{"id":2400,"date":"2025-07-31T14:47:16","date_gmt":"2025-07-31T12:47:16","guid":{"rendered":"https:\/\/www.a2x.co.za\/?p=2400"},"modified":"2025-08-14T15:04:05","modified_gmt":"2025-08-14T13:04:05","slug":"why-multiple-exchanges-are-global-best-practice","status":"publish","type":"post","link":"https:\/\/www.a2x.co.za\/?p=2400","title":{"rendered":"Why Multiple Exchanges Are Global Best Practice"},"content":{"rendered":"\t<div id=\"text-1919958520\" class=\"text\">\n\t\t\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-large wp-image-2402\" src=\"https:\/\/www.a2x.co.za\/wp-content\/uploads\/2025\/07\/WhyMultipleExchanges-header-1024x544.png\" alt=\"\" width=\"1020\" height=\"542\" \/><\/p>\n<p style=\"text-align: left;\">Have you ever wondered how the world&#8217;s biggest financial centres keep their edge? Think London, New York, or major European hubs. While many factors contribute, one common thread often stands out: they don&#8217;t rely on just one stock exchange. Instead, they embrace a multi-exchange environment. This isn&#8217;t just a quirk; it&#8217;s widely considered international best practice for fostering dynamic, efficient, and investor-friendly capital markets.<\/p>\n<p style=\"text-align: left;\">But what does this global trend mean for us here in South Africa? As our own market landscape evolves, understanding why multiple exchanges work so well elsewhere offers valuable insights into the future we are building locally. Let&#8217;s explore why this model is favoured globally and how South Africa is aligning with this progressive approach.<\/p>\n\t\t\n<style>\n#text-1919958520 {\n  text-align: center;\n  color: rgb(26, 43, 71);\n}\n#text-1919958520 > * {\n  color: rgb(26, 43, 71);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"text-975197386\" class=\"text\">\n\t\t\n<h2><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-2344\" src=\"https:\/\/www.a2x.co.za\/wp-content\/uploads\/2025\/07\/A2X_red_arrow_right.png\" alt=\"\" width=\"20\" height=\"26\" \/> <strong>Learning from the World: The Global Shift Towards Multi-Exchange Markets<\/strong><\/h2>\n\t\t\n<style>\n#text-975197386 {\n  color: rgb(32, 18, 57);\n}\n#text-975197386 > * {\n  color: rgb(32, 18, 57);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"text-1449508311\" class=\"text\">\n\t\t\n<p>For decades, many countries operated with a single, dominant stock exchange. However, starting particularly in the early 2000s, regulators and market participants across the globe recognised the limitations of monopolies. Landmark regulations like MiFID (Markets in Financial Instruments Directive) in Europe and Reg NMS (Regulation National Market System) in the United States actively aimed to break down barriers and encourage competition between trading venues.<\/p>\n<p>Why did they do this? Policymakers and industry leaders realised that healthy competition could unlock significant benefits previously stifled under a single-provider model. They observed that introducing alternative, regulated trading platforms could lead to:<\/p>\n<p><strong>\u00a0 <img loading=\"lazy\" decoding=\"async\" class=\"alignnone  wp-image-2349\" src=\"https:\/\/www.a2x.co.za\/wp-content\/uploads\/2025\/07\/A2X_blue_arrow_right.png\" alt=\"\" width=\"14\" height=\"18\" \/>\u00a0 Increased Innovation:<\/strong>\u00a0Forcing exchanges to invest in better technology and services.<\/p>\n<p><strong>\u00a0 <img loading=\"lazy\" decoding=\"async\" class=\"alignnone  wp-image-2349\" src=\"https:\/\/www.a2x.co.za\/wp-content\/uploads\/2025\/07\/A2X_blue_arrow_right.png\" alt=\"\" width=\"14\" height=\"18\" \/>\u00a0 Reduced Costs:<\/strong>\u00a0Creating downward pressure on trading fees.<\/p>\n<p><strong>\u00a0 <img loading=\"lazy\" decoding=\"async\" class=\"alignnone  wp-image-2349\" src=\"https:\/\/www.a2x.co.za\/wp-content\/uploads\/2025\/07\/A2X_blue_arrow_right.png\" alt=\"\" width=\"14\" height=\"18\" \/>\u00a0 Improved Market Quality:<\/strong>\u00a0Offering more choice and efficiency for executing trades.<\/p>\n<p>Today, it&#8217;s standard practice in most developed economies for multiple exchanges and trading venues to operate side-by-side, each regulated and contributing to the overall market ecosystem. This isn&#8217;t theory; it&#8217;s a proven model delivering results daily.<\/p>\n\t\t\n<style>\n#text-1449508311 {\n  color: rgb(40, 40, 40);\n}\n#text-1449508311 > * {\n  color: rgb(40, 40, 40);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"text-283481570\" class=\"text\">\n\t\t\n<h2><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-2344\" src=\"https:\/\/www.a2x.co.za\/wp-content\/uploads\/2025\/07\/A2X_red_arrow_right.png\" alt=\"\" width=\"20\" height=\"26\" \/> <strong>What Benefits Does Global Best Practice Bring?<\/strong><\/h2>\n\t\t\n<style>\n#text-283481570 {\n  color: rgb(32, 18, 57);\n}\n#text-283481570 > * {\n  color: rgb(32, 18, 57);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"text-2106699061\" class=\"text\">\n\t\t\n<p>So, what exactly are the advantages that make multiple exchanges the preferred structure worldwide? The benefits cascade through the entire financial system.<\/p>\n\t\t\n<style>\n#text-2106699061 {\n  color: rgb(40, 40, 40);\n}\n#text-2106699061 > * {\n  color: rgb(40, 40, 40);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"text-1360812575\" class=\"text\">\n\t\t\n<h2><img loading=\"lazy\" decoding=\"async\" class=\"alignnone  wp-image-2345\" src=\"https:\/\/www.a2x.co.za\/wp-content\/uploads\/2025\/07\/A2X_green_arrow_right.png\" alt=\"\" width=\"20\" height=\"26\" \/> Driving Innovation and Technology<\/h2>\n\t\t\n<style>\n#text-1360812575 {\n  color: rgb(32, 18, 57);\n}\n#text-1360812575 > * {\n  color: rgb(32, 18, 57);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"text-2723709866\" class=\"text\">\n\t\t\n<p>When exchanges compete for order flow, technology becomes a key battleground. This drives rapid innovation. We see exchanges constantly upgrading their platforms for:<\/p>\n<p><strong>\u00a0 <img loading=\"lazy\" decoding=\"async\" class=\"alignnone  wp-image-2349\" src=\"https:\/\/www.a2x.co.za\/wp-content\/uploads\/2025\/07\/A2X_blue_arrow_right.png\" alt=\"\" width=\"14\" height=\"18\" \/>\u00a0 Lower Latency:<\/strong>\u00a0Faster execution speed is critical for brokers seeking the best possible price for their clients.<\/p>\n<p><strong>\u00a0 <img loading=\"lazy\" decoding=\"async\" class=\"alignnone  wp-image-2349\" src=\"https:\/\/www.a2x.co.za\/wp-content\/uploads\/2025\/07\/A2X_blue_arrow_right.png\" alt=\"\" width=\"14\" height=\"18\" \/>\u00a0 Higher Capacity:<\/strong>\u00a0Ensuring the system can handle large volumes without slowdowns, especially during volatile periods.<\/p>\n<p><strong>\u00a0 <img loading=\"lazy\" decoding=\"async\" class=\"alignnone  wp-image-2349\" src=\"https:\/\/www.a2x.co.za\/wp-content\/uploads\/2025\/07\/A2X_blue_arrow_right.png\" alt=\"\" width=\"14\" height=\"18\" \/>\u00a0 Advanced Order Types:<\/strong>\u00a0Developing sophisticated tools (like Auction on Demand or specific pegged orders) that help traders implement complex strategies and find liquidity more effectively.<\/p>\n<p>This technological arms-race ultimately benefits end-users with more powerful, reliable, and efficient trading tools.<\/p>\n\t\t\n<style>\n#text-2723709866 {\n  color: rgb(40, 40, 40);\n}\n#text-2723709866 > * {\n  color: rgb(40, 40, 40);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"text-439570737\" class=\"text\">\n\t\t\n<h2><img loading=\"lazy\" decoding=\"async\" class=\"alignnone  wp-image-2345\" src=\"https:\/\/www.a2x.co.za\/wp-content\/uploads\/2025\/07\/A2X_green_arrow_right.png\" alt=\"\" width=\"20\" height=\"26\" \/> Sharpening Pencils: The Impact on Costs<\/h2>\n\t\t\n<style>\n#text-439570737 {\n  color: rgb(32, 18, 57);\n}\n#text-439570737 > * {\n  color: rgb(32, 18, 57);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"text-1758478938\" class=\"text\">\n\t\t\n<p>Competition naturally drives down prices. In the exchange world, this means lower trading fees. Alternative exchanges often leverage leaner operating models and modern technology to offer more attractive pricing structures compared to legacy incumbents. Brokers benefit directly, and crucially, they can pass these savings onto their clients \u2013 the investors. Lowering the cost of investing means more capital stays invested and working for the client, enhancing long-term returns. This makes the market more accessible and efficient for everyone.<\/p>\n\t\t\n<style>\n#text-1758478938 {\n  color: rgb(40, 40, 40);\n}\n#text-1758478938 > * {\n  color: rgb(40, 40, 40);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"text-136951864\" class=\"text\">\n\t\t\n<h2><img loading=\"lazy\" decoding=\"async\" class=\"alignnone  wp-image-2345\" src=\"https:\/\/www.a2x.co.za\/wp-content\/uploads\/2025\/07\/A2X_green_arrow_right.png\" alt=\"\" width=\"20\" height=\"26\" \/> Enhancing Liquidity and Price Discovery<\/h2>\n\t\t\n<style>\n#text-136951864 {\n  color: rgb(32, 18, 57);\n}\n#text-136951864 > * {\n  color: rgb(32, 18, 57);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"text-1746788038\" class=\"text\">\n\t\t\n<p>Some might wonder if having multiple venues splits liquidity, making it harder to trade. While trades do occur across different platforms, modern broking systems use sophisticated\u00a0<strong>Smart Order Routers (SORs)<\/strong>. These routers automatically scan all legitimate venues to find the best available price and liquidity for any given order.<\/p>\n<p>Furthermore, having multiple points where buyers and sellers interact actually\u00a0<em>improves<\/em>\u00a0overall\u00a0<strong>price discovery<\/strong>. Competition plays a pivotal role in reducing friction costs and fostering innovation, which in turn attracts more participants and grows the quantum of overall trade activity. More trading data from different regulated sources gives a clearer, more robust picture of the true market value of a share. This transparency benefits all market participants, leading to fairer pricing.<\/p>\n\t\t\n<style>\n#text-1746788038 {\n  color: rgb(40, 40, 40);\n}\n#text-1746788038 > * {\n  color: rgb(40, 40, 40);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"text-2016292903\" class=\"text\">\n\t\t\n<h2><img loading=\"lazy\" decoding=\"async\" class=\"alignnone  wp-image-2345\" src=\"https:\/\/www.a2x.co.za\/wp-content\/uploads\/2025\/07\/A2X_green_arrow_right.png\" alt=\"\" width=\"20\" height=\"26\" \/> Fostering Resilience and Specialisation<\/h2>\n\t\t\n<style>\n#text-2016292903 {\n  color: rgb(32, 18, 57);\n}\n#text-2016292903 > * {\n  color: rgb(32, 18, 57);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"text-1717872643\" class=\"text\">\n\t\t\n<p>Relying on a single exchange creates a single point of failure. If that exchange experiences technical difficulties, the entire market can grind to a halt. A multi-exchange environment inherently builds\u00a0<strong>resilience<\/strong>. If one venue has an issue, trading can often continue on others, ensuring market continuity.<\/p>\n<p>Additionally, while not always the case, competition can sometimes lead to exchanges developing areas of specialisation, perhaps focusing on specific types of assets or catering to particular market segments, further adding depth to the overall market offering.<\/p>\n\t\t\n<style>\n#text-1717872643 {\n  color: rgb(40, 40, 40);\n}\n#text-1717872643 > * {\n  color: rgb(40, 40, 40);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"text-3813210646\" class=\"text\">\n\t\t\n<h2><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-2344\" src=\"https:\/\/www.a2x.co.za\/wp-content\/uploads\/2025\/07\/A2X_red_arrow_right.png\" alt=\"\" width=\"20\" height=\"26\" \/> <strong>Bringing Global Best Practice Home: The South African Context<\/strong><\/h2>\n\t\t\n<style>\n#text-3813210646 {\n  color: rgb(32, 18, 57);\n}\n#text-3813210646 > * {\n  color: rgb(32, 18, 57);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"text-3890084125\" class=\"text\">\n\t\t\n<p>For a long time, South Africa primarily operated with a single dominant exchange. However, recognising the benefits demonstrated globally, our regulator at the time, The Financial Services Board (FSB), and now jointly the Financial Sector Conduct Authority (FSCA) and Prudential Authority (PA) , paved the way for competition. The licensing of alternative exchanges, including\u00a0<strong>A2X Markets<\/strong>, signals South Africa&#8217;s strategic move to align with international best practice.<\/p>\n<p>We are now actively seeing the benefits of this global model taking root locally:<\/p>\n<p><strong>\u00a0 <img loading=\"lazy\" decoding=\"async\" class=\"alignnone  wp-image-2349\" src=\"https:\/\/www.a2x.co.za\/wp-content\/uploads\/2025\/07\/A2X_blue_arrow_right.png\" alt=\"\" width=\"14\" height=\"18\" \/>\u00a0 Innovation:<\/strong>\u00a0A2X introduced Aquis Exchange&#8217;s high-performance technology, prompting broader industry focus on platform capabilities.<\/p>\n<p><strong>\u00a0 <img loading=\"lazy\" decoding=\"async\" class=\"alignnone  wp-image-2349\" src=\"https:\/\/www.a2x.co.za\/wp-content\/uploads\/2025\/07\/A2X_blue_arrow_right.png\" alt=\"\" width=\"14\" height=\"18\" \/>\u00a0 Cost Reduction:<\/strong>\u00a0We offer significantly lower trading costs, providing tangible savings for the investment chain.<\/p>\n<p><strong>\u00a0 <img loading=\"lazy\" decoding=\"async\" class=\"alignnone  wp-image-2349\" src=\"https:\/\/www.a2x.co.za\/wp-content\/uploads\/2025\/07\/A2X_blue_arrow_right.png\" alt=\"\" width=\"14\" height=\"18\" \/>\u00a0 Enhanced Market Quality:<\/strong>\u00a0We provide an additional, regulated venue for trading, contributing to overall market data and giving brokers more options to achieve best execution.<\/p>\n<p>A2X operates alongside the JSE, both under the robust oversight of the FSCA and the PA. This regulated, multi-exchange environment mirrors the structures proven effective in leading global markets. We are not just adding a platform; we are contributing to a healthier, more competitive, and ultimately stronger South African capital market ecosystem.<\/p>\n\t\t\n<style>\n#text-3890084125 {\n  color: rgb(40, 40, 40);\n}\n#text-3890084125 > * {\n  color: rgb(40, 40, 40);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"text-3483776067\" class=\"text\">\n\t\t\n<h2><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-2344\" src=\"https:\/\/www.a2x.co.za\/wp-content\/uploads\/2025\/07\/A2X_red_arrow_right.png\" alt=\"\" width=\"20\" height=\"26\" \/> <strong>What This Means for You<\/strong><\/h2>\n\t\t\n<style>\n#text-3483776067 {\n  color: rgb(32, 18, 57);\n}\n#text-3483776067 > * {\n  color: rgb(32, 18, 57);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"text-1811926982\" class=\"text\">\n\t\t\n<p>This evolution impacts everyone involved in the market:<\/p>\n<p><strong>\u00a0 <img loading=\"lazy\" decoding=\"async\" class=\"alignnone  wp-image-2349\" src=\"https:\/\/www.a2x.co.za\/wp-content\/uploads\/2025\/07\/A2X_blue_arrow_right.png\" alt=\"\" width=\"14\" height=\"18\" \/>\u00a0 Brokers:<\/strong>\u00a0Gain more choice to fulfil best execution duties, access innovative tools, and potentially lower exchange fees.<\/p>\n<p><strong>\u00a0 <img loading=\"lazy\" decoding=\"async\" class=\"alignnone  wp-image-2349\" src=\"https:\/\/www.a2x.co.za\/wp-content\/uploads\/2025\/07\/A2X_blue_arrow_right.png\" alt=\"\" width=\"14\" height=\"18\" \/>\u00a0 Investors:<\/strong>\u00a0Benefit (often indirectly via their broker) from lower transaction costs, increased liquidity, innovative non-signalling order types, and overall improved market quality.<\/p>\n<p><strong>\u00a0 <img loading=\"lazy\" decoding=\"async\" class=\"alignnone  wp-image-2349\" src=\"https:\/\/www.a2x.co.za\/wp-content\/uploads\/2025\/07\/A2X_blue_arrow_right.png\" alt=\"\" width=\"14\" height=\"18\" \/>\u00a0 Listed Companies:<\/strong>\u00a0Gain access to an additional regulated platform for their shares to trade, potentially improving liquidity discovery and benefiting from a more competitive environment overall. Importantly, it also gives their shareholders a choice on venues on which to transact.<\/p>\n\t\t\n<style>\n#text-1811926982 {\n  color: rgb(40, 40, 40);\n}\n#text-1811926982 > * {\n  color: rgb(40, 40, 40);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"text-479110454\" class=\"text\">\n\t\t\n<h2><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-2344\" src=\"https:\/\/www.a2x.co.za\/wp-content\/uploads\/2025\/07\/A2X_red_arrow_right.png\" alt=\"\" width=\"20\" height=\"26\" \/> <strong>Embracing the Future of South African Markets<\/strong><\/h2>\n\t\t\n<style>\n#text-479110454 {\n  color: rgb(32, 18, 57);\n}\n#text-479110454 > * {\n  color: rgb(32, 18, 57);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"text-741527113\" class=\"text\">\n\t\t\n<p>South Africa&#8217;s journey towards a multi-exchange environment is a positive step, aligning us with proven global best practices. It fosters a more dynamic, innovative, and cost-effective market for all participants. A2X Markets is committed to playing a key role in this evolution, championing competition and transparency to help build a world-class financial market right here at home. By understanding and embracing this change, we can all contribute to and benefit from a more robust economic future.<\/p>\n\t\t\n<style>\n#text-741527113 {\n  color: rgb(40, 40, 40);\n}\n#text-741527113 > * {\n  color: rgb(40, 40, 40);\n}\n<\/style>\n\t<\/div>\n\t\n","protected":false},"excerpt":{"rendered":"<p>Excerpt text<\/p>\n","protected":false},"author":1,"featured_media":2432,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"cybocfi_hide_featured_image":"yes","footnotes":""},"categories":[11],"tags":[],"class_list":["post-2400","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Why Multiple Exchanges Are Global Best Practice - A2X Markets<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.a2x.co.za\/?p=2400\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why Multiple Exchanges Are Global Best Practice - 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