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The ZARX is a registered stock exchange in South Africa. It aims to become a pan-African with a relatively low cost structure. It boasts settlement in T+0 - which compares to the JSE's settlement of T+3. At this time the ZARX has only 6 listings - Agribel, Senwes, Dale, Orion, Runway, Transformational and TWK Investments. None of these are listed on the JSE. The ZARX has had relatively little impact on the JSE since its inception in February 2017. So the ZARX is essentially a market for small companies that do not wish to list of the JSE - probably because of the costs. On 13th February 2023 the Financial Sector Conduct Authority (FSCA) cancelled ZARX's stock exchange licence with immediate effect for non-compliance with section 8 of the Financial Markets Act dealing with liquidity and capital adequacy. All securities must be delisted within 14 days.

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