Institutional liquidity provider Scope Prime launches South African equity CFDs

Scope Prime has announced enhancements to its product suite for the South African market, introducing equity and exchange-traded fund contracts for difference covering assets traded on the Johannesburg Stock Exchange.

The institutional liquidity brand of Rostro Financial Group said the expansion comes as it continues its commitment to broadening market access regionally and globally. The move contrasts with some other brokers pulling back from the region. Yesterday IG announced to its customers that it was discontinuing their Domestic (onshore) trading accounts denominated in South African Rand (ZAR). 

Assets offered will include equity CFDs for companies such as Sasol, Naspers, MTN and Shoprite, alongside ETFs covering broader regional economic sectors including mining, telecoms and retail.

Daniel Lawrance, CEO of Scope Prime, said: "This upgrade to our product set in South Africa comes at a pivotal time for the local market. 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. In times of unprecedented market volatility, we know that having reliable counterparties to work with has never been more important."

The company highlighted that CFDs can reduce transaction costs as trades are exempt from Securities Transfer Tax and ownership fees, whilst administrative burdens are minimised with Scope Prime meeting key reporting obligations.

Pricing is delivered through an integration with technology provider Iress, which the company says ensures clients benefit from transparent pricing based on real-time exchange data. Scope Prime has previously won awards for its institutional liquidity services