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Settlement occurs on the rolling settlement date. Only on-market trades are contractual. There is no official OTC market or trade procedure for dealing with unlisted securities.

However, the following procedure is routinely followed on uncontrolled trading via physical settlement taking place outside the stock exchange:. Reverse substitution processing is equated to a buy-in and is applicable to on-market trades only. All outstanding trades are followed up with both the customer and their counterparty until resolved. If the problem is not resolved by Thereafter, the broker is forced to take ownership of the trade and must procure settlement.

The trade is cancelled on the account of the customer and must be re-booked, by the customer, by renegotiating a new trade and settlement date. All outstanding trades are followed up with both the customer and how to trade on the stock market in south africa counterparty, until resolved. If the trade cannot be committed to on settlement date, the exclusion process is begun, under advice. The custodian will capture an instruction to exclude the trade that prevents them from committing to a netted position and create gross trade positions within the second settlement cycle.

Thereafter, the BESA member is forced to take ownership of the trade and must procure settlement. STT is payable, at the rate of 0. The penalty structure is documented in the directives SF.

Back to page Print. Settlement process - South Africa The first settlement run starts at Same-day trades are allowed in the bond market. Customer instructions must be lodged with the settlement agent as soon as the trade is concluded, irrespective of whether or not the trade has been reported to the system, and the client must have sufficient stock for same-day settlement at STRATE.

The customer inputs the order to sell or buy. Reporting to client or counterparty. Brokers should ensure that no deal adjustments are made after The instruction deadline is However, the following procedure how to trade on the stock market in south africa routinely followed on uncontrolled trading via physical settlement taking place outside the stock exchange: The client instructs with specific settlement date.

The transaction is matched with the counterparty by telephone or email. The agent physically delivers the scrip to the counterparty settlement agent or custodian. Upon physical receipt of the scrip, settlement of scrip and cash, were applicable, is effected.

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BESA was granted its exchange license in and over the next twelve years was responsible for the development of the bond market in South Africa. As an exchange, BESA was in the business of providing a range of platforms and services to address the needs of capital market participants, be it issuers, market makers , traders or investors.

This was followed by a rights issue which was concluded in October , injecting fresh capital into the business and introducing new strategic partners to the exchange. With demutualisation and capitalisation achieved, BESA focused attention on furthering capital market infrastructure in South Africa through the introduction of projects such as;.

By the South African bond market was a leader among emerging-market economies. Given listed debt securities of R billion nominal. However the local bond market was still dominated by securities issued by the South African government , with local government, public enterprises and major corporations accounting for the rest of the debt issuers active in the market.

The number of borrowers and listed bonds as well as the market capitalisation had all risen sharply, at December BESA had listed some 1, debt securities, issued by sovereign and corporate borrowers, with a total market cap of R billion. BESA's rules and directives served as a tool for regulating both issuers and trading participants. Extensive rules also applied to trading participants, with BESA undertaking active surveillance over all aspects of market activity as well as requiring compliance with a variety of best-practice standards.

From Wikipedia, the free encyclopedia. Archived from the original on Designation of the Bond Exchange of South Africa as a recognised stock exchange for tax purposes". Retrieved July 22, Retrieved from " https: Views Read Edit View history.

This page was last edited on 19 August , at By using this site, you agree to the Terms of Use and Privacy Policy. Purchased by Johannesburg Stock Exchange. Johannesburg , South Africa.