VFEX launch imminent as it gets licence
Staff Reporter
The Securities and Exchange Commission of Zimbabwe (SecZim) has licensed the Victoria Falls Stock Exchange Limited (“VFEX”), paving way for its planned opening.
This is in accordance with the Securities and Exchange Act, Chapter 24:25. VFEX which shall be a foreign currency denominated platform is a subsidiary of the Zimbabwe Stock Exchange.
FEX is a subsidiary of the Zimbabwe Stock Exchange (ZSE) and it would be denominated in foreign currency and targets foreign investors as well as global capital markets especially the mining industry.
In a statement yesterday, ZSE CE Justin Bgoni said VFEX was now finalising the listing and membership requirements, setting up of the trading and depository systems as well as modalities on the clearing and settlement of transactions.
“The completion of these processes, which is imminent, will enable VFEX to be launched. The market will be updated on the exact date when VFEX will go live.
“VFEX wishes to thank all stakeholders including the Ministry of Finance and Economic Development, Securities and Exchange Commission of Zimbabwe, Reserve Bank of Zimbabwe and market participants for the assistance rendered to date,” he said.
The nation has suffered foreign-currency shortages for years, which have hammered its economy driving the need VFEX is expected to accommodate the fungible stocks which have been suspended on ZSE on allegations of undermining the Zimdollar through the use of Old mutual implied rate (OMIR).
