Africa Money News World

South Africa on track for electronic trading platform for govt bonds

JOHANNESBURG (Reuters) – South Africa’s Treasury is still on track to implement an electronic platform for primary dealers trading government bonds on the secondary market to ensure pricing transparency, it said on Friday.

New South African bank notes featuring an image of former South African President Nelson Mandela are displayed at an office in Johannesburg
New South African bank notes featuring an image of former South African President Nelson Mandela are displayed at an office in Johannesburg January 17, 2013. REUTERS/Siphiwe Sibeko

The project has been in the pipeline for more than a year, and will complement the current system where bonds are traded bilaterally, with the deals reported later to the JSE securities exchange for matching and settlement.

“The primary reasons for this decision are to enhance the transparency within the South African bond market and to enable the National Treasury to more accurately monitor the activities of the primary dealers,” the Treasury said in a statement.

South Africa currently has eight primary dealers who are permitted to participate at weekly government bond auctions and are also required to trade the debt on the secondary market.

Industry officials have said it could be months before the platform is operational.

Print Friendly, PDF & Email
Article from: af.reuters.com

We Recommend

The yoopya.com portal presents worldwide news, covering a large spectrum of content categories including Entertainment, Politics, Sports, Health, Education, Science and Technology and more. Top local and global news in the best possible journalistic quality. We connect users via a free webmail service and innovative.

South Africa on track for electronic trading platform for govt bonds

Discover more from Top Local & Global trusted News | Secure Email Account

Subscribe now to keep reading and get access to the full archive.

Continue reading