Mercado a Término de Rosario (ROFEX)

Mercado a Término de Rosario (ROFEX)

Unlisted Corporation

Andrés Ponte - Chairman

Andrés Ponte - Chairman

Authorities

Chairman
Andrés Ponte

Vice-Chairman
Luis Herrera

Board of Directors

Secretary
Leandro Salvatierra

Treasurer
Juan Fabricio Silvestri

Board Members
Marcelo José Rossi
Andrés E. Ponte
Fabio Jesús Bini
Gustavo Cortona
Alfredo Conde

General Manager or CEO

Diego Fernández

Paraguay 777, Piso 15
(2000) Rosario, Santa Fe, Argentina

Phone: 54 (341) 530-2900
www.rofex.com.ar

Main products and markets

  • Agricultural derivatives
  • Financial derivatives
  • Other Commodities derivatives
  • Shares
  • Bonds

Main shareholders

Shareholder Share
Bolsa de Comercio de Rosario 42.06%

Operators and brokerage firms

www.rofex.com.ar/agentes/agentes_rofex/

Trading hours

Market/products
Schedule
ROFEX Currency
10:00 to 15:30
ROFEX Agricultural
10:00 to 17:00
ROFEX Others
10:00 to 17:00
 

Market data

(Additional information at www.fiabnet.org)
 
Derivatives
2016
2015
Notional value of contracts traded in Millions of US dollars
Open Interest at year end
Number of contracts traded
Notional value of contracts traded in Millions of US dollars
Open Interest at year end
Number of contracts traded
Stock options
0
66
300
0
0
0
Exchange rate options
0
1,204
32,639
12
115,605
142,305
Commodity options
Soybean Index
2
785
8,606
1
734
6,844
Corn
0
16
2,495
0
0
0
Chicago Corn
0
6,073
19,856
1
0
15,921
Gold Index
1
14,512
14,512
0
0
8,280
Chicago soy bean
10
21,010
256,277
1
1,200
22,463
Stock Index Futures
151
973
137,898
8
66
6
Bond futures
140
4,252
112
100
1,956
73,432
Exchange rate futures
116.601
2,056,830
112,242,365
79,263
12,955,047
73,243,521
Commodity futures
Soybean
325
4,693
42,852
377
6,032
56,079
Soybean Index
174
1,223
22,052
98
689
14,693
Chicago Soybean
351
10,525
192,082
245
14,198
140,560
Wheat
5
0
1,213
7
955
1,460
Corn
11
1,212
2,508
8
1,046
2,031
Chicago Corn
35
9,342
49,041
67
3,372
86,693
Gold
66
3,135
51,650
22
286
19,266
Oil WTI
82
4,448
178,855
17
1,439
33,244

Brief history

 » Mercado a Término de Rosario (ROFEX)
  • 1909 – On November 19th the “mercado General de Productos Nacionales del Rosario de Santa Fe S.A.” was founded.
  • 1993 – ROFEX created the Rosafé Soya Index (ISR as in Spanish), that allowed the settlement for price difference (done by product deliver). Since then, it is the most negotiated contract in the Agricultural Derivatives Division.
  • 1998 – Started to function the electronic negotiation system, that was added to the traditional operation method “open outcry”, that took place in the Operations Hall of the Bolsa de Comercio de Rosario (BCR).
  • 1999 – Argentina Clearing House S.A. was founded (afterwards named Argentina Clearing S.A.), which guaranteed the fulfilment of all the operations settled in ROFEX.
  • 2006 – ROFEX was demutualized: it isn´t necessary to be a shareholder to operate. Since then, it is just needed a membership and the payment of a deposit.
  • 2010 – Market Direct Access was launched. Gold Futures started to be deal, first on its type in the country.
  • 2011 – In June the Oil Future was launched, first of its type in Latin America. Launched in December the Chicago Future Soy Contract, which is licensed by the CME Group.
  • 2014 – It is given to the ROFEX stockbrokers the possibility to negotiate through algorithmics using the tool developed by Primary S.A., Algo Trading.
  • 2015 – Starts to operate the Merval Index Future.

Organization chart

Organization chart

Financial indicators

2015
2014
Net Income (U$S thousands)
7.641,19
5.183,47
ROE (Net Income/Shareholders’ Equity)
27,74%
53,46%
ROA (Net Income/Assets)
19,85%
42,05%
EBT/Shareholders’ Equity
31,49%
59,54%
EBT/Assets
22,53%
46,83%
 » Mercado a Término de Rosario (ROFEX)

Clearing, settlement and depositary services

ROFEX has a separate Clearing House, known as Argentina Clearing S.A. (ACSA). Both ROFEX and ACSA are self-regulatory organizations which are under the supervision of the National Securities Commission (CNV), and they have funds settlement (MEP) accounts and securities settlement (CRyL) accounts with the Central Bank of Argentina (BCRA).

All the transactions executed on ROFEX futures exchange have central counterparty (CCP) assurance, since ACSA legally becomes buyer to every seller, and seller to every buyer, thus eliminating the bilateral nature of trading obligations.

In turn, for purposes of guaranteeing performance of executed transactions, ROFEX has established a mechanism for margin management and daily settlement (mark-to-market), whereby in case any participant fails to perform his settlement obligations, transactions executed on the futures market shall be cancelled and the relevant margins shall be settled immediately.

Central counterparty - CCP

Argentina Clearing S.A. (ACSA) is a self-regulatory organization, pursuant to Securities Public Offering Act 17811, and Executive Order 677/2001, under CNV supervision and authorized by the Commission to operate under Resolution 10278 issued on October 14, 1993. This clearing house was created in 1999 as a ROFEX spin-off for purposes of registering, clearing and settling transactions made on such futures exchange.

In order to comply with its mark-to-market system, ACSA implemented a special guarantee fund constituted by the Rosario Stock Exchange. A guarantee trust was set up with contributions made by all clearing members, thus forming a single trust fund which shall respond in case of failure to settle trades by any such member.

Likewise, creating guarantees integrated into the guarantee trust fund by clearing members for third-party transactions, as well as for obligations pertaining to each clearing member. The guarantee fund consists of initial guarantees, required margins, and surplus funds.

For purposes of strengthening legal certainty of the Clearing House, guarantee trusts were organized in order to protect funds contributed by all market participants, as safe assurance for trades registered with Argentina Clearing S.A.

Member of the following organizations

  • Futures Industry Association (FIA) – 2005
  • Association of Future Markets (AFM) – 2007
  • Federación Iberoamericana de Bolsas (FIAB) – 2010
  • Commodity Markets Council (CMC) – 2012

Agreements with other Exchanges

  • License agreement on the use of settlement prices for commodities (soybean) and crude oil (petroleum) with CME - 12/19/11
  • Trading Interconection Agreement with Mercado de Valores de Buenos Aires – 27/04/2014
  • Trading Interconection Agreement with Mercado Argentino de Valores – 11/02/2015

Edited by FIAB Secretariat. The information referred to member exchanges and markets compiled in this Handbook has been provided to FIAB by these entities and is updated up to April 18, 2017. Every effort has been made to ensure that the information in this edition is accurate at the time of its publication. FIAB Secretariat cannot accept responsibility for errors or omissions.