January 10, 2012
Johannesburg, 9 January 2011: The Johannesburg Stock
Exchange (JSE) saw 800 platinum option contracts traded on
the Safex Commodity Derivative's Global Market late last
week, the first time that the JSE has seen this trading
strategy used by market participants.
Chris Sturgess, General Manager of the Commodities Division
at the JSE says, "To date the trade has been solely in
futures, but I'm pleased to see the first interest in using
options by a hedge fund. Options are versatile instruments
that in their simplest form enable traders to acquire a
type of insurance. Buyers pay a premium to reduce their
risk and have access to upside potential. This is a trend
we are optimistic will increase."
To date, trade in platinum futures has been increasing
steadily with just over 72,000 ounces traded last year to
the value of R923 million. Open interest is at 11,400
ounces and growing. One standardised contract represents 10
ounces of platinum with the contract traded and cash
settled in Rand off the international NYMEX market.
Investors with an appetite for precious metals were first
afforded the opportunity to invest in platinum as a
commodity listed on Safex's commodity derivatives market in
October 2010, without contravening any mineral or exchange
control laws. This was due to an extension of a licensing
agreement that the JSE holds with the CME Group, the
world's largest derivatives market. In addition to
platinum, clients registered on the Safex derivative
markets can also get exposure to the international gold,
copper, silver and WTI crude oil markets.
The JSE first collaborated with the CME Group in 2009, to
introduce ZAR cash-settled commodity derivatives
referencing their corn market as benchmark USD prices.
JSE Limited
As South Africa's only full service securities exchange,
the JSE connects buyers and sellers in four different
financial markets, namely equities, equity derivatives,
commodities derivatives and interest rate instruments. The
JSE Ltd offers the investor a first world trading
environment, with world class technology, surveillance and
settlement in an emerging market context. It is amongst the
top 20 largest equities exchanges in terms of market
capitalisation in the world.
ISSUED BY:
Victoria Williams / Renata Da Silva
Corporate Communications Consultants (Pty) Ltd
Tel: + 27 11 463 2198
Email: victoria@corpcom.co.za
/ renata@corpcom.co.za
ON BEHALF OF:
Chris Sturgess
General Manager of the Commodities Division
JSE Limited
Tel: + 27 11 520 7299
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