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Twenty-one banks and financial institutions meet and establish the South African Futures Exchange (Safex) and the Safex Clearing Company (Safcom). April 1987 Rand Merchant Bank Limited (RMB) start 5 trading "futures" contracts on various equity indices and long bonds. RMB is the exchange, clearing house and only market maker.
In this post, we will take a look at the forex regulatory framework across Africa. Foreign Exchange (Forex or FX) market is one of the most popular market’s in the world today and it has been ...
The number of days will depend on the option agreement, the currency pair and the banking hours of the underlying currencies. The convention helps the counterparties to understand when payments will be made for each trade. For the convention, there are four key dates to consider when trading a particular currency pair:
PAPSS sends credit or debit settlement instruction to the Central Bank of the originator and the Central Bank of the beneficiary. The Central Banks settle the transaction in hard currency, using Afreximbank as the settlement agent. Once the cross-border net settlement is complete, the beneficiary receives the funds in their local currency. [10]
These foreign-currency deposits are the financial assets of the central banks and monetary authorities that are held in different reserve currencies (e.g., the U.S. dollar, the euro, the pound sterling, the Japanese yen, the Swiss franc, the Indian rupees and the Chinese renminbi) and which are used to back its liabilities (e.g., the local ...