Shares in the largest company on the JSE, Anglo American, have entered the electronic settlement environment.
From 22 October, its shares will have to be dematerialised before they can be sold.
Anglo American has a market capitalisation of about R145 billion, making it the largest company, by market capitalisation, to be listed on the local stock exchange.
It is also the second company with a dual listing to enter the electronic settlement environment managed by Strate. The first was IT group Dimension Data.
"The infrastructure required to handle electronic settlement of all listed counters was in place prior to March this year, when the main thrust of our dematerialisation drive got underway," says Strate CEO Monica Singer.
She says Strate's technology has the capacity to handle settlement volumes well in excess of those now passing through the system.
"Consequently, the Strate infrastructure will take the addition of Anglo American in its stride.
"The facility with which we have handled the dematerialisation of Dimension Data augurs well for a smooth transition of Anglo American shares to Strate."
Singer adds that this should highlight the level of Strate's sophistication to the international investment community.
The dematerialisation of Anglo American's shares means that almost 500 shares have now entered the electronic settlement environment.
The schedule is planned so that by the end of the year, every counter on the JSE will be dematerialised.
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