An important development for South Africa’s grain and oilseed trading industry occurred quietly last month, while many market participants were still on holiday.
The Information Regulator, advocate Pansy Tlakula, issued an enforcement notice following a complaint lodged against the Johannesburg Stock Exchange (JSE) by Inhlanhla Ventures.
The regulator set aside the JSE’s refusal to disclose records relating to a series of allegedly suspicious share trades and ordered the exchange to notify all parties involved so that they could make representations regarding the release of the requested information.
The complaint arose from a Promotion of Access to Information Act (PAIA) request submitted by Inhlanhla in 2023. The request sought access to records relating to trades executed on the JSE between 3 and 19 May 2020 involving shares in enX Group Ltd.
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While the case centres on equities, its implications extend well beyond the listed shares market. Maize, wheat and oilseeds are actively traded on the Commodity Derivatives Market (CDM), a division of the JSE. Given the strategic importance of these commodities to food security, transparency and efficiency in price discovery are critical.
For many years, industry participants have called on the JSE to publish a Commitment of Traders (COT) report, similar to those available in international markets such as the CME Group in the United States.
The local transparency gap
The South African Cereals and Oilseeds Trade Association (Sacota) said, “It is precisely this type of information that Sacota, along with other industry bodies, has repeatedly requested from the JSE. The exchange has consistently maintained that it is legally prohibited from publishing such information unless every market participant consents, arguing that the data is private and confidential.
“The lack of transparency became particularly contentious last year when local maize prices surged by more than 21% in just two and a half months, before collapsing by 27% over the following two months. At the time, the industry debated whether these movements were fundamentally justified or driven by speculative activity. Ultimately, no definitive conclusion could be reached due to insufficient information.”
According to Sacota, while COT reports alone do not define market efficiency, they form part of a broader transparency framework that also includes stock levels, quality reports, logistical accessibility, out-loading schedules and dispute mechanisms. Most of this information is available, but without a complete picture, efficient price discovery remains compromised.
“Sacota escalated the issue by requesting a meeting between the JSE and the Financial Sector Conduct Authority (FSCA), which took place on 16 July 2025. At the meeting, the FSCA stated that the Financial Markets Act does not permit the publication of COT-type information, even in aggregated form. However, Sacota’s subsequent review indicated that this interpretation may be flawed.
“This is where the Information Regulator’s enforcement notice becomes highly relevant. Inhlanhla had approached the regulator under PAIA, arguing that it had been adversely affected by the trades and suspected market manipulation but lacked evidence of who was behind them.”
Strategic options for the agricultural industry
Following its engagement with the FSCA, Sacota identified four possible pathways to pursue access to COT-style information:
- Approaching the National Agricultural Marketing Council (NAMC), drawing on precedents under the Marketing of Agricultural Products Act, where aggregated data is disclosed through SAGIS with Competition Commission oversight where necessary.
- Engaging the National Treasury, under which the FSCA ultimately resorts.
- Approaching the minister of agriculture from a food security perspective.
- Submitting a PAIA request directly to the JSE.
Until recently, the fourth option appeared unlikely to succeed. The Information Regulator’s enforcement notice, however, suggests that this avenue may now be viable.
The outcome of the JSE’s court application, and the broader debate it has reignited, carries significant implications not only for Sacota but for the wider agricultural sector. For an industry that has long advocated for greater transparency to support efficient and credible price discovery, the enforcement notice represents a potentially pivotal shift in how access to market information is interpreted under South African law.
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