SA’s financial markets unite behind new Market Surveillance Code of Conduct

In a landmark moment for South Africa’s financial services sector, Investec and other SA stakeholders officially launched and handed over the South African Market Surveillance Code of Conduct to The South African Institute of Stockbrokers (SAIS), where senior representatives from across the industry including the some of the authorised users of the exchange, formally pledged their commitment to upholding its principles.

This historic handover signals a collective and proactive commitment to upholding ethical standards, reinforcing transparency, and aligning local financial market practices with global best-in-class norms. The Code has already been endorsed by leading industry stakeholders, including the JSE, A2X, The South African Institute of Financial Markets (SAIFM) and Public Investment Corporation (PIC), Steeleye, reflecting widespread industry support and momentum.

Spearheaded by Investec the Code is the culmination of three years of collaboration and consultation across regulators, market participants, and industry leaders. It defines the fit and proper conduct expected of all participants in the South African financial markets and provides a framework for detecting, deterring, and addressing market abuse, manipulation, and illegal trading practices. What’s more, it underscores the industry's shared belief that market surveillance is the first line of defence against systemic risk, and a key driver of investor confidence, international participation, and economic growth.

Speaking at the conference and handover, Themba Maseko, Head of Global Market and Investment Banking Compliance at Investec said: “Investors across the globe want to invest in trusted financial markets. It is not solely the responsibility of the regulators to drive this initiative; all stakeholders in South Africa must play their role to ensure our markets uphold the highest integrity to attract investment. By committing to these principles, we not only protect investor interests, but also foster a culture of accountability and transparency. This, in turn, will create more jobs and address some of the social issues that are holding our country back. Our support for this initiative reflects more than our role in the market – it speaks to our deep-rooted commitment to South Africa and our responsibility in shaping its financial future.”

South Africa’s financial market must be sustainable, competitive, and trustworthy for future generations and as a result, SAIS will be custodians of the Code. Receiving the Code Erica Bruce, President of SAIS said: “We are proud to take custodianship of the Code to help increase confidence in the South African market by ensuring our services are delivered in an efficient, transparent, and fair manner. Our role is to support a stable financial system - one that is well-regulated, inclusive, and reflective of the integrity of all who participate. Let’s educate, transfer skills and move forward together with purpose, unity and leading by example.”

Nedbank will take the baton from Investec in terms of moving forward as the Code will be periodically reviewed and updated to remain responsive to evolving global standards, technological innovation, regulatory reform, and the dynamic needs of the market.

“It represents a living commitment to continuous improvement in financial market surveillance and conduct and a continuous demonstration of the power of industry-wide collaboration in pursuit of a shared goal,” says Happy Shihau, Head of Compliance at Investec Corporate and Institutional Banking.

This year, in addition to the handover, the conference also brought together the Buy Side and Sell Side - vital industry stakeholders to collaborate on enhancing the integrity of the financial landscape. “While the focus of the various vendors differs, there is also a fair degree of overlap in what most of them seek to provide,” says Shihau.

The Cape Town conference session spotlighted the importance of recognising emerging risks early and the critical role shared standards play in building a resilient market surveillance culture. A key takeaway was the need for equal focus on both buy- and sell-side participants, whose inclusion is essential to closing gaps, ensuring market transparency and driving consistent oversight.

Complementary to this, a strong thread running through the Johannesburg session was the critical role that aligned incentives play across the capital markets lifecycle. It’s clear that governance and culture won’t just influence the sector - they’ll define it. We must be intentional about setting the standards, embedding accountability, and shaping the frameworks that will govern everything from intellectual property to the responsible use of AI. This isn’t a siloed effort. The power lies in ecosystem-wide collaboration - where shared responsibility fuels innovation, trust, and long-term resilience. Without it, the cost will be steep.

“By working together, we can exchange valuable insights, strengthen our collective frameworks, and foster a resilient, well-regulated environment that upholds the integrity of South Africa’s financial markets. We are proud to be part of this important initiative, which reflects our core values as well as our commitment to ethical and transparent market practices,” concludes Cumesh Moodliar, Investec CEO.