ZSE granted licence to operate a central securities depository

BY STAFF WRITER

THE Zimbabwe Stock Exchange Limited (ZSE) has been granted a licence to operate a central securities depository by the Securities and Exchange Commission of Zimbabwe, a development that will improve the bourse’s operational efficiencies in the market among other benefits.

In a statement this week, ZSE said the licence was granted in accordance with the Securities and Exchange Act, [Chapter 24:25] and the Securities (Registration, Licensing and Corporate Governance Rules, S.I 100 of 2010.

“Zimbabwe Stock Exchange Limited is pleased to advise stakeholders that it has been granted a licence to operate a Central Securities Depository by the Securities and Exchange Commission of Zimbabwe in accordance with the Securities and Exchange Act, [Chapter 24:25] and the Securities (Registration, Licensing and Corporate Governance Rules, S.I 100 of 2010,” the statement reads in part.

“The ZSE decided to launch its own depository in order to improve operational efficiencies in the market, reduce market costs to all participants, make it easier for retail investors to access the market, and facilitate the introduction of new products. This is also in line with international best practice where an Exchange owns its depository,” it said.

The local bourse said the official launch date for the ZSE depository will be announced in due course.