Prebon Yamane in South Africa has completed the first trade in a Rand Overnight Deposit Swap (RODS)--a new contract developed by the firm earlier this year. RODS market quotes are available out to one year and the floating reference rate is the average rate achieved by the South African Futures Exchange on its call funds each day. The rate is compounded monthly at the end of each month, with a net settlement between fixed and floating rates at the end of the swap's term. Officials claim there

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