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.
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“I don’t have any doubts that there will be a place for progressive white people in this country in the future. I think the paranoia common among white people is very unfounded. I have always organized my life so that I could focus on political work. That’s all I want to do, and that’s all that makes me happy.”
—Hettie V., South African white anti-apartheid activist and feminist. As quoted in Lives of Courage, ch. 21, by Diana E. H. Russell (1989)
“I don’t have any doubts that there will be a place for progressive white people in this country in the future. I think the paranoia common among white people is very unfounded. I have always organized my life so that I could focus on political work. That’s all I want to do, and that’s all that makes me happy.”
—Hettie V., South African white anti-apartheid activist and feminist. As quoted in Lives of Courage, ch. 21, by Diana E. H. Russell (1989)
“All great religions, in order to escape absurdity, have to admit a dilution of agnosticism. It is only the savage, whether of the African bush or the American gospel tent, who pretends to know the will and intent of God exactly and completely.”
—H.L. (Henry Lewis)
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—Gertrude Stein (1874–1946)
“I should like not to exchange any of my life for money.”
—Henry David Thoreau (1817–1862)