NSX Bond Trading

NSX BOND TRADING

General

Trading in listed bonds on the NSX takes place as follows:

Buy and sell orders are placed with stockbrokers who in turn place the orders on to the Website trading platform by communicating these orders to the NSX.
Deals will have to be confirmed amongst the stockbrokers before orders are matched.
On the confirmation of a deal, contract notes are printed within the offices of the respective stockbrokers.
Copies of the contract notes will be distributed to the clients and the NSX.
For purposes of better price discovery, the relevant prices of the last trading price, the Bank of Namibia auction and the corresponding bonds in the Republic of South Africa (same coupon and maturity) are also indicated.

BROKERAGE

Brokerage is calculated on a fixed scale as set out below. Currently only agency trading is permitted which means that stockbrokers cannot buy bonds from their own clients for their own account.

For transactions in bonds where the broking firm acts as an agent, brokerage shall not exceed the following rates:

In transactions where the nominal value is:	Brokerage rate as a function of the yield to maturity:
Up to N$100 000	0,0715%
Up to N$1 000 000	0,055%
Over N$1 000 000	0,033% or at discretion

( The above rates include a 10% of brokerage transaction levy)