JSE After Dark: Could SA’s market start trading around the clock?

Imagine checking a company announcement at 10 PM and being able to trade immediately, instead of waiting for the next morning.
The JSE is exploring exactly that – extending trading hours beyond the usual 9-to-5.

With global exchanges moving toward nearly 24-hour trading, JSEinvestors could soon react to news in real time, trade alongside international markets, and finally get more flexibility in a market that has traditionally slept when the world was awake.

But there’s a catch: will the benefits outweigh the costs in a market where many stocks trade thinly, and some barely trade at all?

Let’s dive in.

Why 24-Hour Trading for the JSE?

Globally, exchanges are experimenting with extended hours. The London Stock Exchange (LSE) and CBOE Europe already run sessions overlapping Asian and US markets, while NYSE Arca is preparing nearly 24-hour trading with just a one-hour daily pause for maintenance. If all goes to plan, this could go live by the end of 2026.

Crypto set the stage here. Digital assets have normalised the idea that markets never sleep, and traditional exchanges now feel pressure to keep pace. The JSE doesn’t want to be left behind.

SA has a significant base of global investors and dozens of companies with meaningful cross-border exposure. Around-the-clock access could help the JSE stay relevant, attract new participants, and give existing investors far more flexibility.

But running a market 24/7 is no small feat.

It would require significant structural changes across the board. The JSE’s trading and settlement systems would need to operate reliably around the clock, with faster servers, stronger cybersecurity, and robust backups in place to prevent any technical disruptions.

Liquidity would also be a critical challenge. Without enough buyers and sellers, after-hours sessions could easily turn into ghost towns, meaning market makers would need to remain active outside regular trading hours.

On top of that, regulatory oversight would have to evolve. The Financial Sector Conduct Authority (FSCA) would need new rules, and dual-listed companies might require coordination with foreign regulators.

Finally, costs would rise, from staffing and technology upgrades to market-maker incentives, raising the question of whether trading volumes would justify the investment.

Small caps could be the big winners, though…

When the JSE talks 24/7, the spotlight usually falls on Naspers, Anglo, Richemont – big players that drive most daily turnover. But small caps might gain the most.

Here why…

• Finally, a bit of attention

For small caps, the biggest headache is simply being noticed. Companies often drop updates late, and by the time you see it, prices have already jumped or slumped by the next morning. With extended hours, you’d be able to react straight away. No more playing catch-up.

• After-hours for after-work investors

Let’s be honest: most people have jobs during trading hours. That means if you like a results update or a new contract win, you’re stuck waiting until the next day. Evening access flips that on its head – you could trade on the news the same night, from your couch. That kind of flexibility could pull more everyday investors into the smaller end of the market.

• A bit more liquidity, please

Small caps are often illiquid – wide spreads, thin volumes, and that awful feeling of being “trapped” in a share. If longer hours get even a few more buyers and sellers involved, spreads could narrow, and trading could feel less sticky. It doesn’t take much to make a big difference in these counters.

• Opening the door to global money

And then there’s the international angle. Right now, our trading hours don’t overlap neatly with London or New York. Stretch the clock, and suddenly offshore funds can dip into niche SA plays – like tech, or junior mining – while their own markets are still open.

For many small-caps desperate for attention, that’s a golden opportunity.

For the big stocks, 24-hour trading might just be a nice-to-have. For small-caps, it could be game-changing.

But there are real risks!

After-hours markets can amplify volatility. In the US, even modest trading volumes after hours can produce sharp price swings. On the JSE, small-cap shares with thin order books could experience the same or worse.

Costs are another concern. Brokers and market makers would need to staff desks, manage systems, and commit capital. Smaller firms might opt out, leaving only large players to benefit – and potentially undermining the small-cap advantage.

A phased rollout for the JSE makes sense

The most realistic path is a phased approach. The JSE could start with after-hours sessions for the Top 40 or dual-listed stocks, where liquidity is strongest. This would allow testing of systems, monitoring of activity, and troubleshooting without disrupting the broader market.

If successful, the JSE could gradually expand to more companies and longer hours. Even a limited pilot would signal modernisation and hint at a future where SA trading is more flexible, global, and accessible.

For big stocks, 24-hour trading might be a nice-to-have. For small caps and retail investors, it could be transformative. More visibility, faster reactions, and a bridge to international capital.

The market may not sleep, but soon, your opportunity to trade might not either.