ZSE automates trading next month

Alban Chirume

Alban Chirume

Automated trading on the Zimbabwe Stock Exchange (ZSE) will go live on July 3, 2015, and not an initial June date following the completion of infrastructure development that included setting up of a data recovery site.

Chief executive Alban Chirume in a projects update Press conference last week said the application system is currently being installed in preparation for the final phase and is expected to be complete this Friday.

“ZSE automation is on course to go live Friday, July 3, 2015,” he said.

He said development of an interface between the ATS and the CSD has been completed to ensure that it is seamless.

“This task has been concluded, thanks to the efforts of our system vendors for both ATS and the CSD.”

Chirume however, said critical to the success of the project is the on-boarding of the remaining counters onto the CSD.

“We’re confident that the remaining nine counters will be on-board prior to going live based on our interactions with the users,” he said.

Chirume said a business analyst from the vendor, Infortech will spearhead the training and user acceptance testing exercise.

The training which commences on June 8 will see the participation of Regulators, CDC, stock broking firms, Asset managers and Custodians. Consultants, CDSM of Mauritius will also be part of the testing exercise.

Chirume also said the final draft of the proposed revised Main Board Listings Requirements now awaits gazetting in accordance with the Securities and Exchange Act (Cap24.25) for the rules to become effective. According to new requirements, the minimum capital for listed companies will be $10 million. He said the debt securities market rules were being reviewed and would thereafter be approved by the regulator and be gazetted before they become operational. According to Chirume, the debt instruments will also be traded on the ATS. — Wires.

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