make sure you check the warrant makers commitment to making an market. They have a habit of rather conveniently being unavailable just when you need them most. They will also alter the rules of the game to their advantage half way through with a so called adjustment for volatility. I know there will be an inevitable rush to the banks defence but this is the reality you will experience. Rather speak to some people who have traded warrants in the past.
But since you bring up DRD yes i did short it all the way from 12 to below 5 I believe it was. People I know lost big time (im talking about their pensions) holding that warrant (not the warrants fault I know but worth mentioning).
yes there is sell a futures contract...cost you 19400 plus comm of about R10. gearing about 12X ..every 100 points is R1000. No exclusion from the market at certain times...complete transparency...no reliance on a reluctant market maker...u earn interest on the money... etc...of u can trade almi but not as liquid.