The Johannesburg Stock Exchange, the largest in Africa, has terminated Allan Thomson’s services as head of its equity derivatives, Financial Times reports. He has been sacked from the exchange for breaching its rules, which forbid directors from trading on their account.

Graham Smale replaces Thomson as head of the derivatives business on an interim basis while continuing as director of interest rate products. The developments come as Russell Loubser, the exchange’s CEO for the past 15 years, prepares to hand over responsibilities to deputy CEO Nicky Newton-King.

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