The Financial Securities Exchange (Pvt) Limited (FINSEC) has extended by a month the launch of the country’s first commodities exchange – the Zimbabwe Mercantile Exchange (ZMX).
The firm said the extension has been necessitated by the need to get approvals and statutes in place.
The ZMX launch was initially set for tomorrow but has been extended to April 30.
Said FINSEC:
“Stakeholders and the public are advised that the launch of the Commodities Exchange, Zimbabwe
Mercantile Exchange is now scheduled for 30 April 2021 instead of the previously announced 31 March
2021.
“This change will allow for the completion of final lawful approvals as well as enactment of statutes
relevant to the commodities exchange,” said Finsec.
It added:
“In the meantime, preparations for the launch and operationalisation of the exchange are continuing. These include the ongoing pilot project as well as participant onboarding.
“The partners to the project, that include Financial Securities Exchange; TSL Limited; CBZ Bank and the Government of Zimbabwe, together with development partners FAO; IAPRI and World Bank are now stepping up training; awareness and publicity campaigns ahead of the launch.”
ZMX is a partnership between Government and the private sector led by Financial and Securities Exchange Limited (FINSEC), TSL Limited and CBZ Holdings.
FINSEC is undertaking the technical implementation work in setting up the Commodities Exchange.