The JSE Limited is the largest stock exchange in Africa. It is situated at the corner of Maude Street and Gwen Lane in Sandton, Gauteng,South Africa. In 2003 the JSE had an estimated 472 listed companies and a market capitalization of US$182.6 billion (€158 billion) as well as an average monthly traded value of US$ 6,399 million (€5.5 billion). As of 30 September 2006, the market capitalization of the JSE was at US$579.1 billion. The JSE is presently the 16th largest stock exchange worldwide. The JSE is planning to create a pan-African exchange by initially enabling investors to trade in shares from Ghana, Namibia, Zimbabwe andZambia. Later it will expand this across the rest of Africa. The JSE provides a market where securities can be traded freely under a regulated procedure. It not only channels funds into the economy, but also provides investors with returns on investments in the form of dividends. The exchange successfully fulfils its main function - the raising of primary capital - by rechannelling cash resources into productive economic activity, thus building the economy while enhancing job opportunities and wealth creation. The exchange is directed by an honorary committee of 16 people, all with full voting rights. The elected stock broking members, who may not number less than eight nor more than eleven, may appoint an executive president and five outside members to the committee. Policy decisions are made by the committee and carried out by a full-time executive committee headed by the executive president. The JSE is governed by its members but through their use of JSE services and facilities, these members are also customers of the Exchange. Although there is only one stock exchange in South Africa, the Stock Exchanges Control Act does allow for the existence and operation of more than one exchange. Each year the JSE must apply to the Minister of Finance for an operating license which vests external control of the exchange in the FSB. The JSE makes use of fully automatic electronic trading on the JET System (Johannesburg Equities Trading). The System is an order-driven automated trading system acquired from the Chicago Stock Exchange, which has successfully installed the system at several other exchanges around the world. The system was modified to suit the JSE's specialized needs. The order book is organized on the principle of "price/time" priority where orders registered in the book are ranked first at the best price and then in time sequence of the entry. The JET System has already resulted in significant improvements in transparency, price formation liquidity and cost of trading on the JSE. In August 1997, the JSE launched the real-time Stock Exchange News Service (Sens) to enhance the market transparency and investor confidence. Initially, it was optional for listed companies to use the Service during its two-month trial period. From October 15, augmented JSE listing requirements oblige companies to disseminate any corporate news or price-sensitive information on the Service prior to using any other media outlet. Sens is carried by all the major wire services. JSE's normal trading sessions are from 09:00am to 05:00pm on all days of the week except Saturdays, Sundays and holidays declared by the Exchange in advance. The Alternative Exchange is a stock exchange that was founded as a division of the JSE in order to accommodate small and medium sized high growth companies. Its website is accessible from the front page of the main website of the JSE. The Alternative Exchange is known as AltX. The bourse is operated by the JSE Limited, a company that listed on its own main board in June 2006.