A local consortium charged with the automation of Zimbabwe Stock Exchange (ZSE), Chengetedzai Depository Company Ltd says it is waiting for licensing by the Securities Exchange Commission of Zimbabwe (SECZ) to begin operating the Central Securities Depository (CSD).
BY KUDZAI CHIMHANGWA
A CSD is a facility for holding and administering securities as well as enabling transactions to be processed by means of book entry.
The company is also awaiting the granting of a CSD levy by SECZ.
This follows a rights issue of US$1,5 million that was completed successfully last year to finance the rollout of the CSD system expected to improve trading of shares on the local bourse.
Chengetedzai Depository Company chief executive officer, Campbell Musiwa told Standardbusiness that the company had been granted partial permission by SECZ to capture data in the “live” environment.
“Account opening and data take is currently an on-going process. The majority of the participants that is, transfer secretaries, brokers, custodians and settlement banks, have undergone user acceptance testing,” he said.
User acceptance testing is the last phase of a software testing process that verifies if a solution works for the users.
Musiwa said contracts had now been signed by the major participants. He said all participants had been connected and were able to access the system from the comfort of their offices.