daniel chigunwe
Nelson Gahadza
The Victoria Falls Stock Exchange (VFEX), as part of operationalising the Commodity Exchange (VCOMEX), is now looking for participants for the buying and selling of minerals on the commodities exchange.
In an expression of interest notice, chief executive Justin Bgoni, said following the gazetting, VCOMEX is operationalising the buying and selling of minerals on the commodities exchange.
“As part of the implementation process, VCOMEX is inviting potential participants to express their interest in being part of VCOMEX,” he said.
He said the participants are the general commodity dealing companies, market makers, warehouse operators, clearing companies, warehouse personnel, general commodity dealers, and commodity dealers.
Bgoni said a general commodity dealing company will be responsible for trading warehouse receipts and contracts on behalf of clients.
“They will also provide sponsoring services such as bringing contracts for listing, meeting continuing obligations for the listing, and communicating with the exchange,” he said.
A commodity dealing company will be responsible for trading warehouse receipts only on behalf of clients, while warehouse operators will be responsible for storing and handling commodities and are being sought to provide secure warehousing facilities.
“These companies should be equipped with warehouses and the capacity to offer storage services,” said Bgoni.
Clearing participants will verify and settle transactions, including the clearing of warehouse receipts and contracts, while market makers will be responsible for quoting bids and offers continuously for selected commodities and future contracts that they hold in inventory.
Bgoni said they should be prepared and able to buy or sell these commodities and future contracts at any time on its account or on behalf of another party.
General commodity dealers will be responsible for trading in warehouse receipts and contracts on behalf of clients and are employed by the general commodity dealing company, while commodity dealers will be responsible for trading warehouse receipts on behalf of clients and are employed by the commodity dealing company.
Warehouse personnel will be responsible for the day-to-day operations of the warehouse operator and are employed by the warehouse operators.
The commodity exchange is among a number of initiatives VFEX is implementing to widen trading options on the bourse.
Bongani Ndlovu