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Home / Education / Markets / Currency Futures Overview / South African Rand Futures

South African Rand Futures

rand-south-african South Africa is considered to be one of the fastest-developing countries in the world, pulling on its abundant supply of natural resources. The first forms of currency in South African were the rixdollar and stiver denominations, which were introduced in 1782. Up until the 1860s, South African notes were drawn by hand. Introduced in 1961, the South African Rand was named after a water ridge, Witswatersrand, near Johannesburg. Today, speculators and investors frequently get involved with the Rand because it is consistently undervalued by 15-20% with frequent fluctuation.

South African Rand Contract Specifications
Contract Size 500,000 South African rand
Trading Hours CME Globex: Sundays: 5:00pm – 4:00pm CT next day.
Monday – Friday: 5:00pm – 4:00pm CT the next day, except on Friday – closes at 4:00pm and reopens Sunday at 5:00pm CT.
CME ClearPort: Sunday – Friday 5:00pm – 4:15pm CT with a 45–minute break each day beginning at 4:15pm
Minimum Price Fluctuation $.000025 per South African rand increments ($12.50/contract).
Product Code CME Globex: 6Z
CME ClearPort: RA
Clearing: RA
Listed Contracts Thirteen consecutive calendar months plus two-deferred March quarterly cycle months
Settlement Method Deliverable
Last Trade Date 9:16 a.m. Central Time (CT) on the second business day immediately preceding the third Wednesday of the contract month (usually Monday).
Settlement Procedures Physical Delivery – ZAR/USD Futures Settlement Procedures
Position Accountability 6,000 contracts
Block Trade Eligibility Yes.
Block Minimum 50 Contracts
Exchange Rules These contracts are listed with, and subject to, the rules and regulations of CME.
Source: CME Group

South African Rand Facts

South African Rand futures allow traders to assess value against the U.S. dollar, as well as the opportunity to address risk from currency fluctuations in other foreign trade markets.

The South African Reserve Bank is responsible for setting monetary policy as it pertains to its currency. Thus, they try to maintain price stability and low inflation in order to help sustain economic development and the overall value of the South African Rand.

Source: South African Reserve Bank

Last updated September 2015

Additional Info

Recent Posts on the South African Rand

  • Rand climbs against dollar amid data noting inflation rose (6/18/2014) - The South African rand pushed ahead on Wednesday against the world's reserve currency after economic data indicated inflation rose at its fastest rate in nearly five years, according to Bloomberg.
  • Rand dips against dollar after release of weaker data (6/2/2014) - The South African rand fell to month lows against the world's reserve currency on Monday after the country's official statistics office noted a bigger than expected trade deficit, according to Reuters.
  • Rand surges amid national elections (5/8/2014) - The South African rand marked its top gains thus far this year against the world's reserve currency on Thursday amid confidence the ruling party will prevail in national elections, according to Bloomberg.

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