The JSE is continuing to improve its facilities by providing for the immobilisation and dematerialisation of shares, and for improved clearing and settlement arrangements. The total value of shares traded on the JSE increased from R63 billion in 1995 to R448 billion in 1999. The most spectacular increase in volumes over the past few years took place in the Bond Exchange of South Africa.
This means that individual countries must cooperate with one another to maximize their policies’ impacts. On the other hand, the current international policy cooperation may also have the positive result of reducing the market uncertainties arising from the various policy directions different countries suggest.