JOHANNESBURG (Reuters) – South Africa has issued its first stock exchange operating licence in more than 100 years, paving the way for a local company to compete with the Johannesburg Stock Exchange (JSE).

ZAR X Stock Exchange said on Wednesday it would start operating in September after securing approval from the Financial Service Board (FSB).

The bourse will be the second exchange after the more than a century old JSE, Africa’s biggest and most liquid stock market.

ZAR X plans to facilitate listings of restricted share schemes, currently trading over-the-counter (OTC), which the FSB ruled were in contravention of capital markets regulations.

(Reporting by Nqobile Dludla; Editing David Evans)