Agricultural markets across the world have moved away from government price intervention towards economic based markets. This has been mainly due to the pressure of a globalising world economy as well as failure of costly agricultural subsidy regimes and state controlled agricultural marketing boards. It is now common for smaller commodity markets to form exchanges, either cash or futures, which are playing an integral role in facilitating marketing and ensuring price transparency. Bulgaria, Poland, Romania and Hungary are examples of countries experiencing the same dynamic growth in their commodity markets as South Africa. The demise of agricultural marketing control boards in South Africa during the early 1990’s and extensive liberalisation was the background that stimulated the formation of Safex’s Agricultural Markets Division to trade agricultural derivatives.