JSE issues apology for the incorrect meta description on broker search

JSE Limited (“JSE) was alerted to an incorrect meta description automatically generated by search engines when searches relating to the JSE in relation to company information is performed. This resulted in the JSE’s awareness campaign relating to a cautionary pop-up on the JSE website regarding investment scams being displayed in search results.

The JSE has implemented technical measures to remedy the incorrect description.

We sincerely apologise for the error and in the event that you require any further information in respect of the remedial actions implemented or the JSE to clarify the incorrect search results, please contact [email protected].

Building a transparent and liquid Index Options market on-screen

The JSE Index Options Market-Making Scheme aims to enhance transparency and drive liquidity with real-time on-screen quotes. Investors can trade index option contracts while accurately hedging their exposure.  

The JSE Index Options Market-Making Scheme in the Equity Derivatives Market provides real-time on-screen pricing for the ALSI Top 40 Index options contract. This enables better pricing, improvements in spreads and depth of the order book, which leads to consistent valuation of trading books.

Traders can voluntarily post competitive bids and offers on-screen for various option strikes and expiries, with no obligations imposed on participants.

The JSE has adopted a maker-taker fee model which automatically charges a zero fee on the liquidity providers’ side of the trade on index options. We also offer a market-making incentive scheme linked to formalised obligations applicable to market-makers. This expanded the universe of eligible contracts available under the scheme.

Benefits:

  1. Visible Index Option prices on-screen
  2. Tighter Bid/Offer spreads
  3. Enhanced liquidity

How does it work?

The first six months of phase 1 of the project rollout will enable you to voluntarily post competitive bids and offers on-screen for various option strikes and expiries, with no obligations imposed on participants.

The JSE has adopted a Maker-Taker fee model which automatically charges a Zero Fee to the liquidity providers’ side of the trade on Index Options.

In phase 2 we will introduce a Market-Making incentive scheme linked to formalised obligations applicable to market-makers, and expand the universe of eligible contracts under the scheme.

  Phase 1: Best Efforts Basis Phase 2: Market Making Scheme
Instrument Scope ALSI Index options ALSI Index options
Participants Open to all market participants Open to designated Market Makers
Minimum Presence No Minimum presence obligations 50% with two-way quotes (excluding auctions)
Minimum Quality 100 Index Contracts 100 Index contracts, Bid and Offer size should be of comparable size
Minimum Spread Competitive bid-offer spreads but this is not a formal requirement 2 Volatility points
Exceptional Market Conditions No quoting obligations/Suspension of performance Monitoring No quoting obligations/Suspension of performance Monitoring
Monitoring and reporting No monitoring process The compliance with the obligations will be continuously monitored by the JSE. The Market Makers will be informed of their monthly compliances with the above requirements