JSE Clear, a private company, is a wholly-owned subsidiary of the JSE Ltd (“JSE”). JSE Clear is an Associated Clearing House as defined in the Financial Markets Act (“FMA”) and is licensed as a clearinghouse by the Financial Sector Conduct Authority (FSCA). JSE Clear is currently in the process of applying for an Independent Clearing House license.
Under its Associated Clearing House license, JSE Clear has been appointed as the clearinghouse and central counterparty (“CCP”) of the JSE for all transactions in listed derivatives and listed cash bond securities concluded on the JSE’s markets. The main objective of JSE Clear is to act as a clearinghouse and central counterparty in transactions concluded on the JSE’s markets and, in this regard, JSE Clear and the JSE, through the JSE Rules, take the necessary and appropriate steps to clear and risk management transactions in securities listed on the JSE’s Derivatives, Interest Rate, and Currency markets. Currently, the listed securities cleared by JSE Clear are options on futures contracts and futures contracts in the equity derivatives, commodity derivatives, currency derivatives and interest rate derivatives of the JSE.