Bond index futures are derivatives that track the JSE’s bond indices and provide exposure to an underlying basket of JSE-listed government bonds. Bond index futures are cash settled.

Who should use this?

Bond index futures are used by international and South African institutional investors seeking a diversified exposure to South African bonds. Individual investors with expert knowledge of interest rate derivatives can also participate. Market participants can go long (to buy at a future date) or short (to sell at a future date) as they see fit.


  • Exposure is spread over a range of bonds reducing the risk of default.
  • Exposure is geared.
  • The JSE guarantees settlement.
  • Are subject to initial margin and margin payments.​
  • Derivatives can be risky and should not be tackled by novice investors.

How to get it:

To use Bond Index Futures, investors need to register as a client with a JSE Interest Rate Derivatives Member