He was also found guilty on one charge of prejudicing the JSE arising from a letter drafted by him in relation to certain software.
Commenting on the findings of the disciplinary committee, Russell Loubser, executive president said: "The JSE is aware that there are a few initiatives to investigate the feasibility of a second stock exchange in South Africa. This is inevitable in a fast changing financial environment. What is disturbing about Mr Bastenie's involvement in the establishment of a rival exchange, however, is that he at no stage disclosed his intentions to the JSE despite the fact that he was privy to key strategic decisions and managing an important strategic project for the JSE. Had the JSE known of his intentions, we would not have permitted his continued involvement. However, he chose to keep his involvement in the rival exchange from the JSE.
"The JSE has invested much time and effort in developing a bold strategic vision that will open up new opportunities for its stakeholders including members and their clients, listed companies, vendors and JSE staff. We are committed to ensuring that we deliver this vision.
"The JSE will take every available action to protect its proprietary interests in this regard. It is very disappointing to me that a senior and trusted member of staff has breached our confidence."
