Johannesburg Stock Exchange Launches New Clearing Platform05.15.2019
On April 29, the Johannesburg Stock Exchange (JSE) successfully went live with a new real-time clearing platform for the JSE’s Equity Derivatives and Currency Derivatives market.
— Nasdaq Tech (@NasdaqTech) May 15, 2019
The launch is part of a multi-year project known as ITaC focusing on migrating all the JSE’s markets to the new clearing solution, bringing a host of benefits to the market including more efficient collateral utilization, intra-day risk monitoring and improved margin transparency. The project is delivered in phases with the first asset classes to be migrated being Equity and Currency Derivative markets.
“The launch of our new clearing platform is an important milestone in our aim to align ourselves with global best practices using a state of the art, multi-product technology solution,” said JSE CEO, Nicky Newton-King. “Technology has become vital for clearinghouses in offering services that stand up to market participants’ and regulators’ demands on robust risk management, transparency and efficiency.”
“The Johannesburg Stock Exchange plays an important role as the leading African exchange and a prominent global player,” said Michèle Carlsson, Managing Director and Head of Business Development, Middle East and Africa at Nasdaq. “JSE’s scalable and highly robust clearing solution makes them set for continued growth, innovative product development and compliance with evolving regulatory requirements. We look forward to continuing our journey and long-term technology partnership with them.”
Nasdaq’s market technology powers more than 250 of the world’s market infrastructure organizations and market participants, including broker-dealers, exchanges, clearinghouses, central securities depositories and regulators, in over 50 countries with end-to-end, mission-critical technology solutions.
The clearinghouses will be using a VaR methodology.
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The enhanced margining model strengthens resilience and boosts capital efficiency.
Nearly all cleared activity is in non-deliverable forwards (NDFs).