What is ATS What is ATS? The ATS has an order matching engine and replaces the manual trading of shares that we have all been used to in Zimbabwe. It is different from manual trading in that there is no human intervention in the processes of matching orders. International best practice shows the trend is towards automation of trading.

Manual systems by their nature are counter-progressive and may be manipulated at the expense of the investing public. In addition, manual systems are cumbersome and tend to be unattractive to the promotion of inflows of Foreign Direct Investment, which every country needs for development. Investors will be able to place orders with Stockbrokers as has always been the case. Future developments may allow certain classes of investors to have Broker-sponsored investor terminals which give them access to the system for order placement purposes.

Initially the investing public will access trading information through their Stockbrokers. All trades will be done via the Stockbrokers, as in the manual system. The Zimbabwe Stock Exchange will continue to have a supervisory role over the trading activities of the market and will direct, supervise and monitor activities on a daily basis.

The CAPIZAR Trading System and the corresponding reports menu, which constitute the ATS is a tried and tested system which has worked well in such markets as Mauritius, Ghana and Pakistan. The ZSE however, in installing the system, has followed internationally accepted best practice for project management and implementation protocols to ensure the system will be as reliable and as user friendly as it can get.

Any additional specifications will be communicated on an individual basis as and when needed. The ATS runs on the normal internet platform and has been proven during User Acceptance Testing to be quite user friendly, reliable and simple enough to meet requirements of the Zimbabwean market.

Investors will not need prior training to benefit from the ATS since they will trade through interface with their respective stockbrokers. Investors will need the following in order to trade on ATS, via their respective stockbrokers: Your link with the ATS will always be via your Stockbroker.

Depending on what systems your stockbroker has in place for placement of orders onto his internal systems, you should technically be able to place orders from anywhere in the world. Technological advancement now allows business to be conducted from anywhere in the world. Once the ATS goes live, and as long as the shares you want to trade are listed on the Zimbabwe Stock Exchange, it will no longer be possible to trade shares outside of the ATS. Your Stockbroker can advise on the consequences for breach.

As has always been the case, investors will have a choice on which Stockbrokers to use in trading on the ATS. The Automated Trading System automatically matches the orders against each other, resulting in trades. The Automated Trading System records the sale price, quantity, buyer and seller and time of the trade. The ATS has two basic markets for trading of shares: The Regular Board, where shares in excess of can be traded, and the Odd Lot Board, where shares of size between 1 and 99 can be traded.

Should you have shares of quantity less than , your stockbroker will be able to trade them on your behalf on the Odd Lot Board. In the event that you are in possession of shares more than but with a total that is not a multiple of , for example 1 shares, your stockbroker will be able to trade your shares as follows:. Should you also wish to purchase shares on ATS which are less than , again your stockbroker will be able to trade such volume on the Odd Lot Board.

Buying and Selling Shares Who do I contact if I want to buy shares? Buying or selling of shares on the ZSE is done through a registered stockbroking firm. Do I get charged to buy shares and who pays the brokers for their services? There are transactions costs which are charged on each and every purchase and sale transaction. How can I learn about shares and investing?

There are many online resources dedicated to shareholder and investor education.

If you interested in investing and the investing process we recommend you contact a registered broker or advisor. Here are some investor education resources online: All submissions will be kept confidential and all submissions will be responded to. How do I bring a grievance against a member of the Exchange or a general complaint? You write to or phone the Exchange. The contact details are on the contact us page. If the matter is not handled to your satisfaction, you can contact the Securities Commission of Zimbabwe.

If I have a suggestion or request for information where can I submit it? We actively respond to all questions and suggestions which may be submitted here. If I submit a query through the ZSE website will it be answered? Yes it should be acknowledged almost immediately during normal working hours. The time it takes to answer depends on your request. Before submitting questions please ensure you have read the FAQ section and our Social Media and Disclosure Policy. The fully diluted earnings per share of the previous reporting period, usually a year Foreign Trading: Dividends What is the tax on dividends?

What is the best way for me to keep track of my dividends?

You may view this page on the ZSE Data Portal which only tracks the release of dividend information or you may sign up to the ZSE Dividend Email Alert. How can I get information on dividend declarations and payment dates? Sign up to the ZSE Dividend Declaration Email Alert or sign up to Twitter. This page on our website streams dividend announcements. Electronic Trading System When will electronic trading be implemented on the ZSE?

A formal announcement by Authorised Officials of the ZSE will be made in due course. What is happening with the ZSE demutualisation process? When is the new CDS going to be implemented? The Government of Zimbabwe has agreed with the ZSE and other key stakeholders on the scope and structure of the Central Securities Depository.

Work is currently underway to have a fully functional Central Securities Depository. Is the information on the ZSE Data Portal from the new electronic trading system?

The data is from the current systems which are in a state of transition pending the new electronic systems. Finding information on the ZSE data portal Where do I find information of all listed companies on the ZSE? This list enables you to click through to all of the ZSE Company Data pages.

Can I ask for PDF annual reports and other releases? We have associated ourselves with www. Whilst all efforts have been made some annual reports remain un-located. Requests for historical corporate actions The ZSE Data Portal undertakes to make all previous corporate announcements available for free online in PDF format.

However, some historical information has yet to be located and is actively sought. If you have a PDF annual report or earnings release or investor presentation, please forward it to us. Can I request Historical price data? Yes, but a charge may apply.

Contact the ZSE Data Vendor. Investor protection Which investor protection mechanisms apply? The market has the following investor protection mechanisms: Investor Protection Fund This fund is managed by trustees appointed by the Securities Commission of Zimbabwe, with representatives from ZSE, SECZ, institutional investors, a judge and a member of the public.

It is funded by 0. The Fund is meant to cushion investors from loss in circumstances specified in the rules of the Fund. Professional Insurance Policies Each broking firm is required to carry a professional indemnity policy to make good any losses resulting from professional negligence or dishonesty by any of their employees.

Over and above the underlying individual Professional indemnity cover, the ZSE has the umbrella liability policy which picks up excess losses. Investor data Does the ZSE offer Data services? Apply if you are interested. Does the market capitalisation for dual listed companies include the shares on the global registers? The market capitalization of dual listed companies include shares that are in the local register only.

Why is this so? The ZSE market capitalization can differ for the following reasons:. Subscribe to receive daily prices and corporate actions data. Why is the market capitalisation for Old Mutual so low? Only the shares that are resident on the Zimbabwe Old Mutual register are shown so the international value is a lot higher. How do I access the daily price sheet? The daily price sheet can be accessed daily and you can print it in PDF or download it.

Alternatively you can register for the Daily Price Sheet Alert. When is ZSE Data released everyday? Price data is released as soon as it is available which may be between 12 noon and 4pm in the afternoon and corporate actions are released any time from 4pm onwards.

The hardcopy announcements of these releases appear in the traditional media in the following day. Where is the financial data in each company page from and when is it updated? The data is sourced from annual reports and updated prior to publication of the annual report through on the ZSE Data Portal.

Is the financial data from interim results published on the ZSE Data Portal? Only the annual results are published from the annual report or the abridged final results, the latter used if the information provided is complete. Efforts are underway to improve the level of disclosure in the interim and abridged results published. What information is shown on the ZSE RSS feed? All corporate action summary texts with links to the PDF of the underlying document.

How can I get historical ZSE Price Sheets or other data not on the ZSE website? Contact our data managers Big Law. Reports may be available for a small fee payable. Can I rely on the ZSE Data Portal to provide all information on listed companies?

The continuing obligations of ZSE Listed companies have been updated to require listed companies to submit their regulatory press releases in electronic form PDF in a manner that enables easy publication on the ZSE Data Portal.

From the date of its launch, the ZSE Data Portal will be the primary communications channel through which regulatory disclosures are made. Despite all possible efforts taken to ensure that the information we disseminate is complete it is possible, but highly unlikely, that listed companies publish corporate announcements in the hardcopy press before through the ZSE Data Portal. In this case the electronic copy will be published on the ZSE Data Portal at the soonest opportunity thereafter.

Where does the ZSE source its financial figures from? When are the figures uploaded on the ZSE Data Portal The figures are loaded prior to the publication of the relevant report on the ZSE Data Portal but there may be exceptions.

The ZSE accepts no responsibility where publication online in time may not be possible. If the figures of the previous year are restated in the financial tables is the restated figure used or the historical figure?

The restated figure is used for the immediately preceding year. For the year before the immediately preceding year the figures from the annual report of that year is used. If previously published figures are restated do you highlight this on the ZSE Data Portal?

Is your earnings per share shown as the fully diluted earnings per share or the basic earnings per share?

ZSE Data Portal use fully diluted earnings per share in its website. Sometimes the figures in the press when the abridged final results are released have typing errors. Do you re-check the figures from the press release to the annual report when the annual report is released?

Foreign investment What are the market entrance requirements in Zimbabwe for foreign investors? There is no requirement for registration with any institution before a stockbroker can commence trading for a foreign client. However, there might be identification document and other requirements to be met by the client as required by stockbrokers.

Delays may occur if the position was transferred from another custodian or the original foreign exchange inflow was done through a third-party bank. Foreign investors may exceed these thresholds with prior approval from the Reserve Bank of Zimbabwe RBZ and the ZSE. Common stock, preferred stock and convertible debt instruments are currently traded on the ZSE.

Short selling is permitted but prior authority is sought from the ZSE. Through the ZSE Data Portal we expect grow a responsible and secure platform through which a purely electronic means of delivering and disseminating of corporate announcements and shareholder proxy voting material can be made.

Legislation will need to be changed to permit this in future, but inculcating a culture of using electronic communication, in lines with best international practices early on, is the best way to enable rapid uptake when the legislative environment is accommodating. The benefits are lower costs, more efficient communication and more informed investment.

The requirements for listed companies to publish their earnings announcements in two prominent newspapers is unchanged, however publication in traditional hardcopy media must not precede online publication through the ZSE Data Portal so as an investor your access to information is now significantly improved.

These transactions are now recorded on the charts of each company in each company data section of our website. The Securities Commission of Zimbabwe is the capital markets regulator. The ZSE is a Registered Exchange with the Securities Commission of Zimbabwe and in the efforts are underway to adopt a self-regulation structure.

The following are various pieces of legislation which investors should be aware of as they affect securities markets directly or indirectly but are not administered by the commission:. The Securities Commission of Zimbabwe has powers to intervene in terms of misconduct financial difficulty or otherwise as long as it is in the best interests of investors and preserves the integrity of the capital markets.

The rejection or termination of membership and delisting of securities is the primary role of the ZSE, subject to intervention by the Securities Commission of Zimbabwe. The Securities Act , through section 99, provides for the class actions.

The listing requirements give guidelines on release of price sensitive information and this is usually distributed through a cautionary statement in at least two daily print circulating newspapers. Market participants brokers are obliged to issue contract notes within 24 hours of executing a trade. Failed trades are reported to the Exchange and appropriate action is taken based on the period for which the deal has been outstanding.

Social media What social media accounts does the ZSE have and how can I access them? Read our Social Media and Disclosure Policy. Hashtags are used by the ZSE in disseminating information on Twitter. These social media channels are being used primarily as a tool to widely disseminate information that investors need to make informed investment decisions.

These channels are also an ideal forum for the ZSE to connect with investors, hear their investment issues and respond where necessary. Twitter and our social media accounts should NOT be relied upon for timely or complete investor information from the Zimbabwe Stock Exchange. Investors are strongly advised to visit www.

Our social media and disclosure policy is a good source of information on how we approach communications. Listed company questions How often is the Zimbabwe Old Mutual share register updated? The local register for Old Mutual shares is updated as and when changes occur. As a policy the ZSE Data Portal does not advertise or disseminate the date of any investor events or analyst presentations of its listed companies.

Typically these events are attended by company-invited analysts and not open to the general public and their event details are not communicated to the ZSE. As a policy the ZSE Data Portal is unable to assist investors wishing to seek audiences with the managements of ZSE listed companies.

If you wish to request an audience with management you are advised to visit the investor relations website of the relevant company or contact the persons listed in the ZSE Data Portal company data pages. The expectation, therefore, is that the sale of the non-current asset will result in a current asset within 12 months from the reporting date. ZSE Membership How do I become a member of the ZSE? Members of the ZSE can have either individual or corporate status.

To become an individual member, one has to go through a rigorous training process within the industry, in addition to having a recognised degree in business related studies and having passed specified modules of the Registered Persons Examinations of the South African Institute of Financial Markets.

A corporate member should be a company incorporated in Zimbabwe with its sole object the business of stockbroking.

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It should have at least two individual members in its employ. Individuals can become members of the ZSE if they meet the specified requirements. A list of ZSE members is available. A stockbroking firm should have at least 2 members of the Exchange who are licensed by the Securities Commission of Zimbabwe. There is a prescribed guide on the scope and purpose of stockbroking firms.

The Securities Act and Statutory Instrument of S.

The process of either privatisation or demutualisation of the bourse is underway. The Securities Commission is the overall regulatory body that enforces rules of the Exchange. ZSE Frequently Asked Questions: How does the ATS work? What are the benefits of the ATS for the ZSE, and for the investing public? Transparency in share dealings; Speed of execution; Convenience: The ZSE and The Securities and Exchange Commission of Zimbabwe can monitor trading activities of stockbrokers for the benefit of the investing public.

Is the manual system of trading that we are all used to not better for this country? Can investors trade directly on the ATS? Can investors view trading information real time on the ATS?

So what is the role of the ZSE on the ATS, and will stockbrokers still be necessary in this new trading environment? How reliable is the ATS? Are we not going to have frequent breakdowns of the system? What IT infrastructure do I need to have an investor terminal?

How user friendly is the ATS and does one need prior experience to operate the trades on ATS? What do I need to do in order to trade shares on the ATS? Your stockbroker will assist you on how to comply with the above two points Each client must ensure they have opened a CSD Customer Account and has been issued with a Customer ID Number with a Custodian of your choice: Can I buy shares without cash up front? Can I place an order to buy or sell shares from anywhere in the world?

Can I be able to link up with my stockbroker from anywhere on ATS? Can I carry out a trade outside of the ATS? What are the consequences of trading outside of the ATS if my shares are listed on the ZSE? Will I still be able to choose which stockbroker to use or one will be allocated to me by the ZSE to trade on this ATS? How will my shares and other securities trade on the ATS?

What is the trading schedule of the ZSE? The market schedule for each business day is as follows: Market State Time Local time Pre-Opening Session 09h00 to 10h00 Continuous Session 10h00 to 12h30 Market Closes 12h30 I have a number of share certificates with less than shares each.

Can I still be able to trade them on ATS? In the event that you are in possession of shares more than but with a total that is not a multiple of , for example 1 shares, your stockbroker will be able to trade your shares as follows: Who do I contact if I want to buy shares?

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What is the tax on dividends? When will electronic trading be implemented on the ZSE? Where do I find information of all listed companies on the ZSE? Which investor protection mechanisms apply? Does the ZSE offer Data services? The ZSE market capitalization can differ for the following reasons: The ZSE uses the latest prices of securities.

In the absence of a recent traded price, either the last traded price or an improved or deteriorated market indication is taken instead. So, if a security has not traded a bid higher or an offer lower, than the last traded price is taken otherwise the last traded price will be used.

It is possible that other market participants do not use an improved or deteriorated market condition but stick to the last traded price always. The ZSE updates shares in issue as and when they occur, so calculations may differ because of this. For dually listed counters, the ZSE uses the number of shares on the local register whilst other participants could use the global number of shares.

The ZSE uses the number of shares that are freely exchangeable, while other market participants could use other classes of shares which are not freely tradable despite ranking pari-passu with the freely tradable shares. Yes Is your earnings per share shown as the fully diluted earnings per share or the basic earnings per share? What are the market entrance requirements in Zimbabwe for foreign investors? Are there foreign restrictions on repatriation of initial invested capital and dividends?

There are no restrictions on repatriation of capital and dividends. Are there any foreign ownership restrictions and what disclosures are required? What instruments or products are traded on the ZSE? Is short selling permitted? What is the settlement cycle? The ZSE trading hours are as follows: Market State Time Local time Pre-Opening Session 09h00 to 10h00 Continuous Session 10h00 to 12h30 Market Closes 12h30 Are margin trading and securities lending practised on the ZSE?

Margin trading and securities lending are not practised. Can I get shareholder materials electronically and not by the post? Who regulates the capital markets in Zimbabwe? Is the ZSE a registered or a self regulatory organisation?

The following are various pieces of legislation which investors should be aware of as they affect securities markets directly or indirectly but are not administered by the commission: Banking Act Chapter Can Class action suits occur? How quickly and through what medium is price sensitive information distributed by the listed companies? What are the requirements for issue of contract notes or their equivalent?

How does the ZSE deal with failed trades? What are the time frames for reporting prescribed information for ZSE listed companies? What social media accounts does the ZSE have and how can I access them? I want to follow ZSE companies on Twitter. What are their hashtags? How is the ZSE using Twitter, Facebook and Linkedin? Do you have an RSS feed? Yes, you may sign up to the RSS feed here. How often is the Zimbabwe Old Mutual share register updated? Can I attend analyst presentations and investor events?

Can I book an appointment with listed company executives? Is there capital gains tax on the profits from the sale of listed shares? Are there market penalties and fines imposed on any breaches? There are currently no fines or penalties imposed on any breaches.

How are listed securities identified, i. How do I become a member of the ZSE? Can individuals become members of the ZSE? Who are the members of the ZSE? What are the requirements to open a stock broking firm? What is happening with the de-mutualisation of the ZSE? Are the ZSE members supervised and does the supervision extend to levels of capital requirements?