South African Rand/U.S. Dollar Futures

Expanding liquidity pool with the certainty of our clearing house

Key Macro Facts

The South African economy is projected to grow by 1.2% in 2019, accelerating further to 1.5% in 2020. Given population growth, gross domestic product per capita growth has been close to zero since 2014. Commodity prices remain important for South Africa, a major exporter of minerals and importer of oil. Strengthening investment, including foreign direct investment, will be critical to propel growth and create jobs. Unemployment, poverty, and economic inequality – among the highest in the world – remain a challenge.

As a major exporter of raw materials including precious metals, the South African Rand is impacted by the volatility in commodity prices.

Key Stats

  • ZAR had an ADV of 3,286 in June up 16% YoY.
  • Average OI YTD June 2019 of 18,469 contracts, up 60% vs YTD June 2018

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 futures.

Key capital efficiencies and margin offsets

  • 35% savings with Brazilian Real (BRL/USD)
  • 30% savings with Australian Dollar (AUD/USD), Mexican Peso (MXN/USD), New Zealand Dollar (NZD/USD), and Russian Ruble (RUB/USD)
  • 26% savings with Canadian Dollar (CAD/USD)
  • 25% savings with Indian Rupee (INR/USD)

CME Group ZAR/USD FX Futures

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

Available Now on the Platform You Want

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

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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 - Friday 5:00 p.m. - 4:00 p.m. CT with a 60-minute break each day beginning at 4:00 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

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