BESA launches online binary options exchange

JOHANNESBURG Nov 4 (Reuters) - The Bond Exchange of South Africa (BESA) said on Tuesday it had launched Africa's first online binary options exchange.

BESA said Justrade.com, a joint venture with Market Tech, would give binary options contracts in interest rates, economic releases, South African shares, commodities and foreign indexes.

"By allowing our users to choose the way they want to transact ... we hope to be able to satisfy the needs of novices new to the workings of financial markets, as well as those who are experienced market participants," said Rory Mackay, co-founder and director of Market Tech.

A binary option, which traditionally had been part of the over-the-counter market, is an option where the pay-off is either a set amount or nothing at all. (Reporting by Serena Chaudhry, editing by Will Waterman)