″)Dancewear Ballet100% Polyester Good quality for the price and im sure it will last some time. I always put a bun in my childs hair for ballet every saturday and its quite time consuming but putting one of these over means it dosent have to be perfect as this covers any untidy parts of the bun. Its easy to put over and dosent require any more grips to secure. Our granddaughter loves it so i’m happy. My granddaughter absolutely loved it fits her hair perfect for ballet all parents complimenting her how pretty it was. Daughter loved it and looked really pretty with her ballet outfit. Good for holding a bun in place the whole hour lesson. Really neat hair bun net for child. Quite pretty but not quite as nice as picture shows. Still okay, not disappointed. Very good quality bun net that does the job well and looks pretty. Bought this for my 4 year old daughter for ballet she looks so neat & tidy & it gets her ready for strict dress code for ballet when she is older. My girl loves it, and makes my life easier when i’m doing her hair because it grabs all the hair inside due to having an elastic, even if u miss any hair u don’t need to do it again, just pop it inside. Lovely, a little darker than the picture but still ok. Perfect for my little ballerina. Easy to use, good quality and clips securely in place. Arrived early but no complaints there, daughter loves it. Perfect for her ballet lessons. Good value keeps my grand daughter bun in place when she is doing ballet class. Perfect for my little ballerina. Good quality and still going well. Good price and fast delivery. The bun arrived within the time stated. I bought it for my granddaughter to use during her ballet exam. She has a lot of hair and this net was big enough to fit over it. Quality was very nice as everything has to be perfect for exams. I would recommend this to others for ballet. SummaryReviewer Nathalie DuboisReview Date2019-06-01 21:15:48Reviewed Item Girls Pink Knotted Ribbon Bun Hair Net – Dancewear Ballet Bridal AccessoriesRating 4.6 / 5 stars, based on 46 reviews Lovely item very pleased would recommend. I bought two of these for my great grand daughter sophia aged 7. They keep her hair in a bun and look good. Pretty item and fast delivery too. Daughter is a gymnast and it is just too big for that purpose. Pink baller hair net Lovely for ballet class Rather thick Posted on June 1, 2019Author Nathalie DuboisCategories Hair Styling AccessoriesTags Pritties Accessories
Misfortune of a similar kind struck Assam teenagers Meghali Kalita and Sakhina Begum about 280 km apart on Thursday. The former survived, the latter did not.Officials in north-eastern Assam’s Biswanath district said Ms. Begum was injured grievously when a large branch of a tree fell on the motorcycle she was riding pillion on. She was headed to her educational institute in the morning.“The man riding the bike was injured too, but the girl took the brunt of the blow and died in Tezpur Medical College Hospital,” a police official, declining to be quoted, said.Tezpur is about 60 km east of Biswanath Chariali, the headquarters of Biswanath district.Minutes after this mishap, a ceiling fan in a classroom in Paschim Borigog College at Hajo, about 35 km north-west of Guwahati, fell on Ms. Kalita’s head.She was taken to a local hospital where her condition was said to be serious. Doctors said she would be under observation for some time.Education department officials said they would order an inquiry into the mishap.
The Bharatiya Janata Party (BJP) made major changes to its organisational structure on Tuesday by appointing Revenue Minister Chandrakant Patil as head of the State unit of the party.It also appointed Malabar Hill MLA and founder of the real estate Lodha Group, Mangal Prabhat Lodha, as the Mumbai unit chief in place of Ashish Shelar, who has been inducted into the government as a Cabinet Minister. Mr. Patil replaces Raosaheb Danve, who has been inducted into the Union Cabinet in the second term of the Narendra Modi-led government at the Centre. Announcing the appointment of the two leaders, party national secretary Arun Singh said the changes have been approved by party president Amit Shah. “The appointments are from immediate effect,” Mr. Singh said on Tuesday. Senior leaders said as per party rules, one can not hold the same term for two years. It was with this in mind that Mr. Danve met the Prime Minster in New Delhi and requested for a change of guard earlier this month. Mr. Danve is believed to have told Mr. Modi it would be difficult for him to juggle the responsibilities of State chief along with that of the Union minister in the run-up to the elections in Maharashtra. “We have some very capable leaders in our party and they can perhaps come forward to take this responsibility,” he said. Mr. Danve was appointed State party chief in 2015 and has been instrumental in the BJP expanding its base across the rural hinterland. “The BJP has since captured 25,000 gram sabhas, 23 Members of Parliament (MPs) and 18 corporations across rural Maharashtra. We have only managed to do so under the able leadership and guidance of the PM and Mr. Shah,” he said. Mr. Patil has been Cabinet Minister since July 2016, handling the Revenue, Relief and Rehabilitation and Public Works department (PWD). A prominent member of the BJP, he is also the Guardian Minister of Kolhapur and Pune districts. Speaking on his appointment Mr. Lodha said, “The party has entrusted me with a major responsibility and I plan to fulfil it diligently. I would do that keeping in mind Prime Minister Narendra Modi’s slogan Sabka Saath, Sabka Vikas and Sabka Vishwas.”