In addition, trading on the gilts floors of the Johannesburg Stock Exchange came to an end in November 1995, shifting to the BMA which then operated an informal screen and telephone trading system with the Universal Exchange Corporation Ltd (Unexcor) serving as the clearing house.
The Rule Book and the principles underlying the operation of the market were approved in March 1996 and BESA was licensed (and started) to trade on 15 May 1996.