Key Features of Electronic Trading Platforms Gemloc Peer Group Survey 1

Transcription

1 Key Features of Electronic Trading Platforms Gemloc Peer Group Survey 1 May 2011 I. Introduction Electronic trading platforms are increasingly used for trading of government securities due to their role in enhancing secondary market liquidity and information transparency. Though, there is significant variation across different platforms and countries in terms of extent of use, features, capabilities,, and regulatory oversight. To map these differences, the Gemloc Peer Group Dialogue (PGD) 2 team conducted a survey with the Pilot Peer Group member countries 3 following a PGD meeting on this topic. The survey was not meant to provide an exhaustive analysis of all the possible features of the platforms but rather examine aspects that are more relevant to debt management offices (DMOs) and that were discussed in some capacity during the PGD meeting. Survey results are organized in tables 1-6 below along the following broad categories: General Information, Access to Trading, Primary Dealer Obligations, Trading Information Availability, Fees, and Dealer-to-Customer Features. Detailed explanations and further information can be found in the notes accompanying the tables. The following provides some select highlights from the survey: Most of the platforms specialize in government bonds. Seven out of ten platforms were dedicated purely to government bond trading. Only Malaysia s ETP, South Africa s JSE Nutron, and Turkey s ISE BBM include trading in other instruments, such as corporate debt, asset-backed, and sukuk securities. The majority of the platforms accounted for a miniscule share (5% or less) of total secondary market trading in government bonds. Only three platforms Colombia s SEN, India s NDS- OM, and Turkey s ISE BBM had sizeable share of total trading, accounting for 59%, 80%, and 65%, respectively. 1 For any questions about the survey, please contact Tamuna Loladze (tloladze@ifc.org), Anderson Silva (asilva3@worldbank.org), or Baudouin Richard (baudouin.richard@live.be). 2 Gemloc Peer Group Dialogue (PGD) is an initiative within the Gemloc Advisory Services program, which brings together and facilitates technical discussions among emerging market countries on critical issues in development of local currency government debt markets. PGD activities include (i) periodic meetings via teleconference and webmeeting guided by World Bank experts and consultants; and (ii) production of background materials, presentations, and surveys on key topics, all of which are disseminated via the PGD website. Participants include representatives from different combinations of approximately 33 emerging market countries, depending on the topic being discussed. 3 The Gemloc Pilot Peer Group members are emerging market countries with the largest bond markets: Brazil, Colombia, Hungary, India, Malaysia, Mexico,, South Africa, and Turkey. (China, though eligible, has not been an active member of the Peer Group). Mexico did not provide a response to the survey.

2 Primary dealer (PD) obligations vary across the trading platforms. Trading on the platform is mandatory for PDs in four out of eight countries (Colombia, Hungary,, and Turkey). PDs are subject to minimum spreads and maximum quantities in six out of ten platforms; though, these are prescribed by the DMOs rather than the platforms. Trading information availability in terms of timing and anonymity varies across the trading platforms. All platforms grant real-time access to pre-trade information for platform and regulators and most platforms allow real-time or delayed access data vendors for the public; three platforms do not allow access for the public. For all platforms, pre-trade information is anonymous for platform and the public and not anonymous for regulators (except for India). For the platform in Brazil, anonymity for all actors, including regulators, depends on the choice on whether to remain anonymous or not. For the most part, post-trade information is available real-time for platform, regulators, and the public, with slight delays in availability for the latter with certain platforms. For all platforms, post-trade information is anonymous for the public and not anonymous for regulators; for platform, the information is anonymous for half of the platforms and not anonymous for the other half. Regulatory oversight of the trading platforms most commonly falls under the capital market or financial sector regulator (5 platforms), followed by oversight by the Bank (3 platforms), and the Ministry of Finance and Exchange (1 platform each).

3 II. Survey Results Tables List of surveyed platforms Brazil: Colombia: Hungary: India: Malaysia: : SISBEX - Sistema Electrónico de Negociación (SEN) - Multi Trading System (MMTS) - Negotiated Dealing System-Oder Matching (NDS-OM) - Electronic Trading Platform (ETP) South Africa: ICAP Electronic Trading Community (ETC) - JSE Nutron - Turkey: Istanbul Stock Exchange Bonds and Bills (ISE BBM) - Abbreviations AKK AMV BSE CAT CCP CCIL COB CSD DMO Government Debt Management Agency Pte. Ltd. (Hungary) Autorregulador del Mercado de Valores (Colombia) Budapest Stock Exchange Click and Trade Counterparty Clearing Corporation of India Limited Order Book Securities Depositary Debt Management Office

4 DCV DVP HFSA INFINET JSE OTC PD RENTAS RBI RFQ SC SGL SFC STP Deposito de Valores (Colombia) Delivery versus Payment Hungarian Financial Supervisory Authority Indian Financial Network Johannesburg Stock Exchange Over the Counter Primary Dealer Real Time Electronic Transfer of Funds and Securities Reserve Bank of India Request for Quote Securities Commission (Malaysia) Subsidiary General Ledger Superintendecia Financiera de Colombia Straight Through Processing

5 Table 1: General Information E-trading platform 1. Platform used for trading and/or reporting purposes Both Both Both Both Both Both Both Trading 1 Both 2 Both 2. Share of total government securities trading (%) <1% < 1% 59% 1% 80% 0% 3 5% 4 < 1% 0% 65% 3. Average daily turnover, exclusive of repos ($USD million) , , , Number of 5. Interdealer or dealer-to-customer capability Both Interdealer 12 Interdealer Interdealer Interdealer Interdealer 13 Both 14 Interdealer Exchange 15 Interdealer 6. Does the platform have a dedicated market segment for government securities? Yes Yes Yes 16 Yes 17 Yes 18 No Yes 19 Yes 20 No No 21

6 E-trading platform 7. Instruments traded 8. Status of Government bonds and T-bills makers; brokers Government bonds and T-bills makers and price takers Government bonds, T- bills, strips, and buy/sell backs makers and price takers Government bonds and T-bills makers and price takers 22 Government bonds and T-bills makers and price takers A variety of bonds and T-bills, including government, corporate, assetbacked, and Islamic makers and brokers Government bonds and T-bills makers and price takers Government bonds makers and brokers All listed bond securities, including government and corporate makers, brokers, price takers Government bonds and T-bills, corporate bonds listed on the Exchange, Bank Liquidity Bills, and Bank Bills makers and price takers Trading modalities Firm order, RFQ, Voice Trade Report Automatching; order-driven Automatching Automatching; order driven 24 Auto-order matching Automatching; trade negotiation; trade reporting 25 Firm quote, Automatching, RFQ Matched principal 26 Automatching and trade reporting 27 Automatching 10. Trade settlement STP offered upon request Through the exchange s Clearinghou se. The exchange acts as a CCP Settlement on a DVP basis a domestic CSD 28 STP, multinet settlement in a rolling manner a domestic CSD and CCP 29 STP CCIL which acts as CCP 30 Via key-in or STP into Bank s RENTAS settlement system 31 Settlement on a DVP basis domestic CSD for T- bonds and Bank for T- bills 32 Domestic CSD the Exchange Domestic CSD the Exchange Settlement on a DVP basis domestic CSD; 33 there is no CCP

7 E-trading platform 11. Regulatory oversight Bank Bank Financial Superintend ency Exchange and HFSA Bank Securities Commissio n Ministry of Finance Exchange 34 Financial Services Board Exchange and the Capital s Board of Turkey Notes: South Africa ICAP ETC: ICAP ETC is an electronic trading platform that feeds into the JSE s Nutron system, which fulfils the reporting, settlement, and dissemination functions for ICAP. South Africa JSE Nutron: Though the JSE Nutron platform allows electronic trading of government securities, the use of this functionality is very limited. As a result, the JSE Nutron is essentially a central trade reporting platform that collates post trade information for all secondary market trades in government securities for purposes of settlement, risk management, and data gathering. Malaysia: Though the ETP has a trading functionality its two trading modules Order Matching and Trade Negotiation there have not been any trades on the platform since October 2009, as market prefer to conduct all transactions OTC, which are then reported into the ETP system. : The platform accounts for 25% of interdealer trading of government securities, but 5% of the total government securities trading. Malaysia: The last trades were transacted on the ETP platform in October 2009 amounting to the equivalent of about USD 31 million and USD 44 million on the order matching and trade negotiation modules, respectively. About USD 924 million worth of transactions are being reported to the ETP platform on a daily basis. South Africa JSE Nutron: About USD 3 billion worth of secondary market transactions in government securities are being reported to the JSE Nutron platform on a daily basis. Brazil : Only 20 are actively using the platform Brazil Sisbex: Of the 63 securities trading (PNAs) authorized to trade on the platform, on average 26 PNAs access the platform daily, of which 11 are active users. Colombia: Of the 34 dealers, 13 are Primary Dealers. South Africa ICAP ETC: Of the 15 authorized only 4 are active. Turkey: Of the 118 authorized members, 102 are active. Brazil Sisbex: Though trades can be performed on behalf of institutional investors and a set of institutional investors are allowed to trade directly in the platform. Malaysia: In addition to interdealer trades, some trades are conducted via brokers on behalf of the dealers. : The dealer-to-customer segment of the platform is currently not active. South Africa JSE Nutron: JSE Nutron is an inter-member system, only a sub-set of which is represented by dealers. Members include inter-dealer brokers, other brokers, asset managers and issuers.

8 Colombia: The dedicated market segment for government securities is called primer Escalon (First Tier) and is restricted to PDs. However, government securities are also traded in the Second Tier, where participation is open to all financial institutions that have access to the CSD, such as banks, brokers, pension funds, and insurance companies. Hungary: Within the government securities market segment, there is a further sub-segmentation into so-called boards: market making board, block trades board, and an odd-lot board. India: The platform is purely dedicated to trading in government securities. : The platform is purely dedicated to trading government securities. South Africa: The platform is purely dedicated to trading government securities. Turkey: While there is no dedicated market segment for government securities within the Outright Purchase and Sale, the Repo-Reverse Repo is only for government securities, as private sector securities are not qualified as deliverable securities due to a weak secondary market. Hungary: Participants include Exchange members with a trading right in the Debt Securities Section, some of whom are PDs. All PDs are market makers in some government securities. Turkey: All are in the same status and can act as both market makers and price takers. Hungary: Continuous order matching takes place in a so called free trading session. maker quotes are accepted in two 1.5 hour periods within free trading. Malaysia: Trade Negotiation allows negotiation via the platform as a replication of OTC. Trade Reporting is for reporting of OTC trades. South Africa ICAP ETC: The platform (ICAP) stands in between the buyer and seller, both of whom, thus trade with ICAP. ICAP charges a brokerage fee on one of the trade legs. South Africa JSE Nutron: The JSE Nutron system allows for both electronic execution on a central order book (COB) and the on-exchange reporting of bilaterally-negotiated transactions. The COB provides anonymous auto-matching of buyers and sellers. The current use of the COB is very limited. Colombia: Domestic CSD is DCV managed by Banco de la Republica ( Bank). DCV uses DVP model 1 with central bank money as cash settlement asset. Hungary: Settlement is done by a domestic CSD Clearing House and Depository Ltd. (KELER). KELER Counterparty Ltd. (KELER KSZF) acts as a CCP for all debt transactions except for block trades. The latter are bilateral deals that are settled in a gross manner according to the Delivery vs. Payment (DVP) principle. India: Clearing Corporation of India Limited (CCIL) acts as a CCP. It is the exclusive clearing and settlement agency for government securities. Malaysia: All bond trades are settled via Bank s RENTAS settlement system. There is no STP between the trading system and RENTAS; though some banks (mostly larger) have STP between their treasury office and RENTAS. : The domestic CSD is Krajowy Depozyt Papierow Wartosciowych S.A. Turkey: The domestic CSD is IMKB Takasbank A.S. South Africa ICAP ETC: ICAP, the operator of ICAP ETC, is a member of the JSE Interest Rate and is subject to JSE s rules and regulations. The JSE itself is subject to regulation by the Financial Services Board, the capital market regulator.

9 Table 2: Access to Trading E-trading platform 1. Who is eligible to trade on the platform? 2. Criteria for gaining access to the platform 3. Is there internet access to the platform? Primary dealers, banks, broker dealers, interdealer brokers, asset managers, pension funds, hedge funds, and large corporations Access granted to Professional clients, who have signed relevant compliance agreements No Dealers, brokers, pension funds, insurance companies, and asset managemen t institutions Bank and Exchange authorizatio n. 3 Yes, for pension funds and asset First Tier: Primary dealers; Second Tier: Financial institutions, such as banks, brokers, pension funds, and insurance companies First Tier: Primary dealer status; Second Tier: Account with the CSD. No Members of the BSE, so called Section Members. Trading right in the Debt Securities Section of the BSE. All financial institutions (e.g., banks, primary dealers, insurance companies, mutual funds) that meet the required criteria SGL and current account with Bank; INFINET connectivity ; and membership with CCIL 4 All financial institutions and money brokers 1 that meet the required criteria, as well as the Bank Registration as an ETP member of the Exchange; approval as an interbank player; and registration with RENTAS settlement system 5 EU and non-eu institutions authorized to perform certain services under the 2004 EU Parliament Directive. 2 Minimum net worth requirement is 50 mn for market makers and 30 mn for market takers Banks and brokers Must be an authorized participant Yes, No 8 No Yes 9 Yes 10 indirectly. 7 Primary dealers, financial institutions, asset managers, and stateowned enterprises that are members of the JSE Interest Rate membership of the JSE Interest Rate and a license to operate in the bond market No Banks and brokers Must be a member of ISE 6 No

10 E-trading platform managemen t institutions Notes: 1 Malaysia: Money brokers are not permitted to do proprietary trading. 2 : Section A of Appendix I to the Directive 2004/39/WE of the European Parliament and Council of April 21, Brazil Sisbex: For brokers, dealers, and asset management institutions, the applicant must be authorized by the Bank to trade or intermediate trades in government securities and all need to be subsequently authorized by the Exchange (BM&FBOVESPA). Participants also need to have obtained the Access Right and must be submitted to a certification and training process. 4 India: SGL Account is a securities account maintained with RBI for holding government securities. Entities that are not eligible to open a current account with RBI (e.g., mutual funds and insurance companies) must open a funds account with one of the Designated Settlement Banks. (See below footnote on INFINET) 5 Malaysia: These represent the main criteria. There are also other requirements that are set by the regulators and Exchange. 6 Turkey: To become an authorized participant of the platform, banks and brokerage houses need to: (i) be members of ISE; (ii) sign a letter of undertaking for BBM (as well as for each sub-market separately); (iii) declare their representative dealers to the platform, who have necessary certification and will carry out transactions on their behalf; (iv) deposit collaterals, which grants them trading limits. 7 Hungary: There is an indirect internet access to the platform by investors who can send orders to a trader s order collecting front-end application, which connects to the e-trading platform. 8 India: The platform can only be accessed INFINET, a Closed User Group Network set up for banking transactions. 9 : Connecting to the platform over the internet should only be adopted by with limited needs in terms of connectivity resiliency. Examples of typical internet users are cash market price takers, institutional segment buy side traders, or repo market-only users. 10 South Africa ICAP ETC: Platform are capable of accessing the platform and performing trades directly via the internet but this capability is not currently being used.

11 Table 3: Primary Dealer (PD) Obligations E-trading platform 1. Is trading on the platform mandatory for PDs? No 1 No 2 Yes 3 Yes 4 No 5 No 6 Yes 7 No 8 No Yes 9 2. Are PDs subject to maximum spreads and minimum quantities? No No 10 Yes, maximum spreads 11 Yes 12 No 13 No 14 Yes 15 Yes 16 Yes 17 Yes 3. Is PD information from the platform available /reported to the DMO? 4. Type of PD information available /reported to the DMO Yes Firm order activity of PDs Yes (to Bank) All pre-and post-trade information Yes Yes 18 Yes (to Bank) PD-related pre- and post-trade information; periodic reports on PD ranking All trading information related to PD obligations Post-trade information on individual PDs is reported to Bank Yes 19 Yes No 20 Yes 21 Yes All trading information and price advertiseme nt quotes by PDs All trading information related to PD obligations - Secondary market volumes reported by PDs on the JSE All pre- and post-trade information and daily report on PD performanc e Notes: 1 Brazil : Trading on the platform is not mandatory, but PDs who quote firm spreads daily during two specific times receive extra points from the DMO in their ranking. Discussions are underway with the Brazilian about potentially increasing s usage and relevance for the primary dealer system as implements certain features that are currently under development. 2 Brazil Sisbex: PDs are not required to use a specific electronic trading platform; however, in order to keep their PD status, they must commit to submitting trades on an e-trading platform that has been approved by the Bank. 3 Colombia: PDs are obligated to quote bid and offer prices of at least 6 of 11 issues during 70% of the time the market is open. 4 Hungary: All PDs are required to provide quotes two times daily during specified 1.5 hour sessions.

12 5 India: Participation of PDs on the platform is purely voluntary. 6 Malaysia: PDs are only obligated to advertise their quotes on the advertisement screen on the platform. 7 : The platform is the only mandated platform for the performance of PD obligations. 8 South Africa ICAP ETC: While trading on the platform is not mandatory for PDs, as the PD rules do not stipulate the execution venue, the platform is mainly aimed at PDs; though, stockbrokers are also active. 9 Turkey: PDs have to quote two-way prices on the platform. 10 Brazil Sisbex: PDs are subject to specific price and quantity requirements imposed by the Bank for the securities they are committed to trade. The requirements are not imposed by the platform or the Exchange. 11 Colombia: PDs are obligated to keep maximum spreads as defined for each issue. Although there are no specified minimum quantities for PDs, the ranking process, to which PDs are subject, takes into account various performance elements, including volume traded in the secondary market. 12 Hungary: The AKK continuously monitors PD obligations and if a PD fails to observe an obligation, a breach alert is automatically sent out by the trading system to both the PD and AKK. 13 India: While standard lot size is 5 crore Rupees, no minimum and maximum spreads have been stipulated. 14 Malaysia: While standard lot size is MYR 10 million, no minimum and maximum spreads have been stipulated. However, the Bank does closely watch the bid and ask spreads of PDs. 15 : PDs are obligated to commit to two-way firm bids and offers on benchmark bonds with specified maximum spreads and minimum quantities for at least 5 hours a day. There are currently 11 benchmark bonds out of 28 bond series available for trading on the platform. 16 South Africa ICAP ETC: The spreads and volumes prescribed to PDs by the are far wider and smaller, respectively, than the market is used to making due to fierce competition among market makers. 17 South Africa JSE Nutron: See above footnote. 18 Hungary: The AKK has direct access to all real time trading data for government securities. 19 Malaysia: The regulators (SC and CB) have direct access into the electronic platform. Therefore, all data are visible to the regulators and this does not require the platform or PDs to do formal reporting on PDs activities. 20 South Africa ICAP ETC ETC: Trading information from the ICAP ETC platform is not reported separately to the DMO. ICAP ETC feeds all information into the JSE system, and JSE then reports to the DMO on aggregate volumes reported on the JSE systems. 21 South Africa JSE Nutron: see above footnote.

13 Table 4: Trading Information Availability E-trading platform Pre-trade 1. Who has access (platform, regulators, DMO, the public)? Platform and Bank, Bank,, and the public data vendors Platform, SFC, DMO, and AMV 1 Section members, Exchange, AKK, HFSA, and the public 2 Members, Bank, and the public, Securities Commissio n, and Bank, Ministry of Finance, and the public, Exchange, and. Limited access for the public Members, Exchange,, and Bank. Limited access for the public, Bank, DMO, and the public data vendors Participants 2. Timing for: 3. Anonymous for (Y/N): Regulators, DMO Public - Participants Can choose whether to be anonymous or not vendors; - vendors; 15 minute delay the Exchange website Yes Yes Yes Yes - Yes for Automatching. No for Trade Negotiation via data vendors JSE and delayed (varying cost) JSE 3 and delayed (varying cost) 4 data vendors Yes Yes Yes Yes

14 E-trading platform Regulators, DMO The same as the choice No No No Yes No No No No No Public - Yes - Yes Yes - Yes Yes Yes Yes Post-trade 4. Who has access (, regulators, DMO, the public)?, Bank, and the public, Bank,, and the public Platform, regulators, DMO, and the public 5 Section members, Exchange, AKK, HFSA, and the public 6 Members, Bank, and the public 7, Securities Commissio n, Bank, data vendors, and the public Participants, Ministry of Finance, and the public, Exchange,, and the public Members, Exchange,, Bank, and the public for COB; 30 minute delay for Reporting 8, DMO, and the public data vendors 5. Timing for: Regulators, DMO Daily, at the end of the day. JSE for COB; 30 minute delay for Reporting

15 E-trading platform Public About 2 minute delay 15 minute delay 15 minute delay via Exchange website via data vendors and delayed (varying cost) JSE and delayed (varying cost) data vendors; end-of-day ISE s website 6. Anonymous for (Y/N): Participants No Yes Regulators, DMO Yes, in the First Tier No Yes No 9 No Yes Yes No No No No No No No No No No No Public Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes 7. Is trading information disseminated to price vendors? Yes Yes Yes 10 Yes 11 Yes 12 Yes Yes Yes Yes Yes Notes: 1 Colombia: AMV is a self-regulatory organization for financial intermediaries. 2 Hungary: Information for the public is available either data vendors (best order or best five order levels, depending on the type of package) or the Exchange website (best order level only). 3 South Africa ICAP ETC: Trading information from ICAP ETC is fed into the JSE Nutron system, which then disseminates the information to the public. See below footnote. 4 South Africa JSE Nutron: The cost of data depends on the ruling data policies of the JSE. In general, delayed data is distributed free of fees. data is received by JSE members for free, while distribution to non-members data vendors is subject to a fee schedule (see _Price_List/2011_JSE_Limited_Information_Products_Sales_Equity_Derivatives_and_Interest_Rate_Products.sflb.ashx). The JSE also publishes a range of reports as part of the end-of-day process. The costs of these reports also vary depending on the quantity and value of the information.

16 5 Colombia: The public s access to post-trade information is via the Bank website. 6 Hungary: Information for the public is available either data vendors or the Exchange website. 7 India: Post-trade information is available to the public on the central bank website ( > financial market watch > Govt. Securities market > NDS-OM) 8 South Africa JSE Nutron: All transactions negotiated bilaterally in the OTC market must be reported to the JSE Nutron platform within 30 minutes of execution. 9 Malaysia: The information about counterparties is revealed only to the involved parties. 10 Colombia: The data provided to information vendors excludes information on the counterparties involved. 11 Hungary: For the list of vendors, go to: 12 India: Trading information is disseminated to price vendors CCIL.

17 Table 5: Fees E-trading platform 1. Access / membership fees No 1 Yes 2 Yes 3 No 4 No Yes, monthly 5 No No Yes No 6 No Yes Yes Yes 8 No 9 Yes Yes Yes Yes Yes 2. Transaction fees Volume based 7 Volume based 10 Volume based minimum monthly brokerage fees. 11 Standardize d fees are built into the price Fees vary by the time of trade and status of participant (PD vs. non-pd). 3. Other fees No No Yes 12 No No 13 No No No 14 Yes 15 No Notes: Brazil : There are no access / membership fees other than those associated with having access to a terminal. Brazil Sisbex: There are membership and connectivity fees. Colombia: Security platform access fee of USD 360 equivalent per month and SEN platform access fee of approximately USD 650 per month. Hungary: No membership fee but there is a minimum annual fee of USD 2,370 equivalent for membership in the Debt Securities Section. Malaysia: Connectivity fees are between USD 855 to USD 1,028 equivalent per month. No membership fee is being imposed currently. Turkey: While there is no membership fee for the platform, there is one for being a member of the ISE. Colombia: Transaction fees for simple bond trades are between USD 1.39 and USD 4.17 equivalent per COP 1 billion (about USD 530,000) traded. For short-term instruments (t-bills and buy/sell backs), fees range between USD 0.72 and USD 1.94 equivalent COP 1 billion (about USD 530,000) traded. Hungary: Transaction fee equals 0.01 % of the transaction value with a minimum of USD 0.24 and maximum of USD 9.5 equivalent. India: There are no transaction fees, but CCIL recovers charges for settlement of transactions.

18 10 Malaysia: Transaction fee is USD 3.2 equivalent (MYR10) per-million per-side. The fee only applies to trades done via auto matching or trade negotiation. There is no fee for reporting of OTC trades. 11 : The monthly limit on the transaction volume on which the minimum monthly brokerage fee is based is higher for market makers than for market takers. The fee for transaction volume above this level is determined at a downward sliding scale and depends on the transaction tier above the monthly limit. 12 Colombia: Other fees are related to information requests and settlement of transactions that are standard to entities under central bank supervision. For more information, visit: 13 India: CCIL recovers charges for settlement of transactions. 14 South Africa ICAP ETC: There is a trading rebate for some counterparties for showing prices, as a small enticement. 15 South Africa JSE Nutron: The JSE has a standard fee structure for all members, covering membership, regulation, and transaction fees. Table 6: Dealer-to-Customer Features E-trading platform 1. Price determination Indicative quotes, RFQ CAT Fees No Customer transaction fees - - -