Vusumuzi Dube
Business Writer
THE Victoria Falls Commodity Exchange (VCOMEX), a mineral commodities exchange operating under the Victoria Falls Stock Exchange (VFEX) has extending an invitation to essential stakeholders as part of its initiative to facilitate the buying and selling of minerals within the exchange framework.
The commodity exchange plays a vital role in the establishment of an offshore financial services center in Victoria Falls.
The centre seeks to boost opportunities for global investment in Zimbabwe.
In a notice, the bourse is targeting general commodity dealing companies, commodity dealing companies, market makers, warehouse operators, clearing companies and warehouse persons.
“The Victoria Falls Commodity Exchange (VCOMEX), a part of Victoria Falls Stock Exchange, is a licensed mineral commodities exchange. The VCOMEX regulations were gazetted through statutory instruments 148 and 149 of 2024. 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 the following potential participants to express their interest in being part of VCOMEX: General Commodity Dealing companies, Commodity Dealing companies, Market makers, Warehouse operators, Clearing companies, Warehouse persons, General commodity dealer and Commodity dealers.”
The Government announced plans for a minerals commodities exchange in 2021.
The initiative stemmed from a memorandum of understanding (MOU) between the VFEX and the Dubai Gold and Commodities Exchange (DGCX).
The MOU provides for the DGCX to extend technical support to the VFEX with the goal of establishing an international commodities exchange in Zimbabwe.
According to the Zimbabwe Stock Exchange chief executive officer , Mr Justin Bgoni, 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 added that 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,” he noted.
Bongani Ndlovu