Tradition launches African FX futures

South African banks sceptical of product's success


Interdealer broker Tradition has launched a new suite of African FX futures in partnership with the Johannesburg Stock Exchange (JSE) and South African bank Absa Capital.

The products, covering the Zambian kwacha, the Kenyan shilling and the Nigerian naira, will be rand settled, and initially available in three- and six-month tenors.

Market participants have been able to trade the rand against an array of G-10 currencies on the JSE since 2007, but this is one of the first steps in opening up the

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