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ZSE plans restructuring

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The Zimbabwe Stock Exchange (ZSE) is planning a restructuring exercise where it will fill all vacant posts at the local bourse by the second quarter to ensure that it is professionally run, chairperson Eve Gadzikwa has said.

She said ZSE currently had 12 staff members including the chief executive officer, operations executive, compliance officer and an administrator.

The new board is looking at how to strengthen capacity of the stock exchange, restructuring the skills at all levels from top to bottom, Gadzikwa said.

We dont have a finance manager and a listing manager.

Recruitment is not a one-day affair, but we are in the process of identifying the finance and listing manager.

She said a lot still had to be done for the bourse to work properly.

Gadzikwa said at the strategic meeting that was held in January board members felt ZSE was found wanting in certain areas.

The ZSE plans to have a similar structure to that of the Johannesburg Stock Exchange, which has a chief executive officer, chief finance officer, company secretariat, head agricultural products, chief information officer, director equity market, director issuer regulation, director interest rate products and a surveillance and director trading services position among other key posts.

The Securities Commission of Zimbabwe (SEC) said it was still processing the licence application by the ZSE to regularise its operations.

SEC chief executive officer Tafadzwa Chinamo said the commission became operational after the stock exchange and do not have records on the stock exchange.

ZSE has applied for a formal licence to operate as an exchange. They submitted the papers first week of February.

We looked at the application and we have requested additional information from the ZSE, he said.

We believe the current structure needs to be improved. It is not adequate in terms of running an exchange.

We actually did not know the structure for ZSE, but we had details for all brokers in the country. The brokers had fulfilled all our requirements as SEC.

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