South Africa’s new stock exchange, ZAR X, has won a major battle in its fight to operate in the country, with the FSB Appeal Board dismissing a JSE and 4AX appeal against ZAR X receiving an exchange licence.

ZAR X said the JSE and 4AX appealed the FSB’s granting of an exchange licence to it.

“The exchange will focus on facilitating investment and savings for ordinary South Africans and providing business with a more efficient and cost-effective method of accessing capital,” said ZAR X.

It said the JSE began its appeals against ZAR X in 2015, with its licence granted in August 2016.

“The judgement vindicates our belief that the JSE and 4AX appeals have been vexatious, aimed at preventing us from entering the market.”

ZAR X said its first listing will take place before the end of February. More issuers will be announced in the coming weeks, it said.