OWN CORRESPONDENT, Johannesburg | Wednesday 3.30pm.
THE South African Futures Exchange (Safex) has polled its members on a proposed change of hours, shortening trading by 30 minutes, but allowing almost two hours of “after hours” trading.
Members have been asked to reply by October 27 whether they would favour closing trading at 17:00 local time, and then opening for after-hours trading from 17:05 to 19:00. After-hours trades will be valued the following day.
The request is driven by London-based traders, for whom trading would end at 15:00 GMT under the new rules, and after-hours trades will be done until 17:00 GMT. Global moves toward 24-hour trading, as well as the 40% of Safex’s volume that comes from Europe, figured highly in committee discussions of the proposed moves.
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