The South African Futures Exchange (Safex) consists of a financial markets division (equity derivatives) and an Agricultural Markets Division (AMD) - agricultural derivatives.
The measures of the financial markets division have grown from R3.4 million at its formation in 1990 to R69 million at June 1997. Safex experienced a growth of 10.36 million contracts during the 1996/97 financial year, a year-on-year increase of 35 percent.
AMD was formed in 1995 and by 30 June 1997, the net reserves amounted to R3.2 million compared with the original operating forecast of R1.4 million.
Safex has kept abreast of developments in the world financial markets, and continues to make steady progress despite intensifying competition from international derivative exchanges and over-the-counter alternatives. The Safex reserves have grown sufficiently to allow a significant reduction in the fees it levies per future or options contract. Consequently, all fees were reduced by 50 per cent in 1997 and the changes on allocated trades were removed.
The Exchange is directed by an executive committee consisting of up to 11 elected members all with full voting rights, and an additional non-voting nominated people that the executive appoints. Policy decisions are made by the committee and carried out by a full-time management team headed by the CEO.
The Exchange is governed by members, but through their use of the exchange services, they are also its clients. The exchange is a Self Regulatory Authority and exercises its regulatory functions in terms of the Financial Markets Control Act, 1989 and its rules. The Exchange, in turn, is supervised by FSB.
Read more about South African Futures Exchange: Historical Development
Famous quotes containing the words south, african, futures and/or exchange:
“The developments in the North were those loosely embraced in the term modernization and included urbanization, industrialization, and mechanization. While those changes went forward apace, the antebellum South changed comparatively little, clinging to its rural, agricultural, labor-intensive economy and its traditional folk culture.”
—C. Vann Woodward (b. 1908)
“The writer in me can look as far as an African-American woman and stop. Often that writer looks through the African-American woman. Race is a layer of being, but not a culmination.”
—Thylias Moss, African American poet. As quoted in the Wall Street Journal (May 12, 1994)
“One of the things that is most striking about the young generation is that they never talk about their own futures, there are no futures for this generation, not any of them and so naturally they never think of them. It is very striking, they do not live in the present they just live, as well as they can, and they do not plan. It is extraordinary that whole populations have no projects for a future, none at all.”
—Gertrude Stein (1874–1946)
“The social kiss is an exchange of insincerity between two combatants on the field of social advancement. It places hygiene before affection and condescension before all else.”
—Sunday Correspondent (London, Aug. 12, 1990)