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September 2017
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I salute the grain producers
of South Africa
– Chris Sturgess, former director: Commodity Derivatives, JSE
A
fter nearly 20 years at Safex, Mr Chris Sturgess (44) for-
mer director: Commodity Derivatives at the JSE, hand-
ed over the reins to Mr Raphael Karuaihe at the end of
June this year. About this decision to move on, he says the
following, ‘There comes a time when you need to move on to allow
others to have as much fun as you did.’
He admits that his decision to step down was made easier by his
team that could easily step up and take over the reins. His successor,
Karuaihe, has been on board for the past five years and has been
mentored by Sturgess. Other star team members are Mss Anelisa
Matutu (specialist: Commodities) who was part of the graduate
programme at the JSE and Mr Vuyo Mpumza (intern), the most
recent recruit.
A career at Safex
Sturgess grew up on a small farm just outside Middelburg, Mpuma-
langa. After completing his school career, he obtained a bachelor’s
degree in agricultural management (with economics as main sub-
ject), at the University of KwaZulu-Natal. He had always appreciated
the true trials and tribulations that come with farming and found
this degree to be a well-rounded course in agriculture.
He travelled and worked abroad for a year before returning to the
family farm. After a season harvesting the potato and maize crops
he heard about an opportunity to join Safex. Although it was not
well established at that time, he met with Mr Rod Gravelet-Blondin
(previous senior general manager: Commodity Derivatives, JSE)
and realised this was an opportunity of a lifetime.
‘Either it was going to work and we would be pioneers establish-
ing the agricultural derivatives market in South Africa, or it would
not take off at all.’
Although they were a small team, he started out at the bottom
and at the age of 24 was happy to do anything to ensure he
remained involved. He was able to market to and educate not
only producers and millers, but anyone interested in under-
standing how to use futures contracts to manage price risk.
To him highlights of his career include the first million con-
tracts traded, the opportunity to be directly involved in
every new product launched since inception, except for
the white and yellow maize contracts, the agreement with
the CME Group to allow South Africa to trade their prod-
ucts and the opportunity to cross paths with a variety
of South Africans.
‘Regarding the challenges, it is never fun dealing with
market regulation cases of market abuse by clients of
registered traders, but the reality is they do happen,’ he says and
adds with a smile, ‘And then, when there are any technical issues
with the system, you know you are under pressure!’
Although he did not receive any special accolades, he got to be part
of a group of individuals committed to building the only commodity
derivatives exchange on the continent to be globally recognised for
its success.
‘One can never be sure of your career path when you start out.
However, through your own enthusiasm and commitment to work at
things, a person can be part of something very special.’
RELEVANT
LOUISE KUNZ,
SA Graan/Grain
contributor
Former director: Commodity Derivatives at the JSE,
Chris Sturgess, would like to be remembered by
his colleagues and the public as someone who was
committed to the free market and the efficient opera-
tion of the commodity derivatives market.
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