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JSE Boss Gives Thanks To Switzerland

by Ulrika Lomas, Tax-News.com, Brussels

29 August 2002


Speaking at the Swiss Stock Exchange in Zurich this week, Chief Executive of the Johannesburg Securities Exchange (JSE), Russell Loubser praised Switzerland for helping South Africa to modernise its financial structures, and revealed that as a result of Swiss expertise and assistance, South Africa can now compete with some of the most advanced finance centres in the world in terms of trading systems.

'We can learn a lot from the Swiss,' the Swissinfo news service quoted Mr Loubser as observing on Wednesday. He continued: 'The whole clearing and settlement and depositary system that we have just put in place was acquired from the Swiss and it is world class.'

In an interview with Swissinfo, the JSE chief announced that although the South African bourse has reached an agreement with the London Stock Exchange to connect the two markets, it is looking for another exchange with which to partner:

'We did a deal with the London Stock Exchange in May. That's a non-exclusive deal from both sides. We are currently looking for another addition to our financial markets and we are at liberty to do that deal with anybody in the world...possibly the Swiss,' he revealed.


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