n Without Prejudice - Single stock futures - not for the faint-hearted : litigation
|Article Title||Single stock futures - not for the faint-hearted : litigation|
|© Publisher:||JetBlue Publishers (Pty) Ltd|
|Publication Date||Dec 2013|
|Pages||42 - 43|
Absa Bank Ltd (Absa) recently succeeded in a dispute, which has assisted in clarifying the much debated concept of "default" in terms of the JSE's Derivative Rules. The dispute was over a payment of approximately R1.6bn as a result of defaults by the holders of certain single-stock futures (SSF). Absa, as a clearing member to the Johannesburg Stock Exchange (JSE), made the payment to Nedbank during December 2008.
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