But more significantly, all these companies maintained their secondary listings on the JSE Securities Exchange South Africa, and their market capitalisation on the JSE actually increased from R126 billion in 1997 to R471 billion in 2003. So they have kept the home fires burning too! Over this same period international financial institutions began to conduct business in South Africa.
The creation of a level playing field between local and foreign service providers was entirely pursued by the authorities. The regulatory authorities also actively encouraged the development of appropriate clearing, settlement, ownership-transfer and market information systems and insisted on proper intramarket and cross-market risk management systems, including capital adequacy requirements for market participants.