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Ringing the Closing bell...
The SA CHAMBER USA was invited by the Johannesburg Stock Exchange (JSE) to participate in Ringing the Closing bell at the New York Stock Exchange (NYSE) as the two bourses announced Collaboration on Dual Listings.
SA Chamber USA President Neil Diamond joined JSE Group CEO Dr. Leila Fourie, Lynn Martin President of the NYSE, South African Reserve Bank Governor Lesetja Kganyago, and the CEO of Standard Bank Group Mr. Sim Tshabalala, to ring the closing bell. Moments before the closing bell on 10 October 2022 the JSE and NYSE signed a memorandum of understanding that also includes the exploration of new products in ESG, ETFs, and digital assets.
The JSE issued the following PRESS RELEASE on the event.
NEW YORK & JOHANNESBURG, 10 October 2022 -- The New York Stock Exchange, part of Intercontinental Exchange, Inc. (NYSE: ICE), and the Johannesburg Stock Exchange (JSE) today announced that they have signed a memorandum of understanding to collaborate on the dual listing of companies on both exchanges. The NYSE and the JSE also agreed to jointly explore the development of new products and share knowledge around ESG, ETFs, and digital assets.
The agreement was finalized during a visit to the NYSE by a South African delegation including JSE Group CEO Dr. Leila Fourie and South African Reserve Bank Governor Lesetja Kganyago. The signing ceremony took place shortly before the delegation rang the Closing Bell, followed by a keynote address by Kganyago on monetary policy.
“The New York Stock Exchange is pleased to sign this collaboration agreement with the Johannesburg Stock Exchange in support of the important economic and trade relationship between our two markets,” said Lynn Martin, NYSE President. “Exploring the dual listings of companies on our two exchanges stands to increase opportunities for investors on both continents, underscoring the value public companies and our capital markets generate in the global economy. We look forward to collaborating on new product development with the JSE team and to the innovation that comes when two great organizations work together.”
“The agreement that we have signed today with the NYSE will unlock opportunities for investors and issuers of both bourses,” said Dr. Fourie. “This is the beginning of a new chapter and I am excited about the opportunities we will explore together as we find synergies to grow both our markets. For the JSE, as the largest stock exchange on the African continent with unparalleled market depth and liquidity, we aim to create world-class solutions for both local and international investors.”
The United States ranks as one of South Africa’s largest trading partners and this agreement is designed to help support the economic relationship between the two nations. Today, about 600 U.S. companies operate in South Africa in sectors including manufacturing, technology, finance, insurance, and wholesale trade.