4AX was founded in 2014 to establish a well-regulated exchange alternative to qualifying Issuers and the South African capital markets, with the aim of meeting the needs of Issuers and investors who are not served by current incumbent/s or whose needs may be better served through a different exchange model (which includes Listing Requirements and Exchange Rules which are tailored to meet the needs of the market 4AX wishes to service).
4AX formally commenced operations on 1 March 2017 and initially seeks to attract equity listings from qualifying Issuers with a focus on companies with a market capitalisation of up to R8 billion. Thereafter a key target market for 4AX will also be the listing of various products, especially ETF’s (which is supported by the 4AX model due to its elimination of minimum fees and introduction of the lowest cost retail distribution platform) as well as the listing of various debt instruments and structured notes.
Clear and transparent listing requirements for equities which have been uniquely designed to introduce new types of listings and facilitate much needed growth in the mid-market sector through, amongst others, the following features:
4AX has a unique exchange infrastructure in South Africa (based on international best practice) and is introducing a central independent register of beneficial ownership (housed within 4AX Registry) allowing for amongst others:
Designed to meet the needs of retail investors whilst remaining attractive to institutional investors through the removal of some key barriers to investing for retail investors by:
Modern, scalable technology design and infrastructure to reduce cost and increase efficiency: