Andrew
Online Reporter
THE United States dollar-denominated Victoria Falls Stock Exchange (VFEX) has introduced broker-controlled accounts, which are expected to drive up retail investor participation on the bourse.
The new accounts for investors are effective from July 2022.
In a statement, VFEX said the broker-controlled account will be opened by a VFEX-registered stockbroker on behalf of their clients who wish to trade in securities on the bourse, allowing the stockbroker to interact with a licensed custodian on behalf of investors.
This account is registered in the beneficial owner’s name.
“The broker-controlled model was necessitated by the need to simplify the account-opening process for retail investors,” said VFEX.
“Broker-controlled accounts deliver lower costs and easier account-opening procedures for investors wanting to open a VFEX trading account.”
Currently, CBZ Custodial Services has entered an agreement with VFEX to offer the service.
Online Reporter