To our valued Clients, SA Derivatives has updated its algorithmic margining model applicable to Contracts for Difference.
This initiative is to ensure that SA Derivatives is able to, on an ongoing basis, fulfil its regulatory obligations. Core to this responsibility is to effectively monitor and control systemic risk to itself, its clients and the market.
The new algorithm places particular emphasis on the volatility and liquidity of listed shares, factors very often ignored in determining a margin requirement on a geared holding. Although the issue of contracts for difference offers clients the opportunity to gain extra exposure in a share, the margin requirement should always be a function of the risks associated with that holding. Relying on a fixed percentage of the value of a holding often ignores the abovementioned risks. This could have devastating consequences during times of market turmoil.
Please be assured that SA Derivatives as issuer of contracts for difference take its responsibility to protect the wealth and investments of clients seriously. Accordingly it is believed that the introduction of a more advanced margining model will provide a more balanced approach to the implementation of our risk management procedures. We believe that the above initiatives will assist us in attaining our ultimate goal of ensuring the long term financial wellbeing of our clients.
The advanced margin model will be applied to listed contracts for difference from the ZA02*, ZA03* market segments and will be phased in over a four week period starting on 26 September 2016.
During each week, the implementation process will be increased by 25%.
Thank you for your continued support.
The Risk Management Committee
*JSE classification for less traded and or illiquid shares.
The JSE has announced that a decision regarding the final go-live date for the T+3 settlement cycle has been reached. We can confirm that the switch-over from a T+5 to T+3 settlement cycle will take place on Monday 11 July 2016.
For further information on how this affects you, please view the following:
Client T+3 Go Live Announcement
Settlement Obligations for Controlled Clients
Settlement Obligations for Non - Controlled Clients
For any further assistance, please contact Susan or Wilma on 011 214 7250 or email
The SA Stock Brokers Capital Tax-free Savings and Investment Account is manufactured so as to encourage individuals to save by offering them market exposure through Exchange Traded Funds (ETFs) combined with very favourable cost benefits.
SA Stock Brokers Capital takes the approach of creating a diversified ETF portfolio which is listed on the JSE. The ETFs will be purchased on a quarterly basis.
The TFSA portfolio comes with numerous tax benefits; investors are exempt from paying Capital Gains Tax, Interest Income Tax and Dividend Tax.
The investment offers individuals 2 fixed options via a mandatory debit order:
Investors may only contribute up to R 30 000 per year, and up to R 500 000 for the lifetime of the investment. The funds are easily accessible and the investment is liquid; however if funds are withdrawn, a period of a year must lapse before the investors may add funds back in and qualify for similar benefits afforded to them at the onset of the investment.
Any amounts exceeding the annual limit will be taxed at 40%.
Should you be interested in opening an account, please contact Yolandie on 011 214 7250 or email
We are pleased to announce that SA Derivatives (a subsidiary of SA Stockbrokers) has been authorised by the South African Reserve Bank as a Foreign Exchange Intermediary.
This enables us to competitively quote and process on your behalf any FOREX requirements which you may have as an individual or a company.
Should you have any queries in this regard you are kindly requested to contact:
Or call Ursela on: 011 214 7250
SA Stock Brokers is a member of JSE Limited
SA Derivatives is a member of JSE Limited, SAFEX and YieldX market. It is also an authorised Financial Service Provider (FSP No. 40248)