南非外汇期货市场发展及其借鉴意义

South African FX futures market development and its significance

作为金砖五国成员之一，近年来南非外汇市场发展令人瞩目。其场外市场交易量占比相对较高，包括外汇期货在内的场内市场产品创新活跃，贴近市场需求。文章分别考察南非场内外外汇市场的运行机制，及其外汇市场整体监管架构与分工协作机制，并从促进场内外市场协调发展、结合市场需求推进产品创新等方面，总结了其对于完善一国外汇市场发展的相关启示。

As one of the five BRICS countries, South Africa has shown outstanding FX market development in recent years. Its OTC market trading volume has taken up a greater share, the products in the floor market, including FX futures, are innovative and active and meet market demand. The article examines the operating systems of both floor and OTC FX markets in South Africa, as well as the overall regulatory structure and collaborative system of its FX market. It then summarizes the implications on improving FX market development from the aspects of promoting the coordinated development of floor and OTC markets and integrating market demand with product innovation.