The much awaited Victoria Falls Stock Exchange (VFEX) has been granted operating license by the regulator, the Securities and Exchange Commission of Zimbabwe (“SECZ”).
The VFEX, a subsidiary of the Zimbabwe Stock Exchange (ZSE) will trade in foreign currency and is earmarked to attract the much needed foreign investment into the country.
In a statement released by ZSE, the VFEX is now finalizing on listing and membership requirements and other technical related items.
“The Victoria Falls Stock Exchange Limited (“VFEX”) is pleased to advise stakeholders that it has been granted license to operate a securities exchange by the Securities and Exchange Commission of Zimbabwe (“SECZ”) in accordance with the Securities and Exchange Act, Chapter 24:25.
“VFEX is 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,” said the ZSE.
The VFEX has already received commendable interest from several companies as investor find trading in foreign currency much more attractive and safer in preserving value of their stocks.
The ZSE has been losing its glitz in recent months following a six week suspension since end of June as investors; mainly foreigners have been selling off due to low sentiment as a result of political interference and local currency volatility.
