In May 2022, the JSE and big xyt announced that they would be collaborating to launch an analytics offering, JSE Trade Explorer, aimed at trading participants in the exchange’s cash equity and ETF markets.

The new platform enabled the JSE to distribute data analytics solutions directly to brokers. In a recent development, the exchange has made a public version of JSE Trade Explorer available to asset owners, asset managers and hedge funds, and not just brokers. ‘The main driver behind launching a public version of JSE Trade Explorer was to democratise market data analytics,’ says Mark Randall, the JSE’s Director of Information Services.

‘By providing broader access, the JSE aims to enhance transparency, deepen market understanding and equip asset managers and asset owners with powerful tools to better assess market dynamics without requiring substantial infrastructure investments.

‘The goal was also to provide broader access to actionable market intelligence. Many institutional investors and asset owners don’t have the infrastructure or licensing in place to consume raw equity market tick data. By offering a public version of Trade Explorer, we’ve removed that barrier by delivering the insights that understand and act on market dynamics. This enables more users to access timely, pre-aggregated insights directly from the exchange they can trust.’

Randall says expanded access has allowed institutional investors to engage more directly and proactively with JSE data. Investors now routinely use JSE Trade Explorer’s insights to inform trading strategies, enhance liquidity assessments and gain a deeper understanding of market flows. This increased accessibility has strengthened investor confidence and participation. ‘It has also allowed for more dynamic and independent interaction with JSE data. Investors are using JSE Trade Explorer to monitor liquidity, assess top 10 broker market share and track dual-listed flows, all without needing custom data feeds or specialist tools. It’s shifted the JSE’s role from passive data provider to active enabler of insight.’

Randall says safeguards were put in place to ensure the aggregation of confidential data in the advanced analytics service does not compromise individual firm data privacy.

‘The platform adheres to the highest cybersecurity standards, and confidential datasets are aggregated and anonymised where necessary to deliver the insight while maintaining confidentiality. This ensures that individual firm details are always protected and cannot be reverse-engineered or identified. Additionally, daily security health-checks, strict compliance controls and regular audits are in place to monitor and enforce these standards.’

The exchange ensures the quality, neutrality and reliability of the analytics presented in JSE Trade Explorer, employing robust data governance processes, independent validation routines and continuous quality monitoring, according to Randall.

‘JSE Trade Explorer’s methodologies are transparently documented and subject to regular review, ensuring consistency and trustworthiness for diverse stakeholders. Because JSE Trade Explorer is built on JSE’s own trade and order book data, the analytics engine applies consistent rules to all participants, and the outputs are fully auditable. We do not create custom solutions for individual clients, ensuring a neutral view. Regular internal validation and feedback loops with market participants help us maintain data integrity and relevance.’

He says the most common use cases from investors include analysing liquidity and market depth; tracking broker ranking and trading performance; monitoring large trades and assessing cross-market flows, particularly with dual-listed stocks.

‘Feedback has been highly positive, with users appreciating the ease of use, accessibility and depth of analytics provided. Investors particularly value the elimination of infrastructure barriers and the insightful visibility into market dynamics previously only accessible to larger firms. Many have said it’s the first time they’ve had a clear view of real market behaviour without needing to request custom reports or raw data. At a low cost, all market participants can have access to advanced analytics, promoting the JSE’s goal to democratise access to data analytics.’

Randall says in the next year, JSE Trade Explorer will review more enhancements in line with market demand, potentially including expanded intraday analytics capabilities; new predictive analytics tools, potentially leveraging AI; enhanced customisation features allowing users to tailor analytics to their needs; broader asset class coverage; and constant improvement in user experience and data visualisation.