USD – South African Rand Futures
South African Rand – United States (USD-ZAR) dollar futures contract is a part of the key initiative of the exchange to give access to currencies that are relevant to the region as well as be a one stop shop for emerging market currencies.
The USD-ZAR contract is relevant to the region as South Africa is one of the largest trade partner of UAE especially for the Diamond and Gold trade in the UAE. Many South African mining companies have large presence in UAE.
- USD-ZAR is accessible from 7.00 AM- 11.55 PM UAE time
- Small contract size $50,000 suitable for traders and organizations with smaller exposures
- One of the only regulated platforms offering USD-ZAR Futures in GCC
- UAE is a Tax Free jurisdiction ensuring no tax liability arising out of accrued profit
- Overlaps most trading zones including Europe and United States hence any news effecting the ZAR markets lies within the time zone
- Ideal location for corporate organizations with exposure to hedge ZAR as onshore ZAR liquidity availability is difficult
Contract Parameters Contract Symbol DUSDZAR Underlying US Dollar Contract Size USD 50,000 Notional Contract Value USD 50,000 Trading Currency South African Rand (ZAR) Settlement Currency US Dollars (USD) Price Quote ZAR for 1 USD (e.g. ZAR 11.016 / 11.017 Per 1 USD) Tick Size 0.001 ZAR Tick Value 50 ZAR Settlement Basis Cash Final Cash Settlement Price Based on the USD-ZAR Fixing issued by Reserve Bank of South Africa on the Last Day of Trading Last Day of Trading The preceding Monday of the third Wednesday of the contract month except where that day is a bank holiday in either Dubai or Pretoria, in which case the Last Day of Trading shall be the preceding Business Day that is not a bank holiday in either Dubai or Pretoria Trading Days Monday through Friday Trading Hours 07:00 - 23:55 Hours Dubai time (GMT+4) Trading Months Twelve Monthly Contracts, at the outset first three serial months Contracts shall be available for trading. New Contract Listing Business Day immediately following the Last Day of Trading Max Order Size 500 lots for Banks and Institutions promoted by Banks Daily Price Movement Limit No price limit (Note 1*) Initial Margin based on SPAN The Initial Margin will be denominated in ZAR and the same shall be converted into equivalent USD at the prevalent Spot market rate of USD/ZAR to display Initial Margin Utilization in USD terms. Calendar Spread Margin 100% Calendar Spread benefit Note 1*: For the avoidance of "fat finger" errors, price band shall be 0.40 ZAR Cents from previous settlement price If price breaches the daily price movement limit, trading in particular contract shall continue, with the new trading price range without any cooling period
Product Contract Last trading date Expiry date Tender start date Tender end date Delivery start date Delivery end date Holiday DUSDZAR DUSDZAR-20170116 16-Jan-2017 16-Jan-2017 17-Jan-2017 17-Jan-2017 17-Jan-2017 17-Jan-2017 DUSDZAR DUSDZAR-20170213 13-Feb-2017 13-Feb-2017 14-Feb-2017 14-Feb-2017 14-Feb-2017 14-Feb-2017 DUSDZAR DUSDZAR-20170313 13-Mar-2017 13-Mar-2017 14-Mar-2017 14-Mar-2017 14-Mar-2017 14-Mar-2017 DUSDZAR DUSDZAR-20170413 13-Apr-2017 13-Apr-2017 17-Apr-2017 17-Apr-2017 17-Apr-2017 17-Apr-2017 Family Day 17-Apr-2017 DUSDZAR DUSDZAR-20170515 15-May-2017 15-May-2017 16-May-2017 16-May-2017 16-May-2017 16-May-2017 DUSDZAR DUSDZAR-20170619 19-Jun-2017 19-Jun-2017 20-Jun-2017 20-Jun-2017 20-Jun-2017 20-Jun-2017 DUSDZAR DUSDZAR-20170717 17-Jul-2017 17-Jul-2017 18-Jul-2017 18-Jul-2017 18-Jul-2017 18-Jul-2017 DUSDZAR DUSDZAR-20170814 14-Aug-2017 14-Aug-2017 15-Aug-2017 15-Aug-2017 15-Aug-2017 15-Aug-2017 DUSDZAR DUSDZAR-20170918 18-Sep-2017 18-Sep-2017 19-Sep-2017 19-Sep-2017 19-Sep-2017 19-Sep-2017 DUSDZAR DUSDZAR-20171016 16-Oct-2017 16-Oct-2017 17-Oct-2017 17-Oct-2017 17-Oct-2017 17-Oct-2017 DUSDZAR DUSDZAR-20171113 13-Nov-2017 13-Nov-2017 14-Nov-2017 14-Nov-2017 14-Nov-2017 14-Nov-2017 DUSDZAR DUSDZAR-20171218 18-Dec-2017 18-Dec-2017 19-Dec-2017 19-Dec-2017 19-Dec-2017 19-Dec-2017