Newly launched stock exchange ZARX concluded its first trade in just 10 seconds.
Speaking on The Midday Report, ZARX CEO Etienne Nel said the new exchange will ultimately drive financial inclusion so people can open investment accounts on the stock exchange with small amounts of capital.
The listings are companies that have traded on the over-the-counter platform (OTC markets).
Asked if his company had done everything by the book, Nel confirmed that the FSB were very thorough in their consideration and granting of their license and that their license complies fully with the Financial Markets Act.
Initially, we won't be doing much capital raising. We'll merely be providing a licensed exchange platform for these OTCs to list on and then trade effectively in a regulated, transparent manner on an exchange.— Etienne Nel, ZARX CEO
Listen here to Etienne Nel, CEO and co-founder of ZARX: