Bonding exchanges

The Bond Exchange of South Africa has been taking tentative steps towards expansion since its demutualisation in 2007. Now, its future looks intimately intertwined with that of its former rival, the Johannesburg Stock Exchange. Mark Pengelly reports

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Exchange consolidation is one global trend that seems unaffected by the credit crisis, as a likely tie-up between the Johannesburg Stock Exchange (JSE) and the Bond Exchange of South Africa (Besa) may soon prove.

"Integrating Besa and the JSE is in line with bourse consolidation around the world," declared Nicky Newton-King, the JSE's deputy chief executive, in a statement last October that heralded the beginning of its bid for the fixed-income exchange. Not only would a union of the JSE and

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