Johannesburg launches currency futures

The exchange said it plans to add euro/rand and sterling/rand futures, with a minimum size of 1,000 of the underlying currency. Contracts will be cash-settled in rand, and will be available in three-month, six-month and nine-month tenors. The exchange said it would also make options on futures available. Market makers for the futures contracts are Investec and Standard Bank.

Though the rand itself is still subject to some exchange controls, the currency futures allow individuals and foreigners to invest without limit in foreign exchange movements; other investors such as trusts and investment funds will need approval from the government.

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