Welcome to imali·vest
Imalivest, a privately held investment group, was founded in 2004 for the sole purpose of proprietary investments by Anton Botha, Wilrich Schroeder and Johan van Reenen.
Asset management became part of the business soon after and in 2006 the Imalivest Flexible Fund was launched to accommodate external investors. In 2008 our offerings were expanded with the launch of the Imalivest Worldwide Flexible Fund.
Although resource development has always formed part of the proprietary investments done by our principals, we have only recently launched a new company, Imalivest Mineral Resources, dedicated to identify development opportunities in the mining sector.
Currently Imalivest manages assets in excess of R300m, mainly owned by its directors and their families. External clients form an important part of the Imalivest Flexible and Worldwide Flexible Funds.
The people of Imalivest develop and execute a broad range of investment strategies and transactions for our clients. We leverage our long standing relationships with companies, advisors, entrepreneurs and financial intermediaries to the benefit of our clients and investors. Given the broad mandates for most of its funds, Imalivest is able to invest in profitable opportunities which might not be suitable for most institutional investors.
JSE LIMITED News Release
Johannesburg, 9 January 2011: The Johannesburg Stock Exchange (JSE) saw 800 platinum option contracts traded on the Safex Commodity Derivative’s Global Market late last week, the first time that the JSE has seen this trading strategy used by market participants.
Chris Sturgess, General Manager of the Commodities Division at the JSE says, “To date the trade has been solely in futures, but I’m pleased to see the first interest in using options by a hedge fund. Options are versatile instruments that in their simplest form enable traders to acquire a type of insurance. Buyers pay a premium to reduce their risk and have access to upside potential. This is a trend we are optimistic will increase.”
To date, trade in platinum futures has been increasing steadily with just over 72,000 ounces traded last year to the value of R923 million. Open interest is at 11,400 ounces and growing. One standardised contract represents 10 ounces of platinum with the contract traded and cash settled in Rand off the international NYMEX market.
Investors with an appetite for precious metals were first afforded the opportunity to invest in platinum as a commodity listed on Safex’s commodity derivatives market in October 2010, without contravening any mineral or exchange control laws. This was due to an extension of a licensing agreement that the JSE holds with the CME Group, the world’s largest derivatives market. In addition to platinum, clients registered on the Safex derivative markets can also get exposure to the international gold, copper, silver and WTI crude oil markets.
The JSE first collaborated with the CME Group in 2009, to introduce ZAR cash-settled commodity derivatives referencing their corn market as benchmark USD prices.
JSE Limited
As South Africa’s only full service securities exchange, the JSE connects buyers and sellers in four different financial markets, namely equities, equity derivatives, commodities derivatives and interest rate instruments. The JSE Ltd offers the investor a first world trading environment, with world class technology, surveillance and settlement in an emerging market context. It is amongst the top 20 largest equities exchanges in terms of market capitalisation in the world.
For further information, please visit www.jse.co.za
ISSUED BY:
Victoria Williams / Renata Da Silva
Corporate Communications Consultants (Pty) Ltd
Tel: + 27 11 463 2198
Email: victoria@corpcom.co.za / renata@corpcom.co.za
ON BEHALF OF:
Chris Sturgess
General Manager of the Commodities Division
JSE Limited
Tel: + 27 11 520 7299
Johannesburg, 19 December 2011: Trade on the JSE’s Currency Derivatives market has soared in 2011 as investors reacted to a turbulent world economy, the low spreads that the exchange offers and an increased product offering. Both number of contracts and value traded more than doubled in the year to end-November 2011, relative to the same period in 2010. This follows consistent growth since the market was formed in 2007. The numbers are contained in the table below.
“I’m delighted with this growth, which demonstrates that the JSE is listening to clients and providing a service that is needed in the market,” says Warren Geers, General Manager of Derivatives Trading and head of the Currency Derivatives market. “The growth also indicates that investors are moving trades onto the regulated market as they are asked to improve their risk profile. On-market instruments require no foreign exchange clearance and are settled in Rands.”
Though the JSE is unable to predict future trade activity, latest Currency Derivative trading statistics do not indicate that growth will cease.
The Currency Derivatives team continues to be in close contact with members and clients, to ensure that it is responsive to changing needs. This was the context to the JSE’s May 2011 launch of any day expiry contracts and exotic Can-do structures in response to demand from several South African banks. These exotic currency structures enable investors to structure products as required, while retaining the risk management advantages of listed derivatives. Investors can negotiate the terms of an option contract, choosing the underlying asset as well as the expiry date.
“As the South African listed derivatives market develops and matures, investors are seeking more complex structures in order to hedge their specific risk profiles,” says Geers. “These exotic products are often illiquid and difficult to price – accurate data is an essential component of increasing transparency and improving confidence and liquidity in this market overall. We have access to this data through an agreement with a global company called SuperDerivatives.”
A month after the launch, Absa Capital listed the first exotic style currency Can-do option structure based on the dollar/rand exchange rate – Knock-Out Barrier Options Up-and-Out and Down-and-Out. These offer asset managers and hedge fund participants an exchange traded product similar to what has previously only been available over-the-counter (OTC).
Growth has been particularly strong since May 2011, following the restructuring of trading fees to incentivise large trades. Trade costs are levied according to a sliding scale, making it cost effective for smaller traders and encouraging large transactions which have traditionally been done with the country’s big banks.
The market offers derivatives trade in the main currency pairs of the USDollar/Rand, Euro/Rand, Pound/Rand, Australian Dollar/Rand and Japanese Yen/Rand as well as other less liquid contracts like the New Zaland/Rand and Botswana Pula/Rand contracts . Product diversification and innovation forms part of the JSE’s continued drive to grow the currency derivatives market. “The JSE realises that in order to be more competitive it needs to offer foreign exchange products that are viable alternatives to those traded over the counter,” says Geers.
South Africa’s exchange controls have been relaxed to allow a wide group of qualifying clients from trading on the Currency Derivatives market. These include South African and non resident individuals and corporates, hedge funds and resident financial service providers, as well as collective investment schemes subject to their foreign portfolio allowance.
| Currency | Year to | Year to | % Change |
|---|---|---|---|
| Derivatives | 30 Nov 2011 | 30 Nov 2010 | Year on year |
| Trades | 34,469 | 21,749 | 58% |
| Volumes | 13,222,320 | 6,506,221 | 103% |
| Value (RMil) | 91,152 | 41,954 | 117% |
| Open Interest | 669,078 | 600,979 | 11% |
FOR FURTHER INFORMATION PLEASE CONTACT:
Renata Da Silva
Corporate Communications Consultants
Tel: +27 11 463 2198
Email: renata@corpcom.co.za
ON BEHALF OF
Warren Geers
General Manager Trading
JSE
Tel: +27 11 520 7470
warreng@jse.co.za
About JSE Limited
As South Africa’s only full service securities exchange, the JSE connects buyers and sellers in four different financial markets, namely equities, equity derivatives, commodity derivatives and interest rate instruments. The JSE Ltd offers the investor a truly first world trading environment, with world class technology, surveillance and settlement in an emerging market context. It is amongst the top 20 largest equities exchanges in terms of market capitalisation in the world.
For further information, please visit www.jse.co.za
Contact us
17 Termo Avenue
Techno Park
Stellenbosch 7600
