Date: 03/11/2009
Source: South African Reserve Bank
Title: SARB: Mminele: Address by the deputy governor of the SARB at the
Spire Awards ceremony, JSE, Johannesburg

Good evening distinguished guests, nominees for the 2009 Spire Awards,
Sponsors of the Awards, ladies and gentlemen

It is an honour to be invited to speak at this prestigious event, which is
held in
recognition and celebration of excellence in South Africa's fixed income
market.
The Spire Awards have become a key event in the South African financial
markets calendar.

BESA has undergone numerous changes over the past two years, having
successfully completed its demutualisation and recapitalisation at the time
of the
2008 Spire Awards and now, just more than a year later, has become a wholly
owned subsidiary of the Johannesburg Stock Exchange (JSE). BESA should be
congratulated for the role it played in the development of South Africa's
bond
market. In the more than 10 years of its existence, BESA played a prominent
role
in advancing South Africa to its position as one of the most liquid and
developed
amongst global bond markets, and a leader in emerging markets. This fact is
clearly illustrated by the significant rise in turnover in recent years,
from R9, 5
trillion in 1998 to R19, 1 trillion in 2008. The World Federation of
Exchanges
places BESA as the fourth largest exchange in terms of turnover recorded for
bond trades in 2008...

Download the full speech as a pdf above.