JSE refreshes IT operating structure in reshuffle

July 7, 2017 10:51 am0 commentsViews: 13

JSE technoBy MTHULISI SIBANDA
JOHANNESBURG, (TechnoAfrica) – THE Johannesburg Stock Exchange (JSE) aims to reduce its technology operating expenditure by a minimum of R70 million (US$5,2 million) over a two-year period as part of a restructuring exercise.
The exercise is aimed at driving greater efficiencies within the business.
Nicky Newton-King, Chief Executive Officer of JSE Ltd, said once completed, these initiatives would result in annualised cost savings of nearly R170 million which will be fully realised from 2019 onwards.
This is in addition to the nearly R65 million annualised savings already achieved to date through a combination of removing vacancies and reducing discretionary spend.
Newton-King said the JSE was refreshing its IT operating structure to align to best practice.
“At the same time, our large dependency on IT requires that we look at using technology in a more agile manner to support the execution of our business strategy.”
Newtown-King said globally, securities exchanges and other players in the financial services industry were adjusting the way in which they operated in response to changing regulatory requirements and the fast-pace of technological developments.
In addition, on a macro-economic level, South Africa continued to be plagued with low economic growth, rating downgrades and a loss of business confidence.
“This has negatively impacted market activity,” the executive said.
JSE announced plans to shed 60 jobs as part of the revamp. This represents 14 percent of its full time staff complement.

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