The Victoria Falls Stock Exchange (VFEX) has introduced broker-controlled accounts, which are expected to drive up retail investor participation on the bourse.

The new accounts are with effect from July 2022, and are for VFEX investors.

In a statement, VFEX said the broker-controlled account will be opened by a VFEX registered stockbroker on behalf of their clients who wish to trade in securities on the bourse, allowing the stockbroker to interact with a licensed Custodian on behalf of the investors.

This account is registered in the beneficial owner’s name.

“The broker-controlled model was necessitated by the need to simplify the account opening process for retail investors,” said VFEX.

“Broker controlled accounts deliver lower costs and easier account opening procedures for investors wanting to open a VFEX trading account.”

Currently CBZ Custodial Services has entered an agreement with VFEX to offer the service.