BESA AT A GLANCE

The Bond Exchange of South Africa Limited (BESA) is a licenced exchange and operates as a self-regulatory organisation (SRO) in the South African capital markets. BESA is responsible for regulating listed debt securities and interest-rate derivatives in South Africa.

Our mission centres on two important roles -

To serve as an effective and proactive regulator in the local bond and interest rate derivatives market, thus ensuring that the debt securities that we list, and the market participants who trade these securities meet our compliance and regulatory standards

To develop markets and facilitate trade in fixed income securities by providing innovative products and low-cost technology platforms for issuers, market makers, traders and investors

BESA offers listed bonds, listed interest-rate derivatives and unlisted derivatives. We operate on two main platforms and various data services. An integral element of BESA's core competencies is the maintenance and implementation of investor safeguards and international standards. Finally, organisations that reside outside of South Africa may list on BESA if they meet the requirements of inward listings.

Read about our services,vision and value proposition.

Services

Listings of a range of debt securities issued by central and local government, state-owned corporations and private-sector businesses, as well as a set of interest-rate derivative contracts
Centralised price discovery occurs through BESA's state-of-the-art ZA Prices Platform, which shows all bids and offers in the market, together with market volumes and completed trades
Our BTB trade-capture platform with straight-through processing allows traders to report all executed transactions in listed debt securities to the Exchange, with automated links to an automated settlement system that ensures daily settlement on an SFIDvP basis
Intersec, our derivatives capture & confirmation platform launched in September 2005, provides a capture functionality for listed and OTC interest-rate derivatives. Derivatives Traders' Association (DTA) members use Intersec to capture and confirm trades in a range of interest-rate swaps and FRAs listed on BESA
BESA has adopted a t+3 nett settlement model on all bond trading, the model being compliant with the latest G30 recommendations on clearing and settlement
Live and historical data feeds, including a variety of turnover reports
Consulting and training on topics relating to bond market activity
BESA publishes a variety of indices allowing portfolio managers to track investment performance for government, corporate and inflation-linked securities

Vision
To dominate the domestic fixed-income market
and be the best in all markets within which we operate

Value Proposition

We provide capital market participants with:

Low-cost transaction-processing services in the bond market, and
Innovative solutions in the interest-rate derivatives market, while
Remaining financially sustainable and cash-flow positive in the long term