The Johannesburg Stock Exchange (JSE), today officially launched JSE Eris Interest Rate Swap (IRS) Futures.
The new JSE Eris Interest Rate Swap (IRS) Futures will be based on the Johannesburg Interbank Agreed Rate (JIBAR) and denominated in South AfricanRand (ZAR), according to a statement made available to CEOAFRICA.
"Bringing this product to market has been a collaborative effort between us, our clients and our partnership with Eris. After significant engagement with market participants, we took a global product and modified it to make it a truly South African product relevant to the South African market needs," Head of Interest Rates and Currencies at the JSE, Warren Geers.
"Eris congratulates the JSE on today's launch of JSE Eris Swap Futures, which utilises the Eris Methodology to offer the South African market the cash flows of interest rate swaps in a capital-efficient futures form," said CEO of Eris Exchange, Neal Brady. “We look forward to growth in JSE
Eris Swap Futures similar to what we have seen in the U.S., where year-to-date volumes are twice that of last year." He added.
"We believe that providing these swap future products via the JSE will offer our clients the regulatory certainty of futures and allow market participants to operate within the familiar eco-system of exchange traded futures," Geers.said.