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.
Globex: 6Z Bloomberg: RAA Curncy Reuters: 0#RASS:
Block minimum threshold: 50
Available in Monthlies and Quarterlies
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
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.
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.
$100 billion of daily FX volume and the firm liquidity you need to manage FX risk, from rand to real.
|Contract Unit||500,000 South African rand|
|Trading Hours||CME Globex:||Sundays: 5:00 p.m. – 4:00 p.m. Central Time (CT) next day. Monday – Friday: 5:00 p.m. – 4:00 p.m. CT the next day, except on Friday – closes at 4:00 p.m. and reopens Sunday at 5:00 p.m. CT.||CME ClearPort:||Sunday 5:00 p.m. - Friday 5:45 p.m. CT with no reporting Monday - Thursday 5:45 p.m. – 6:00 p.m. CT|
|Minimum Price Fluctuation||$.000025 per South African rand increments ($12.50/contract).|
|Product Code||CME Globex: 6ZCME ClearPort: RAClearing: RA|
|Listed Contracts||Thirteen consecutive calendar months plus two-deferred March quarterly cycle months|
|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|