As we reflect on the past quarter, the Johannesburg Stock Exchange (JSE) continues to advance with clarity and conviction amid a complex and fast-moving global environment. Across capital markets, ongoing uncertainty, sluggish growth and geopolitical tension continue to shape investor sentiment. Yet, the JSE remains resilient, focused and forward-looking, an anchor of market integrity and a platform for financial progress. Exchanges now have a deeper role to play, shaping how finance aligns with national priorities, how opportunity is distributed and how resilience is built into the system. This belief informs everything we do.

This principle shapes Operation Phumelela, the Financial Sector Competitiveness Taskforce. In collaboration with the National Treasury and leading institutions, this initiative is identifying and removing practical barriers to growth across our financial markets. From enabling non-rand listings and non-ZAR fund management to improving collateral frameworks and reducing the cost of capital for small and medium enterprises (SMEs), Phumelela will unlock market efficiency, broaden participation and restore SA’s position as a compelling investment destination. Beyond these measures, it also aims to derisk corporate balance sheets, reduce the cost of trading, enable regional investment and diversify funding beyond banks, making SA an increasingly attractive domicile for investment. The initiative supports the Treasury’s broader national growth goals and seeks to enhance SA’s appeal to global fund managers by increasing long-term assets under management and positioning SA as a regional financial hub.

Our efforts extend beyond institutional reform to the grassroots ecosystems of inclusive growth. JSE SME Rise continues to support high-potential SMEs with the tools, networks and guidance they need to scale sustainably. Most recently, we expanded the SME Rise portfolio, launching the JSE SME Rise International Expansion Solution. In collaboration with Business France and the French Embassy, this initiative is designed to connect SA SMEs with opportunities in the French market.

Earlier this year, we also launched a new collaboration with the UK-South Africa Tech Hub to introduce the 2025 cohort of the Enterprise Acceleration Programme. This initiative is delivered in partnership with Mamela Luthuli, founder of Take Note IT and a distinguished alumna of the programme, whose continued involvement reflects the enduring impact and success of our enterprise development efforts. The programme targets high-growth, tech-enabled businesses and offers a 12-month journey focused on acceleration, investor readiness and market expansion. In a time when entrepreneurship must be more than an aspiration, the JSE is providing pathways to scale. Together, these initiatives continue to lay the foundation for a more resilient and dynamic SME ecosystem, in SA and beyond.

Broadening economic inclusion also means reconnecting individuals with their stake in the system. In February, we launched the Claim It campaign to help South Africans recover more than R4.5 billion in unclaimed dividends. Backed by major listed companies including Old Mutual, Sasol, Cashbuild and others, this effort has already led to at least 65 000 registrations and more than 8 100 confirmed matches. It is a meaningful restoration of trust, returning capital to its rightful owners, and reminding all participants that our markets exist to serve them.

While these initiatives expand access, the JSE is maintaining its efforts to drive innovation across its core markets. Our listings pipeline continues to grow, marked by strong global traction. Notable developments include Anglo American Platinum’s strategic conversion to Valterra Platinum, the deepening engagement between Canal+ and MultiChoice and Cell C’s pending unbundling from Blue Label Telecoms. These signal a renewed confidence in SA’s capital markets and a growing recognition of Johannesburg as a trusted node in global financial flows.

Our sustainability agenda continues to accelerate. The JSE’s green and sustainability-linked bond platform was recently included in the EU Global Green Bond Initiative, reinforcing our alignment with global best practices. With more than 102 bonds listed and R66-billion outstanding, we are directing capital to tangible outcomes, from renewable energy and water infrastructure to urban transport systems.

Redesigning finance for purpose means building infrastructure that is deliberate, credible and built to last. As climate pressures rise, inequality deepens and legacy models strain, the role of an exchange becomes unmistakable – to shape the systems through which capital moves and to ensure it flows towards resilience, productivity and shared progress. For an exchange, design is destiny. How we structure access, standards and signals shapes not only our business, but the economy we serve. At the JSE, we believe that running a strong market and shaping a stronger economy are inseparable responsibilities.

Enduring progress requires enduring partnerships. We thank our issuers, investors, regulators and ecosystem collaborators for the shared work in strengthening SA’s capital markets, and we look forward to building a more investable future together.

Dr Leila Fourie
Group Chief Executive Officer
JSE