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Interest Rate Market trading hours Interest Rate Derivative Market operating hours Periods
| Start time
| End time
| Market pre-opening period
| 07h40
| 07h45
| Opening auction call period
| 07h45
| 08h00
| | Uncrossing of auction period
This is the value that the market opens at, where the maximum volume matches the best price The value at which the trades will uncross could be extended to a maximum of 7 minutes. If no uncrossing price is found at 08h00, the auction will be extended for 5 more minutes, and if still no uncrossing price is found the auction will be extended for a further 2 minutes
| 08h00
| 08h05 / 08h07
| | Automated trading period
This period is never standard everyday on all products.as the above process determines the time.
| 08h00 / 08h05 / 08h07
| 16h45
| | Jibar auction call period
At 11h00 the result of the Jibar auction is distributed
| 10h45
| 11h00
| | Intra-day auction call period
(this process will be implemented when there is a drastic move in the market prices)
| 12h00
| 12h15
| | Closing auction call period
This process works exactly the same way as the opening auction.
| 16h45
| 17h00 / 17h05 / 17h07
| Administration period
| 17h00
| 17h15
| System close
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| 17h15
| Cash Market operating hours SETTLEMENT DAY –1 (S-1)
| | 10:00 | Cut off time for settlement agents to receive all settlement instructions (including changes or amendments) from clients for T+3 and T+2 trades. | | 13:00 | Settlement Agents to inform members (brokers) (via fax or e-mail) by no later than 13:00 of the details of any scrip or instruction shortages | | 13:00 | BESA to also be sent a provisional list of all outstanding trades for settlement. BESA will then contact all members individually, follow up on progress and request a resolution time. | | 13:00 - 16:00 | Time allocated to members to follow-up directly with their clients on missing instructions / scrip shortages. Members must ensure that settlement agents have received missing instructions and scrip by 16:00 in order that settlement agents can update their records and report back by 16:30. All parties must liaise closely to ensure that the member does not roll-over the position at the same time that the settlement agent receives instructions or scrip from the client. | | 15:30 | Cut off time for T+1 trades to be booked and scrip and instructions lodged with settlement agents. | | 16:30 | Settlement Agent to confirm all trades (including T+1 trades) unable to settle to both individual members and an updated list of outstanding trades to BESA. | | 16:30 – 17:30 | Members will be instructed by BESA to reverse and reschedule all T+3 and T+2 trades unable to settle the next morning. Any member unwilling to reverse a trade must give substantive reasons to the exchange why such trade should not be reversed.
Settlement Agents to notify each other of trades likely to be excluded on S and to establish knock on impact of these trades | | 16:30 – 18:00 | Only T+1 trades to correct settlement problems / trade amendments may be booked in this period. All T+1 trades that are booked in this period must be informed to BESA (and settlement agent) giving reasons for the trade. | | 18:00 | Final cut off for settlement agents to receive instructions for T+1 trades booked by 16:30 | | SETTLEMENT DAY (S) | | 08:00 | Final cut off for settlement agent to receive scrip and instructions for local T+1 trades booked after 16:30 and overseas T+1 trades. Members will incur a penalty in the event that any trade that should have Bond Exchange of South Africa Page 19 of 42 The Electronic Nett Settlement Process in the South African Bond Market January 2006 been reversed on instruction at 16:30 is not reversed and is still unable to settle on the morning of settlement. Further an increased penalty will be incurred for all T+1 trades still unable to settle on the morning of settlement. | Public Holidays Please click here Close-Out Dates Bond Futures/Index Futures/Options on Bond Futures - Midday on the first business Thursday of February, May, August and November
Jibar Futures - 11h00 on the 3rd Wednesday of the contract months or in the event that this day falls on a South African public holiday, the first South African business day prior to the 3rd Wednesday of the relevant month
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