Die etiek van termynmarkte


The ethics of futures markets Formal futures markets were introduced in South Africa during the beginning of the 1990s. The aim of this article is to investigate the perception that futures markets amount to gambling practices and that they should as such not be tolerated within an economy. Evidence exists of futures markets being banned in countries such as Germany and France because of the belief that these markets foster gambling. The truth in this regard, however, is that futures markets serve as an imperative for the hedging o f price risks by means of futures contracts. Price risks have always been an inherent part o f the free market economy and as such the management of this kind of risk has been making stiff demands on markets in the economy. The manifestation and rapid growth of futures markets in South Africa show that economic needs are thus satisfied. - An important distinction between futures markets and gambling concerns the benefits accruing to society as a whole. It is shown that major differences exist between futures markets and gambling. The proper functioning of a formal futures market is acceptable both on moral and ethical grounds, and thus is also compatible with a Christian philosophy of life.

Copyright information

  • Ownership of copyright in terms of the Work remains with the authors.
  • The authors retain the non-exclusive right to do anything they wish with the Work, provided attribution is given to the place and detail of original publication, as set out in the official citation of the Work published in the journal. The retained right specifically includes the right to post the Work on the authors’ or their institutions’ websites or institutional repository.

Publication and user license

  • The authors grant the title owner and the publisher an irrevocable license and first right and perpetual subsequent right to (a) publish, reproduce, distribute, display and store the Work in  any form/medium, (b) to translate the Work into other languages, create adaptations, summaries or extracts of the Work or other derivative works based on the Work and exercise all of the rights set forth in (a) above in such translations, adaptations, summaries, extracts and derivative works, (c) to license others to do any or all of the above, and (d) to register the Digital Object Identifier (DOI) for the Definitive Work.
  • The authors acknowledge and accept the user licence under which the Work will  be published as set out in https://creativecommons.org/licenses/by/4.0/ (Creative Commons Attribution License South Africa)
  • The undersigned warrant that they have the authority to license these publication rights and that no portion of the copyright to the Work has been assigned or licensed previously to any other party.

Disclaimer: The publisher, editors and title owner accept no responsibility for any statement made or opinion expressed by any other person in this Work. Consequently, they will not be liable for any loss or damage sustained by any reader as a result of his or her action upon any statement or opinion in this Work. 
In cases where a manuscript is NOT accepted for publication by the editorial board, the portions of this agreement regarding the publishing licensing shall be null and void and the authors will be free to submit this manuscript to any other publication for first publication.

Our copyright policies are author-friendly and protect the rights of our authors and publishing partners.