There has not been one failed share trade on the JSE under the electronic settlement system since the inception of Strate.
Strate CEO Monica Singer says that in the paper-based settlement environment, 30% to 40% of trades do not settle on time.
Strate is the central securities depository and electronic clearing and settlement system for equity transactions in SA.
Singer says the dematerialisation process, which is to ensure that trades in all listed equities are settled electronically by the end of 2001, is progressing well.
The largest company to have entered the electronic settlement environment so far is Sanlam. Close to 1.8 billion of its shares, or 65% of its issued share capital, have been converted to electronic records of ownership in a matter of weeks.
Dimension Data will be the first of the JSE's dual-listed companies to enter Strate when its shares begin to be dematerialised on 25 September.
Of the JSE's other large market caps, Richemont enters Strate on 1 October, Amplat and Liberty on 8 October, Anglogold and Barloworld on 15 October, Firstrand and Implats on 29 October, Investec and Imperial on 5 November, Remgro on 12 November, Sasol on 19 November and Old Mutual on 18 December.
Singer says the dematerialisation schedule has proceeded according to plan, and adds that there has been no incidence of tainted scrip.
Related stories:
Strate completes second phase of migration
Securities lending and borrowing goes electronic
Large-cap shares move into electronic era
Share