Bourse applies bank charges on ZSE Direct withdrawals

THE Zimbabwe Stock Exchange (ZSE) has started levying bank charges on withdrawals done through the ZSE Direct platform.

The ZSE Direct is a platform that allows institutional investors and fund managers to enter their orders directly to the Automated Trading System.

In a statement the bourse said the bank charges were with effect from Monday this week.

“The applicable charge will be one percent of the amount, subject to a minimum of ZWL$150 and a maximum of ZWL$1 000 on each withdrawal. These charges are as per the business conditions of the bank we are currently using on the ZSE Direct Platform,” it said.

The stock exchange said it was working on a solution to enable money from sell proceeds on ZSE Direct to be credited into a client’s ZSE Direct account.

The Direct Market Access (DMA) facility was operationalised in June 2019. The platform is offered through various connectivity modes, which permit the trading members of ZSE to provide direct trading terminals to their DMA clients.

Through the platform fund managers and institutional investors can enter their orders directly into the Automated Trading System (ATS) through a Client Binding Terminal without manual intervention by the broker.

Since 2015, automation of the ZSE has seen the volumes of shares traded doubling, thereby making the exchange more liquid and efficient.-chronicle.cl.zw