SC market round-up: BESA rolls out platform
Could the southern hemisphere provide a solution to the problem of how to settle derivatives trades cleanly and quickly?
The Bond Exchange of South Africa (BESA) is planning to roll out its OTC derivatives trade-capture platform internationally. Since it launched in September with seven traders signed up, the BESA platform has captured close to R670 billion ($100 billion) of trades. Credit derivatives will be added in 2006. BESA officials travelled to London last month to prepare the ground for a marketing push to offshore counterparties late in 2006. They will begin by targeting international banks that have branches in South Africa.