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USD-South African Rand Futures

South African Rand – United States (USD-ZAR) dollar futures contract is a part of the key initiative of the exchange to give access to currencies that are relevant to the region as well as be a one stop shop for emerging market currencies.




Contract Symbol



US Dollar

Contract Size

USD 50,000

Notional Contract Value

USD 50,000

Trading Currency

South African Rand (ZAR)

Settlement Currency

US Dollars (USD)

Price Quote

ZAR for 1 USD (e.g. ZAR 11.016 / 11.017 Per 1 USD)

Tick Size

 0.001 ZAR

Tick Value

50 ZAR

Settlement Basis


Final Cash Settlement Price

Based on the USD-ZAR Fixing issued by Reserve Bank of South Africa on the Last Day of Trading

Last Day of Trading

The preceding Monday of the third Wednesday of the contract month except where that day is a bank holiday in either Dubai or Pretoria, in which case the Last Day of Trading shall be the preceding Business Day that is not a bank holiday in either Dubai or Pretoria

Trading Days

Monday through Friday

Trading Hours

07:00 - 23:55 Hours Dubai time (GMT+4)

Trading Months

Twelve Monthly Contracts, at the outset first three serial months Contracts shall be available for trading.

New Contract Listing

Business Day immediately following the Last Day of Trading

Max Order Size

500 lots for Banks and Institutions promoted by Banks

Daily Price Movement Limit

No price limit (Note 1*)

Initial Margin based on SPAN

The Initial Margin will be denominated in ZAR and the same shall be converted into equivalent USD at the prevalent Spot market rate of USD/ZAR to display Initial Margin Utilization in USD terms.

Calendar Spread Margin

100% Calendar Spread benefit

Note 1*: For the avoidance of "fat finger" errors, price band shall be 0.40 ZAR Cents from previous settlement price If price breaches the daily price movement limit, trading in particular contract shall continue, with the new trading price range without any cooling period