Scope Prime
has expanded its CFDs offerings in South Africa to include equities and
exchange-traded funds listed on the Johannesburg Stock Exchange (JSE),
positioning itself against competitors who are reducing their presence in the
region.
Scope Prime Expands CFD
Offerings in South Africa
The
institutional liquidity provider, which operates under Rostro Financial Group,
will offer CFD access to major South African companies including Sasol,
Naspers, MTN and Shoprite, along with ETFs covering key economic sectors such
as mining, telecommunications and retail.
The
expansion comes as other
brokerage firms, including IG Group, scale back operations in South Africa,
creating opportunities for companies willing to maintain local market exposure
during a period of heightened volatility across global markets.
“This
upgrade to our product set in South Africa comes at a pivotal time for the
local market,” said Daniel Lawrance, CEO of Scope Prime. “As some
other brokers are pulling back from the region, we are doubling down on our
commitment to providing better market access globally, including access to
JSE-listed equity CFDs.”
And
although IG exited the local market, CFI
and XS
obtained licenses to operate there last year.
JSE Gets Fresh CFD Access
Scope
promotes its offer to traders by highlighting several advantages it claims stem
from the CFD structure, including an exemption from Securities Transfer Tax and
the absence of ownership fees, which can reduce overall transaction costs. The
arrangement also minimizes administrative requirements as Scope Prime handles
key reporting obligations on behalf of clients.
Scope Prime
has integrated with technology provider Iress to deliver real-time pricing data
directly from exchange sources, aiming to provide transparent pricing
mechanisms for the new product range.
Scope Prime
operates through Scope Markets SA (Pty) Ltd, which holds authorization as a
financial services provider and over-the-counter derivatives provider in South
Africa. The company maintains offices in Johannesburg’s Sandown district.
At the end of last year, Scope appointed Kearabilwe Nonyana as Head of Africa to expand its institutional liquidity services across the continent. He previously worked for IG and ThinkMarkets, both based in Johannesburg.
This article was written by Damian Chmiel at www.financemagnates.com.
