Exchanges merge in South Africa

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The Independent Online
SOUTH AFRICA'S equity, bond, and futures exchanges have agreed to merge to cut costs and compete with foreign exchanges.

"The primary aim of the integration is to ensure that the South African financial markets should provide efficient, cost-effective, secure and transparent markets which are internationally competitive,'' the Johannesburg Stock Exchange, the South African Futures Exchange, and the Bond Exchange of South Africa said in a joint statement.