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Tinashe Makichi Business Reporter
Zimbabwe’s automated trading platform failed to take off as anticipated last Friday due to technical glitches that affected the central securities depository, sources close to the exchange said.

The ATS was supposed to go live last Friday at 9am but there were indications that the system still has some technical issues that need to be addressed.

According to a statement released by the Zimbabwe Stock Exchange last Friday, the latest postponement will see the ATS system going live on a day still to be announced.

“The Zimbabwe Stock Exchange wishes to advise that as at July 3, 2015, it was ready to begin online trading through its Automated Trading System.

“The ATS is the front end of the trading cycle with the Central Securities Depository being the back-end of the automated environment with a mandate for settlement of both scrip and cash.

“A close coupling model has been crafted between the ATS and CSD systems. Erring on the side of caution, it was decided to resolve a technical issue to ensure a seamless completion of the settlement processes.”

ZSE said further updates on “go live” will be issued in due course.

The ZSE had notified investors of its intention to launch an electronic market to replace the current manual call over which requires stockbrokers to convene on each trading day to conduct business (buying and selling of shares) on behalf of investors.

The new electronic platform enables participants to conduct their business from various locations by accessing the ZSE through the internet.

Speaking at a Press conference last Thursday, ZSE chief executive Mr Alban Chirume told journalists that the automated trading system operates on agreed rules which are in built in the system and therefore guarantees adherence to price and time priority principles in the interest of market fairness and transparency.

He said with the coming in of ATS, ZSE is eyeing at least three new listings before the end of the year in an effort to end a three-year listing drought.

Mr Chirume said the local bourse has been working hard since 2013 to grow exchange and meet international standards.

He said daily turnover on the ZSE is expected to double while riding on the new ATS.

“Currently daily turnover is struggling to get above $1 million and turnover has dropped significantly since the beginning of the year from $1,5 million .

“All participants to the new market who have been examined for competency should therefore provide uninterrupted services to clients,” said Mr Chirume

He said ATS will see trading fees gradually coming down as the Security and Exchange Commission has been keen on reducing trading fees.