Trade
on A2X
An experienced team hand-picked from across the financial services and technology industries, run the exchange. This experience, combined with cutting-edge technology and stable systems enable a seamless trading experience for our brokers.
View our Trading DocumentationBenefits of
Trading on A2X
Best
Execution
By looking cross-market you can ensure that you are getting the best deal for your clients and are following international best practice.
Choice and
Reduced Fees
We strive to empower the market with choice by providing an alternative low-cost venue for issuers to secondary list shares for trade and for brokers to transact upon.
Contingency
Plan
From a contingency perspective, should one market experience issues, you will still be able to trade on the other market.
Latest
Technology
By using the latest high-performance exchange technology supplied by Aquis Exchange in the UK and through other efficiencies, we are able to offer large fee savings on the end-to-end cost of transacting.
Clearing
Process
A2X fits into the existing capital market infrastructure and uses Strate and its participants to settle all trades transacted on A2X.
How do I
Trade on A2X?
In order to trade on A2X, you need to use an approved broker.
A2X has developed a post trade system that enables our brokers to undertake agency trades on behalf of their clients and easily manage the deal allocation and settlement process – more detail can be found on the Post Trade page.
If you are a locally domiciled broker and would like to become an A2X member, Simply contact our broker team and they will take you through the application process
Trade
Types
Continuous Trading
What is Continuous
Read More
What is Continuous
Trading?
Continuous trading is a method for transacting security
orders and involves the immediate execution of orders upon
receipt by market makers and specialists.
Auction on Demand (AoD)
What is Auction on
Read More
What is Auction on
Demand (AoD)?
The A2X Auction on Demand is a pre-trade transparent intraday auction where Members can enter limit orders or midpoint pegged orders referencing the combined best bid and offer of A2X + Primary Best Bid and Offer (APBBO).
Market at Close (MaC)
Why MaC?
A2X brings competition into the closing auctions and gives the
industry a genuine choice.
Large in Scale (LS)
Read More
Large in Scale (LS)
The LS trade type is available to brokers to enable them to execute large transactions which comply with A2X minimum size criteria.
Negotiated Benchmark Cross (NBC)
Read More
Negotiated Benchmark Cross (NBC)
Although widely used in Europe, this is a new order type which A2X is introducing to the South African market.
Broker
Applications
In order to trade on A2X, applicant brokers need to submit a formal application to A2X for review and approval. Once approved, brokers are then subject to regulation by the exchange to ensure compliance with the A2X Rules and Directives and achieve a fair and orderly market.
Get in Touch
Trading
Regulation
A2X is a stock exchange licenced in terms of The Financial Markets Act, No 19 of 2012 and regulated by the Financial Sector Conduct Authority (FSCA) and Prudential Authority (PA) of South Africa.
In order to trade on A2X, applicant brokers need to submit a formal application to A2X for review and approval. Once approved, brokers are then subject to regulation by the exchange to ensure compliance with the A2X Rules and Directives and achieve a fair and orderly market.
Best Execution
Best execution across stock exchanges is in best interests of South African investors.
What is Best Execution?
Best Execution is common practice in all developed markets and many emerging markets. It is a piece of regulation that requires a stock broking firm or financial intermediary to ensure they use best endeavours, when transacting in orders on behalf of a client, to achieve the best possible outcome for their client.
In Europe, the requirement of “Best Execution” is dealt with in the Markets in Financial Instruments Directive (MiFID) and it says that all financial services firms carrying out transactions on their clients’ behalf: “must take all reasonable steps to obtain the best possible result, taking into account price, costs, speed, likelihood of execution and settlement, size, nature or any other consideration relevant to the execution of the order.
What does this mean for me in South Africa?
“In the last few years, four new stock exchanges have opened for business in South Africa. This has been a significant development for our market, as for much of the past 130 years, the JSE has been the only exchange on which to transact.
The introduction of competition means a fundamental shift in the way brokers approach trading for their clients. In shares that have a listing on more than one exchange it has now become imperative they look across markets to ensure they are transacting at the best possible price for their client orders.
As most exchanges operate in micro-seconds, the use of modern technology in not only the most efficient way for brokers to achieve best execution, it is vital they use it to do so. A smart order router, typically known as just a SOR, automates the process. It scans the available exchanges in real time to find the best available deal. It important to make sure your broker is getting you best execution and if not, you are probably paying to too much.
Kevin Brady, A2X CEO, shares his views on South African stock market
developments
Client Feedback
We pride ourselves on delivering exceptional service to issuers and brokers alike.
But don’t just take our word for it.
A secondary exchange like A2X brings substantial advantages to the South African market. It boosts liquidity through innovative incentives and creative order types, facilitating more efficient price discovery and deeper market engagement. This can result in tighter spreads and reduced transaction costs for investors. Fostering a competitive environment is crucial for driving innovation and advancements in trading technologies and services. Ultimately, a secondary exchange strengthens and enhances the resilience of the financial ecosystem.”
Merlin Rajah – Head: Equities Electronic Product
Absa Corporate and investment Banking
A2X is one of a growing number of new exchanges that are leveraging technology in an effort to reduce trading costs and increase market transparency. As one of the world’s leading technology investors we understand the value of technology and are pleased to support these efforts by also listing on A2X. We believe our shareholders will appreciate the added choice of trading venues.
Bob van Dijk – Naspers CEO
We are very pleased to be listing on A2X and to be able to offer investors greater access to trade our shares, and the opportunity to participate in the on-going growth and development of South Africa’s capital markets.”
Roy Bagattini – WHL Group CEO
As an active player in the South African equity market as both an issuer and fund manager, we appreciate the impact that A2X is likely to have on South African markets. For this reason, we felt that Coronation needed to be part of the evolution.
Anton Pillay – Coronation CEO
We are excited to be joining A2X which provides investors with an alternative venue to trade our shares, a platform that offers efficient and cost-effective trading. We are also pleased to be supporting the development of South Africa’s capital markets through this listing
Roland van Wijnen – PPC CEO