Q:  What are the biggest opportunities and challenges for SA’s capital markets at a time of global geopolitical uncertainty and rapidly evolving investor expectations?

A:  SA’s capital markets have demonstrated remarkable resilience through periods of volatility, and I believe that resilience remains one of our greatest strengths. While geopolitical tensions and shifting global capital flows create uncertainty, they also create opportunities for markets that offer liquidity, transparency, strong regulation and efficient access to investment opportunities. SA is well positioned to strengthen its role as a gateway to African growth, providing investors with exposure to emerging market opportunities.

At the same time, as one of the more liquid emerging markets, SA assets are often used by global investors as an early mechanism for portfolio repositioning, which can amplify volatility during periods of uncertainty. Furthermore, the shift towards artificial intelligence (AI) and tech-driven investing is reshaping global markets. Rather than diminishing SA’s relevance, it reinforces our role as a complementary and diversifying market within global portfolios, offering differentiated exposure to commodities, emerging market growth and African economic potential.

Q:  The JSE has invested in modernising its market infrastructure and expanding its product offering. Which initiatives have the biggest potential to effect transformation?

A:  One of the JSE’s most transformative investments is in its market infrastructure. Our infrastructure-as-a-service offering, including Colo 2 and JSE-FIX, has been a game changer in making access to the JSE simpler, more efficient and more scalable for market participants. They have lowered connectivity barriers, enhanced market access and helped attract new participants from new geographic regions, contributing to deeper liquidity and broader market participation. Exchanges of the future will be those that successfully combine world-class infrastructure, innovation and market accessibility. By continuing to invest in these areas, the JSE is strengthening its position as a globally relevant exchange while supporting the growth and competitiveness of SA’s capital markets.

Q:  How important is individual investor participation to the future success of SA’s capital markets, and what more can be done to encourage it?

A:  Retail participation is critical to the long-term success and sustainability of any capital market. A healthy market requires a diverse investor base. Retail investors provide additional liquidity, broaden ownership of assets and contribute to financial inclusion and long-term wealth creation.

The growth of exchange traded products (ETFs), actively managed ETFs (AMETFs) and digital investment platforms has already made investing more accessible and affordable for many South Africans. However, there is still significant untapped potential.

To accelerate participation, we need to focus on four areas: financial literacy, product innovation, accessibility and affordability. We must make investment concepts easier to understand, simplify the investment journey, reduce barriers to entry and continue developing products that meet the needs of different investor segments. Enhancing investor education, digital engagement and collaboration with intermediaries will be key to creating a stronger retail investment culture.

Q:  How do you see the JSE’s role evolving to remain competitive internationally?

A:  The role of an exchange has evolved significantly beyond simply providing a venue for trading securities.

Leading global exchanges increasingly operate as technology, data and market infrastructure businesses. They generate value through analytics, information services, capital-raising platforms, trading solutions and ecosystem partnerships. The JSE’s future lies in embracing this broader role while continuing to support economic growth through efficient capital formation.

We must strengthen our position as a trusted market operator, while also expanding our capabilities as an enabler of innovation, data-driven decision-making and new market opportunities. We will continue to deepen relationships with issuers, investors and intermediaries, expand international connectivity and explore new growth areas. Our success will depend on balancing innovation with market integrity and ensuring we remain a trusted partner to all participants across the financial ecosystem.

Q:  In what ways are sustainable finance, green investment products and carbon markets shaping SA’s capital markets?

A:  Sustainability is increasingly becoming a core investment consideration rather than a specialist asset class. SA is uniquely positioned to benefit from the global transition towards a lower-carbon economy. Capital markets will play a critical role in mobilising capital towards renewable energy, sustainable infrastructure, climate transition projects and broader developmental outcomes.

We are also seeing growing demand for sustainability-linked instruments, green bonds and ESG-focused investment products. Earlier in 2026, the JSE welcomed Africa’s first nature-linked performance-based bond, demonstrating how capital markets can be used to fund innovative solutions to environmental and developmental challenges.

Together with the JSE’s voluntary carbon market, these initiatives are expanding the range of sustainable investment opportunities available to investors while directing capital towards projects with measurable environmental impact.

Over time, I expect sustainable finance to become increasingly integrated into mainstream investment decision-making, helping direct capital towards projects that deliver both economic and environmental value.

Q:  How can capital markets better support entrepreneurs, high-growth firms and sectors critical to economic development?

A:  Capital markets have a critical role to play in funding growth, innovation and job creation. To better support entrepreneurs and high-growth businesses, we need to provide multiple pathways to capital throughout a company’s lifecycle. This includes strengthening public and private market solutions, supporting SME-funding initiatives and creating more efficient mechanisms for connecting businesses with investors.

We should also focus on reducing friction in the capital-raising process, improving visibility for emerging businesses and encouraging greater participation from both institutional and retail investors. The goal is to create an ecosystem where promising businesses can access capital more efficiently, scale more successfully and contribute meaningfully to economic growth and employment creation.

Q: Which technological developments will have the greatest impact on capital markets over the next decade, and how is the JSE preparing for them?

A:  AI, advanced analytics, automation and high-performance computing will fundamentally reshape capital markets over the next decade.

AI has the potential to transform nearly every aspect of the market ecosystem, from surveillance and risk management to client engagement, analytics and operational efficiency. At the same time, the increasing use of algorithmic trading, quantitative investment strategies and real-time data processing will drive demand for sophisticated computing infrastructure and low-latency environments.

We are also seeing the emergence of high-performance computing ecosystems around leading global exchanges. As market participants increasingly require access to advanced computing capabilities to support AI models, trading strategies and analytics, exchanges will play an important role in enabling these ecosystems through infrastructure, connectivity and technology services.

The JSE is preparing by continuing to invest in technology, market infrastructure and innovation. Its objective is to remain a trusted, resilient and forward-looking exchange that can support the evolving needs of issuers, investors and market participants, while positioning SA as a leading financial and technology hub on the continent.