South African Rand/U.S. Dollar futures

Record ADV in June 2020 of 5,305 contracts (Daily traded notional at $156 million) up 52% vs May 2020

Key macro facts

South Africa is the second largest economy in Africa with a gross domestic product of $385 billion in 2019.  Like most emerging economies, South Africa is heavily dependent on commodity prices due to its role as a major exporter of minerals and, thus, is susceptible to movements in global commodity prices.  The South African rand has depreciated more than 22% against the US dollar during 2020.  The Covid-19 pandemic has added to South Africa’s already severe economic challenges with depressed growth, large fiscal deficits, and increasing debt load.  Economists expect economic activity will fall by 7.5% in 2020.  South Africa’s inflation rate has stabilized in recent years and is expected to be around 3% in 2020 going forward.  Economists continue to report bad news about the country’s job market situation with forecasts for the country’s unemployment rate at 35.3% for 2020.

Key stats

  • ADV for Q2 2020 reached a record 4,099 contracts breaking the 4k barrier for the first time over a quarter
  • Record ADV in June 2020 of 5,305, up 61% vs June 2019
  • ZAR Futures ADV YTD 3,390, up 83% vs 2019
  • ADV in notional terms (YTD 2020) at $117M; up 58% vs YTD 2019

Key features

  • Liquidity is available on-screen or through a growing block market, which can be executed in trades greater than 50 lots.
  • There are several new end-user participants joining our marketplace – attracted by the credit and capital efficiencies of trading Futures and CME Clearing

Key capital efficiencies and potential margin offsets

  • 40% savings with New Zealand Dollar (NZD/USD)
  • 50 % savings with Brazilian Real (BRL/USD)
  • 30% savings with Australian Dollar (AUD/USD), and Norwegian Krone (NOK/USD)
  • 60% Savings Mexican Peso (MXN/USD),
  • 45% Savings Canadian Dollar (CAD/USD),
  • 25% savings with Indian Rupee (INR/USD)
  • 20% savings Swedish Krone (SEK/USD)

CME Group ZAR/USD FX Futures

Be Part of the Trend and Trade South African Rand Futures at CME Group

Standard futures

Globex: 6Z Bloomberg: RAA Curncy Reuters: 0#RASS: 

Block minimum threshold: 50

Available in Monthlies and Quarterlies

Powered by CME Globex

Bringing together market participants and their liquidity, from pension funds to banks, from hedge funds to corporates, from more than 150 countries nearly 24 hours a day, ready for market-impacting events

Transact with Flexibility

Choose a block or an EFP where you can still privately negotiate your trades, but submit them directly into our clearing systems to free up credit lines and mitigate bilateral exposure – whether you are trading in South Africa or anywhere else in the world.

Reduce Risk and Manage Uncleared Margin Rule Changes

Through position-netting and by utilizing the capital and margin efficiencies of cleared and listed FX:

55 futures, 24 options, 26 CSFs and 12 NDFs.

Get Connected to the World’s Largest Regulated FX Marketplace

$100 billion of daily FX volume and the firm liquidity you need to manage FX risk, from rand to real.

Contract Specs

Contract Unit 500,000 South African rand
Trading Hours CME Globex: Sundays: 5:00 p.m. – 4:00 p.m. Central Time (CT) next day. Monday – Friday: 5:00 p.m. – 4:00 p.m. CT the next day, except on Friday – closes at 4:00 p.m. and reopens Sunday at 5:00 p.m. CT.
CME ClearPort: Sunday 5:00 p.m. - Friday 5:45 p.m. CT with no reporting Monday - Thursday 5:45 p.m. – 6:00 p.m. CT
Minimum Price Fluctuation $.000025 per South African rand increments ($12.50/contract).
Product Code CME Globex: 6Z
CME ClearPort: RA
Clearing: RA
Listed Contracts Thirteen consecutive calendar months plus two-deferred March quarterly cycle months
Settlement Method Deliverable
Termination Of Trading 9:16 a.m. Central Time (CT) on the second business day immediately preceding the third Wednesday of the contract month (usually Monday).
Settlement Procedures ZAR/USD Futures Settlement Procedures
Position Limits CME Position Limits
Exchange Rulebook CME 259
Block Minimum Block Minimum Thresholds
Price Limit Or Circuit Price Limits
Vendor Codes Quote Vendor Symbols Listing

South African Rand futures at CME Group

Available now on the platform you want

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