JSE eyes OTC market as it revamps futures clearer
South African futures CCP limits member liabilities
In a move designed to bring it into compliance with new global principles, Safcom – the clearing house for the South African Futures Exchange (Safex) – is setting up a default fund, with limited liability for its member firms, replacing a model of unlimited member support. The changes will be finalised by the end of this month.
The move is also a stepping stone to the launch of an over-the-counter derivatives clearing service by the Johannesburg Stock Exchange (JSE), which runs Safex.
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