What this page covers
SAFEX is the JSE's derivatives market. Unlike a CFD from an offshore broker, a SAFEX contract is exchange traded, centrally cleared and settled against a published price.
| Contract | Underlying | Contract size | Settlement |
|---|---|---|---|
| ALSI future | FTSE/JSE Top 40 index | R10 per index point | Cash |
| DTOP future | FTSE/JSE Top 40 SWIX | R10 per index point | Cash |
| Single stock future | One JSE-listed share | 100 shares | Cash or physical |
| Index option | Top 40 index | As the future | Cash |
| Can-Do future | Customised | Negotiated | As agreed |
| Dividend future | Index dividends | Per point | Cash |
| Feature | SAFEX | Offshore CFD |
|---|---|---|
| Counterparty | The clearing house | The broker |
| Regulator | JSE and FSCA | The broker's home regulator |
| Pricing | Exchange order book | The broker's quote |
| Margin | Set by the exchange | Set by the broker |
| Expiry | Quarterly close-out | Usually none |
| Overnight cost | None, the price carries it | Daily financing |
| Minimum size | One contract, usually substantial | Fractional |
| Item | Rule |
|---|---|
| Close-out months | March, June, September, December |
| Close-out date | The third Thursday of the month |
| Close-out period | Prices sampled over a defined window |
| Rolling a position | Close the near contract, open the next |
| Effect on the market | Volume spikes, and the index can be pinned |
Download this data
Every table on this page as a spreadsheet, with the source and the date it was checked in the header rows.
⬇ Download CSVHow these figures work
The figures on this page come from the body that publishes them and change on a schedule rather than continuously, which is what makes them worth keeping in one place. The quarterly close-out is one of the few genuinely predictable volume events on the JSE, and the days around the third Thursday behave differently from a normal week.
A single stock future is often cheaper than buying the share for a short holding period, because there is no securities transfer tax on the derivative.
★ What this means in practice
Contract sizes on SAFEX are institutional. An ALSI future at R10 a point on an index near 100,000 is roughly a R1 million exposure per contract.
✕ Common mistakes
- The quarterly close-out is one of the few genuinely predictable volume e. The quarterly close-out is one of the few genuinely predictable volume events on the JSE, and the days around the third Thursday behave differently from a normal week.
- A single stock future is often cheaper than buying the share for a short. A single stock future is often cheaper than buying the share for a short holding period, because there is no securities transfer tax on the derivative.
- Contract sizes on SAFEX are institutional. Contract sizes on SAFEX are institutional. An ALSI future at R10 a point on an index near 100,000 is roughly a R1 million exposure per contract.
- Taking a figure without its date. A number from a reference page is only as good as when it was last checked, which is why the date sits at the top of this one.
Notes on reading these figures
- The quarterly close-out is one of the few genuinely predictable volume events on the JSE, and the days around the third Thursday behave differently from a normal week.
- A single stock future is often cheaper than buying the share for a short holding period, because there is no securities transfer tax on the derivative.
- Contract sizes on SAFEX are institutional. An ALSI future at R10 a point on an index near 100,000 is roughly a R1 million exposure per contract.
To put these figures to work, The JSE Indices Reference runs the arithmetic on your own numbers; JSE versus CFDs covers the same ground in ordinary language; Margin Calculator goes into the detail this table only summarises; Leverage and Margin Limits is the related figure worth reading beside it; and JSE Trading Cost Schedule covers what this page leaves out.
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Terms used on this page
Frequently asked questions
What is SAFEX?
The JSE's derivatives market, where equity index and single stock futures and options are traded and centrally cleared.
How is a SAFEX future different from a CFD?
The counterparty is the clearing house rather than a broker, pricing comes from an order book, and margin is set by the exchange.
When is close-out?
The third Thursday of March, June, September and December.
What does an ALSI future cost?
R10 per index point, so at an index near 100,000 one contract is roughly R1 million of exposure.
Is a single stock future cheaper than the share?
Often, for a short hold, because no securities transfer tax applies to the derivative.
What is a Can-Do contract?
A customised derivative listed on request, with negotiated terms.