The Financial Sector Conduct Authority (FSCA) has begun to issue over-the-counter derivatives products (ODPs) licenses. This comes after a court judgement that had been handed down by the Supreme Court of Appeal to overtune a 2020 ruling by the South Gauteng High Court for the liquidation of JP Markets and ordered the FSCA to pay the costs of two counsel for JP Markets.
The FSCA says that it is currently assessing and considering 32 ODP license applications of bank and non-bank entities who would like to offer over-the-counter derivatives products (ODPs).
Having an ODC license requires the online brokers to report daily and continuously remain compliant.
QuickTrade, Khwezi Trade and IG Markets SA are the first online brokers to receive the license.