Chronicle Editor
Judith Phiri, Business Reporter
THE Zimbabwe Stock Exchange (ZSE) is set to launch a market surveillance system that will ensure orderly markets and improve participation and confidence of buyers and sellers at the back of enhanced fairness and accuracy of transactions.
The markets surveillance system termed Securities Trading and Technologies (STT) will be launched in March and is in response to the requirements of Statutory Instrument (SI) 103A of 2022. The SI was gazetted in May last year to operationalise the Government’s directive for tighter conditions on trading of securities on the ZSE.
It came after the Government identified loopholes in sub-systems of the ZSE’s custodial functions believed to be part of activities fuelling parallel market activities.
However, in June last year, part of the SI was suspended as the Ministry of Finance and Economic Development informed the ZSE that there were errors in some parts of the said statutory instrument which they needed to correct. Section B of the SI 103A of 2022 which had trading fees was suspended and was then amended by SI 104 of 2022, while Section A of the SI 103A of 2022 has been implemented.
In a statement on Friday, ZSE chief executive officer (CEO), Mr Justin Bgoni said in preparation for the launch of the markets surveillance system (STT), they will be conducting a one-day seminar.
“The Zimbabwe Stock Exchange (ZSE), wishes to notify all of its stakeholders that we will be launching the Securities Trading and Technologies (STT) surveillance system beginning of March 2023 in response to the requirements of Statutory Instrument 103A of 2022.
“In preparation for the launch, the Zimbabwe Stock Exchange will be conducting a one-day seminar on 24 February 2023 in Harare to cover areas such as the definition of market manipulation, an overview of Securities Trading Technologies surveillance system, compliance to Statutory Instrument 103A of 2022 and requirements, as well as ZSE Market Surveillance requirements,” said Mr Bgoni.
Stakeholders including representatives from stock brokers and compliance officers, asset managers, custodians, Securities Exchange and Commission of Zimbabwe (SECZ), Ministry of Finance and Economic Development, Reserve Bank of Zimbabwe (RBZ), transfer secretaries’ and depositories are expected to grace the training.
ZSE is a licensed securities exchange in terms of the Securities and Exchange Act (24:25) and its core mandate is to facilitate long-term capital raising through listing of securities as well as offering secondary market securities trading and issuer regulation services.
Dating back to 1894, ZSE has evolved to be one of the longest established capital raising platforms in Africa.
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