This did not mean, however, that no reforms were required in these markets. The most striking adjustments occurred in the capital market.
A “big-bang” revolution took place in the Johannesburg Stock Exchange last year when: the market for trading in equities was separated from the bond market; an electronic screen trading system replaced the traditional open-floor outcry system; corporates and non-residents were allowed for the first time to become broker-members of the Exchanges; provision was made for negotiated commissions and principal versus broking trade by members of the Exchange.