ARTICLE · 10 NOVEMBER 1995

Amendment to SE Control Act 1, 1985 - Automated Trading

JSE Securities Exchange South Africa

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As a result of further extensive international research, the JSE Committee recognised the advantages of a fully automated trading system ("ATS").

The JSE is implementing an ATS which is order driven and operates on central market principles. Dual trading capacity will be complemented by allowing members to voluntarily act as market makers. There will be two auxiliary windows which support trading. One provides the facility for market makers to voluntarily quote two-way prices and the second caters for orders of a special kind such as "ex-dividend".

The cornerstone of the order driven system is a central order book ("the book") managed by the ATS. The book is open to members via their trading work stations which are linked to the ATS. Dealers enter buy and sell orders on the work stations. The orders are immediately included anonymously in the summary display of the aggregate of orders in the order book for all dealers to view.

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