Johannesburg Stock Exchange

www.jse.co.za  
Tel : 27.11 520 7000
Fax : 27.11 520 8604

 

Representatives

Chairman : Mrs. Nonkululeko Nyembezi-Heita 

Chief Executive Officer : Ms. Nicky Newton-King

 

Types of Securities Traded

Name of Trading Systems

(cash and derivatives)

Trading Hours

EQUITIES MARKET

Equities (Main Board and AltX), ETFs

Millennium IT

09 :00 – 17 :00 (Reported Trades until 18:00)

Carbon Credit Notes (CCNs)

Debentures

Depository Receipts

Exchange Traded Funds (ETFs)

Exchange Traded Notes (ETNs)

Linked Units

Ordinary Shares

Participatory Interests

Preference Shares

Real Estate Investment Trusts (REIT's)

Share Instalments

Warrants

Municipal bond

Nil Paid Letters

Loan Stock Units

Millennium IT

 

INTEREST RATE DIVISION

Spot Bonds, Repos and Bonds Indices

Nutron Trading System

Reported trade hours 7:00-18:00

Bond Futures, JIBAR Futures and Index Futures

Nutron Trading System

8.00-17:00 (report only and central order book)

EQUITY DERIVATIVES MARKET

Index Futures, Index Options, SSF, Single Stock Options, Dividend Neutral Stock Futures (DNSF), Dividend Futures, IDX, IDX Options, SAVI Squared, SAVI Top 40, Exchange-traded CFDs, MSCI SA Index

Nutron Trading System

8:30-17:30 (admin period 18:15)

CURRENCY DERIVATIVES MARKET

Currency Futures and Options, Maxi Currency Futures Contract, RAIN (Rand Index)

Nutron Trading System

8:00-17:00

COMMODITY DERIVATIVES MARKET

Agricultural Derivatives : Futures on White and Yellow  Maize, White and Yellow Maize  Grade 2, Wheat, Sunflower Seed, Soya, Sorghum

Nutron Trading System

Open Order: 8h50-8h59, Trading of Grains: 9:00 – 12:00 ,Admin Grains: 12h00-12-45 (physical delivery month contracts) 12h00 to 14h30 (all other expiry month contracts), Physical delivery processing 13h00, Trading energy and metals: 9h00-17h00, Admin metals: 17h00-17h15

COMEX Silver and Copper Futures

COMEX Gold, NYMEX Platinum and NYMEX WTI crude oil FUTURES & OPTIONS

Agricultural Derivatives : Options on White and Yellow Maize, Wheat, Sunflower Seed, Soya, Sorghum

CBOT Corn, CBOT Soybeans, CBOT Soybean Meal, CBOT Soybean Oil, CBOT wheat

FUTURES & OPTIONS, Kansas City Board of Trade Hard Red Winter Wheat

 

 

 

Supervisory Body

Financial Services Board

Website : www.fsb.co.za

Name of Clearing & Settlement Organization

STRATE - Settlement house for equities and spot bonds
SAFCOM - Clearing house for derivatives

Settlement Cycle

T + 5 in Equity Market
T + 3 in Spot Bond Market, all JSE derivatives markets (including physical commodities settlement cycle T+1)
 

Name of Central Securities Depository

STRATE (CSD)

Website : www.strate.co.za

 

Commissions on Transactions levied by Exchange

Taxes on Dividends, Interests

NA 

Share ownership thresholds (%)

Section 140A of the Companies Act 61 of 1973 imposes an obligation on registered holders of securities in a company (“registered shareholders”) who are not the beneficial owners of the interests in such securities to disclose, at three month intervals, to the issuer of the securities the identity of the persons on whose behalf they hold such securities (“the beneficial owners”) and the number and class of securities issued by that issuer held on behalf of each such person.

Section 140A of the Companies Act 61 of 1973 also imposes a duty on the issuer to publish, in its annual financial statements, a list of the persons who hold beneficial interests equal to or in excess of 5% or more of the total number of securities issued by the company together with the extent of those beneficial interests.

The acquisition of securities in a listed company (whether by purchase or subscription) will have to be disclosed to the Securities Regulation Panel (“SRP”) and will have to comply with the provisions of the SRP Code on Takeovers and Mergers (“the Code”) as soon as the aggregate shareholding in the company by the shareholder (acting alone or in concert with another) allows it to exercise, or cause to be exercised, 35% or more of the voting rights at meetings of that company. The Code also requires that a mandatory offer be made to the other shareholders once the 35% threshold is reached, unless an exemption or waiver has been granted. In addition, after the 35% threshold has been reached, and until 50% of the voting rights have been acquired, disclosure must also be made to the SRP in relation to the acquisition in any period of 12 months of securities carrying more than 5% of the voting rights of the company. After 50% has been acquired, then disclosure must be made every time another 5% of the voting rights of the company is acquired.

 

Short selling (Yes / No)

Covered Short Selling only

 

Short selling conditions (if any)

Short Selling in the Equity Market is only permitted if a scrip lending agreement is in place. No ‘naked’ Short Selling is permitted in the JSE Equity Market.

 

EQUITIES MARKET

 

 

TradElect Trade Transaction Leg (either buy or sell)

ZAR Excluding VAT

 

 

Equities

Percentage of value of each trade leg 0.0055%

Variable

Subject to Floor Limit of Each Trade Leg

R 4.00

Subject to Ceiling Limit of Each Trade Leg

R 20.00

Clearing & Settlement

Percentage of value of each trade leg 0.0026%

Variable

Subject to Floor Limit of Each Trade Leg

R 2.59

Subject to Ceiling Limit of Each Trade Leg

R 10.50

 

ALTx

Percentage of value of each trade leg 0.0055%

Variable

Subject to Floor Limit of Each Trade Leg

R 3.64

Subject to Ceiling Limit of Each Trade Leg

R 8.20

Clearing & Settlement

Percentage of value of each trade leg 0.0040%

Variable

Subject to Floor Limit of Each Trade Leg

R 1.29

Subject to Ceiling Limit of Each Trade Leg

R 7.91

 

Warrants

Percentage of value of each trade leg 0.0055%

Variable

Subject to Floor Limit of Each Trade Leg

R 2.74

Subject to Ceiling Limit of Each Trade Leg

R 6.17

Clearing & Settlement

Percentage of value of each trade leg 0.0040%

Variable

Subject to Floor Limit of Each Trade Leg

R 1.29

Subject to Ceiling Limit of Each Trade Leg

R 7.91

 

Discounts and Discount Thresholds

20 % Percentage discount on each trade leg fee when discount threshold is reached

R15 billion discount threshold based on the accumulated value of central order book trades (AT + UT - CT)

 

EQUITY DERIVATIVES MARKET

Index Futures – Central Order Book

  • A value based fee structure.

  • Charged at 0.10 of a Basis point (i.e. 0.00001), calculated off the end-of-day Index Spot Price

  • Formula = Spot Close x Nominal x Basis Points x Quantity Traded = Trading Fees

Index Options – Central Order Book

  • A value based fee structure.

  • Fees calculated off the Delta of the traded option

  • Options charged at Delta times 0.10 of a Basis point (i.e. Delta * 0.00001)

  • A Maker-Taker (passive/aggressor) pricing model, where price makers are rewarded for providing liquidity.

-       Maker of the price = Zero fees to be charged

-       Taker of the price = Central order book fees to apply

  • Formula = Spot Close x Nominal x Basis Points x Quantity Traded x Delta = Trading Fees

Index Futures – Reported Trades 

  • A value based fee structure.

  • Charged at 0.12 of a Basis point (i.e.  0.000012), calculated off the end-of-day Index Spot Price

  • Formula = Spot Close x Nominal x Basis Points x Quantity Traded = Trading Fees

Index Options – Reported Trades

  • A value based fee structure.

  • Fees calculated off the Delta of the traded option

  • Options charged at Delta times 0.12 of a Basis point (i.e. Delta * 0.000012)

  • Formula = Spot Close x Nominal x Basis Points x Quantity Traded x Delta = Trading Fees

 Single Stock Futures (including IDX and ADX) – Central Order Book

  • 1 Basis point (i.e. 0.0001), calculated off the end-of-day SSF Spot Price

  • A Cap of R120 of the nominal underlying value.

Note: There is no Cap on IDX and ADX

  • A Floor of R0.01 per contract

  • A Maker-Taker (passive/aggressor) pricing model, where price makers are rewarded for providing liquidity.

-       Maker of the price = Zero fees to be charged

-       Taker of the price = Central order book fees to apply

  • Formula = Spot Close x Nominal x Quantity Traded x Basis Points = Trading Fees 

Single Stock Options (including IDX and ADX) – Central Order Book

  • Fees calculated off the Delta of the traded option

  • Options charged at Delta times 1 of a Basis point (i.e. Delta * 0.0001)

  • A Cap of R120 of the nominal underlying value

Note: There is no Cap on IDX and ADX

  • A Floor of R0.01 per contract

  • A Maker-Taker (passive/aggressor) pricing model, where price makers will be rewarded for providing liquidity.

-       Maker of the price = Zero fees to be charged

-       Taker of the price = Central order book fees to apply

  • Formula = Spot Close x Nominal x Quantity Traded x Basis Points x Delta = Trading Fees

Single Stock Futures (Including IDX and ADX) – Reported Trades

  • Charged at 1.75 of a Basis point (i.e. 0.000175), calculated off the end-of-day SSF Spot Price

  • A Cap of R120 of the nominal underlying value

Note: There is no Cap on IDX and ADX

  • A Floor of R0.01 per contract

  • Formula = Spot Close x Nominal x Quantity Traded x Basis Points = Trading Fees

Single Stock Options (Including IDX and ADX) – Reported Trades

  • Fees calculated off the Delta of the traded option

  • Options charged at Delta times 1.75 of a Basis point (i.e. Delta * 0.000175)

  • A Cap of R120 of the nominal underlying value

Note: There is no Cap on IDX and ADX

  • A Floor of R0.01 per contract

  • Formula = Spot Close x Nominal x Quantity Traded x Basis Points x Delta = Trading Fees

Can-Do Futures and Options Pricing Model

Can Do fee structure

 

Please find at: http://www.jse.co.za/Libraries/Can-do_Options_-_Booking_Fee_Schedule/Booking_Fee_Schedule.sflb

 

COMMODITY DERIVATIVES MARKET

 

Futures (per contract incl VAT) :

 

Commissions

White and Yellow Maize (100 tonnes)

R12 per contract, Delivery Fee R200 per contract

White and Yellow Maize 2nd Grade (100 tonnes)

R12 per contract, Delivery Fee R200 per contract

Wheat (50 tonnes)

R6 per contract, Delivery Fee R100 per contract

Sunflower seed (50 tonnes)

R6 per contract, Delivery Fee R100 per contract

Soya (25 tonnes)

R3 per contract, Delivery Fee R50 per contract

Sorghum (100 tonnes)

R12 per contract, Delivery Fee R200 per contract

Corn

R15 per contract

Soybean

R15 per contract

Soybean Meal

R15 per contract

Soybean Oil

R15 per contract

Wheat (CBOT)

R10 per contract

Gold

R13 per contract

Platinum

R15 per contract

Crude Oil

R10 per contract

Copper

R10 per contract

Silver

R13 per contract

Options (per contract incl VAT) :

 

Commissions

White and Yellow Maize (100 tonnes)

R6 per contract

White and Yellow Maize 2nd Grade (100 tonnes)

R6 per contract

Wheat (50 tonnes)

R3 per contract

Sunflower seed (50 tonnes)

R3 per contract

Soya (25 tonnes)

R1.50 per contract

Sorghum (100 tonnes)

R6 per contract

Corn

R10 per contract

Soybean

R10 per contract

Soybean Meal

R10 per contract

Soybean Oil

R10 per contract

Wheat (CBOT)

R6  per contract

Gold

R8 per contract

Platinum

R10 per contract

Crude Oil

R6 per contract

 

 

BOND MARKET

 

Spot Market

 

Two cost structures exist in this model due to the two offerings available for booking/trading bonds (spot and repos) at the JSE.

 

Report only trades will be booked on the Nutron platform and incur the following transaction processing costs:

 

TRANSACTION PROCESSING – REPORT ONLY TRADING (NUTRON)

Tier, based on monthly nominal traded / reported

Fixed fee (per trade leg)

SPOT trades (per million nominal)

REPO & other trades (per million nominal)

Min

Max

0

R5 billion

R10(1)

Free

Free

> R5 billion

R200 billion(3)

R24(1)

R1.20(1) (2)

R0.80(1) (2)

 

(1) Trades with a nominal size of R1 000 000 and smaller are free of both the fixed trade leg fee and variable per million fee

(2) With a maximum limit of R1 500 per trade leg

(3) Monthly nominal traded above R200 billion does not incur a fixed fee per trade, and is charged at 30c per million irrespective of trade type (spot or repo)

(4) Interdealer brokers (IDBs) are only charged on one trade leg per transaction

(5) If an member trades less than R200bn nominal in a month, but processes more than 5 000 trade legs in that month, they will receive a 50% rebate of the total transaction processing fee due in that month

(6) An member’s transaction processing fees are capped at R180 000 for the month if and when transaction processing fees calculated in accordance with the above model exceed R180 000 in that month

 

The above transaction processing fee is charged monthly in respect of Report Only bond trades executed and reported to the JSE Ltd on the Nutron platform.

 

Central Order Book trades will be booked on the Nutron platform and incur the following transaction processing costs:

 

TRANSACTION PROCESSING – CENTRAL ORDER BOOK (Nutron)

Based on monthly nominal traded

Fixed fee

SPOT trades (per million nominal)

REPO & other trades

Min

Max

0

Unlimited

0

R 2.00

R 2.00 

 

(1)   No maximum limit per trade leg

(2)   All members have the same fee structure in this model

(3)   An member’s transaction processing fees are not capped in this model

(4)   All fees are exclusive of 14% VAT

The above transaction processing fees are charged daily in respect of spot bond and repo Central Order Book trades executed on the Nutron platform.

 

Derivative Market

 

Interest rate derivatives will be booked on the Nutron platform.

 

TRANSACTION PROCESSING - INTEREST RATE DERIVATIVES

Contract

Nominal

Trading Fee per contract

Bond futures

R 100,000

R 0.66

Index futures

Index level*10 000

R 6.58

Jibar future

R 100,000

R 0.22

Options

1 option on 1 future

R 0.66

 

(1)   Bond futures listed on all liquidity government bonds

(2)   All the above fees are exclusive of 14% VAT

(3)   Fees incurred irrespective if opening or closing position

(4)   One option contract is based on one futures contract

(5)   All members have the same fee structure in this model

(6)   A member’s transaction processing fees are not capped in this model

 

CURRENCY DERIVATIVES MARKET

 

Currency Futures Trading Costs

The sliding scale fee structure for Currency Futures: (including “Any-day” Expiries):

Sliding scale band (per deal)

Fee per contract                 

 

 

1 - 999

R1,28

1,000 - 4999

R1.10

5,000 - 7,499

R0,91

7,500 - 9,999

R0,60

10,000 and above

R0,45

The fees are capped at R39,900 per deal to entice bigger contracts.
*All the above fees include VAT of 14%. 

Maxi Dollar/Rand Currency Futures Trading Costs

The Sliding Scale Fee Structure for the Maxi Dollar/Rand Currency Future: ($100,000)

Sliding scale band (per deal)

Fee per contract                 

 

 

1 - 9

R128

10 - 49

R110

50 - 74

R91

75 - 99

R60

100 and above

R45

The fees are capped at R39,900 per deal to entice bigger contracts.
*All the above fees include VAT of 14%.

Currency Options Trading Costs:

The sliding scale fee structure for Currency Options: (including “Any-day” Expiries)

Sliding scale band (per deal)

Fee per contract                 

 

 

1 - 999

0.64

1,000 - 4,999

0.55

5,000 - 7,499

0.46

7,500 - 9,009

0.30

100 and above

0.23

The fees are capped at R39,900 per deal to entice bigger contracts.
*All the above fees include VAT of 14%.

Maxi Dollar/Rand Currency Option Trading Costs

The sliding scale fee structure for the Maxi Dollar/Rand Currency Option: ($100,000)

Sliding scale band (per deal)

Fee per contract                 

 

 

1 - 9

R64.00

10 - 49

R55.00

50 - 74

R45.50

75 - 99

R30.00

100 and above

R22.50

The fees are capped at R39,900 per deal to entice bigger contracts.
*All the above fees include VAT of 14%.

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This page was last updated on: 05/15/2014 - 17:58