The origins of the Zimbabwe Stock Exchange date back to the arrival of the Pioneer Column in 1896. The true forerunner to the ZSE of today was founded in Bulawayo in January 1946, shortly after the end of the Second World War. In December 1951, a second floor opened in Harare (then known as Salisbury), and trading between the two cities was conducted via telephone.
Several years later, stakeholders agreed that legislation was required in order to protect the rights and obligations of all concerned, and in January 1974, the Zimbabwe Stock Exchange Act (then called the Rhodesia Stock Exchange Act) was passed into law, consolidating the 2 exchanges. In order to meet legal requirements, a new exchange came into being, although trading continued uninterrupted.
Trading has for the past been done manually on the ZSE and was conducted in a daily call over that begins at 10.00 am and ends before noon. Settlement was on a T+7 day basis and was against physical scrip delivery.There were plans for Barclays Bank of Zimbabwe and Stanbic Bank of Zimbabwe to offer custodial services to both local and foreign investors.
21st Century Developments
In order to keep abreast with the moving times, the Zimbabwe Stock Exchange adopted an electronic system in December 2009. The bourse launched an electronic trading board in December 2009 becoming the third African country to move from a manual system and paving the way for investors' to have access to real time data. In March 2013, the ZSE also managed to launch a website. The website launch was part of the company's revitalisation program after marginal decline of business during the period of the economic meltdown between 2007 and 2008.
A board of directors oversees the affairs of the ZSE. The board consists of five independent, non-executive directors, the CEO of the ZSE and a representative of the stock brokers. This is an interim board, and will serve until the conclusion of the ongoing demutualisation exercise, after which a substantial board will be elected at a general meeting.
- Alban Chirume- C.E.O
- Eve C. Gadzikwa – Board Chairperson
- Peter Shoniwa – Board Member
- Vimbai Nyemba – Board Member
- Tsitsi Mbabvu – Board Member
- Benson Gasura – Board Member
- Naboth Machemedze – Board Member
- Mary Takavarasha – Board Member
Today's Top Pindula News2019-03-23T00:08:12Z
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