At a time when global markets are being reshaped by geopolitical realignment, shifting capital flows and persistent macroeconomic uncertainty, the role of trusted market infrastructure has never been more critical. Across both developed and emerging economies, we are seeing a recalibration of risk, a repricing of capital and a renewed emphasis on resilience. In this environment, exchanges are not merely venues for trading; they are central to enabling capital formation, supporting economic stability and connecting local opportunity with global investment.

The Johannesburg Stock Exchange stands out – both within emerging markets and globally. As the largest exchange on the African continent and among the top 20 exchanges worldwide, it operates at the intersection of global capital and regional growth, offering scale, depth and institutional strength that few markets can match.

As I step into the role of Group Chief Executive Officer, I do so with a clear sense of both responsibility and urgency. The world is not waiting – and neither can we. Exchanges today must move with greater speed, clarity of purpose and a sharper focus on delivering real economic impact.

SA is repositioning itself with a more compelling and enduring investment thesis – grounded in institutional strength, market sophistication and structural reform. The JSE plays a central role in this trajectory: as a catalyst for capital, a platform for price discovery and a conduit through which both domestic and international investors can access opportunity at scale – supporting not only economic expansion, but also more inclusive and sustainable growth.

Our markets reflect this strength. The equity market remains deep and liquid, providing efficient access to a diverse set of sectors and issuers, while the fixed-income market is equally well established – offering stability, depth and consistent demand in an environment where credible yield remains highly sought after. Together, they form a robust and balanced ecosystem that underpins confidence in SA’s financial architecture.

In periods of heightened volatility, the value of such credible, well-functioning markets becomes even more pronounced – reinforcing their role not only in facilitating investment, but also in anchoring economic resilience and enabling broader participation in growth.

Looking ahead, the mandate for global exchanges is clear: to enhance competitiveness, accelerate innovation, deepen liquidity and uphold the highest standards of market integrity. But beyond this, there is a more defining imperative – to ensure that markets remain relevant in a changing world, widening access to capital and supporting inclusive, long-term growth. This is the lens through which the JSE is approaching its next phase.

We will be deliberate in strengthening our global competitiveness, disciplined in how we deploy technology to unlock efficiency and scale, and focused on deepening the role our markets play in supporting growth across the economy. Just as importantly, we will continue to build stronger connections – between local and global capital, between public and private sectors and between today’s opportunities and tomorrow’s potential.

In a world defined by constant change, credibility, adaptability and execution will continue to define market leadership.

The JSE is firmly focused on strengthening global competitiveness, accelerating innovation and delivering real economic impact.

Valdene Reddy
Group Chief Executive Officer