The Yield-X system allows for order driven interest rate product trading, in a user-friendly environment.  It also creates a full and comprehensive “cradle to grave” (initial order to final settlement) audit trail in a fully regulated environment.   Regulation is within the ambit of the JSE acting as a Self Regulating Organisation within the Financial Markets Control Act, co- regulated by the Financial Servicves Board. Yield X  has worked closely with the South African Reserve Bank (SARB), National Treasury (NT) and two market makers, for the dispensation of this product.

Benefits to the Market

 The JSE believes that South Africa deserves a world-class interest rate market. Yield-X provides ease of access, ease of use and cost effectiveness in an environment that encourages a high level of transparency and integrity. Yield-X brings a greater range of products to the market and allows for the participation of new entrants, which, in turn will generate increased liquidity and market efficiency. Altogether, broader, cheaper capital markets will translate into benefits for all stakeholders and the South African economy at large.  

History and Developement

In most major markets in the world, exchange traded interest rate derivatives form a significant portion of a healthy and vibrant market. This is not the case in South Africa where SAFEX interest rate products have enjoyed limited success. In an attempt to identify issues, the JSE consulted with market participants, during which time it became evident that the underlying causes were numerous and diverse and that tinkering on the periphery would not solve the problems. During the consultative process, many market participants suggested that the JSE should initiate a totally separate environment for the trading, clearing and settling of all interest rate products. In so doing the JSE would create a “one-stop yield shop” for a wide range of interest rate products. After careful investigation, the JSE decided to effect such a new system and the concept of Yield-X was born.

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