THE Zimbabwe Stock Exchange (ZSE) is inviting vendors to supply hardware and software for the setting up of the country’s first ever Automated Trading System (ATS) which is expected to run by next April.
Report by Business Reporter
In a statement released yesterday, ZSE said the automation would see the stock market matching its activities to international norms and standards of operation in terms of efficiency, transparency, fairness and cost effectiveness.
“To support this automation effort, ZSE seeks to engage vendors to bid in respect of the supply, installation, testing and future support of the requisite hardware and software for the implementation of an Automated Trading System (ATS),” the ZSE statement read.
The stock market currently trades on the manual platform, which analysts say is fraught with risks.
Last month, ZSE chief executive officer Alban Chirume said a Mauritian firm had been engaged to roll out the automated trading system.
The rollout was supposed to have been done by December, but has been pushed to next year due to funding constraints.
The consultant, according to Chirume, would review business processes of the ZSE which include tailor-making the system running the ATS.
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The setting-up of an ATS comes at a time when the exchange in June announced that it was currently recruiting an automated trading system consultant tasked with improving efficiency of the exchange as well as catch up with regional peers.
ZSE initially had plans to roll out the project by year end. The bourse has been working on automating since 2010, but it has been stalled due to funding issues. Chirume indicated that the automation process would take up to $2 million.
The ZSE boss said many ICT professionals had expressed interest to play the consultancy role for the local bourse and CDSM was selected among 18 applicants.
