ZSE courts Indian firm


THE Zimbabwe Stock Exchange (ZSE) is negotiation with Infortech Middle East FZL-LLC, an Indian firm, to undertake a project to install the exchange’s automated trading system (ATS), an official has said.

Business Reporter

An ATS is a computer trading programme that automatically submits trades to an exchange.

ATS are created by converting a trading system’s rules into codes that computers can understand.

Speaking at a Press briefing in Harare, ZSE chief executive officer Alban Chirume said additional due diligence measures were taken
during the month of December and as a result of the report outcome of these efforts the board of the ZSE had approved the engagement of Infortech Middle East FZ-LLC subject to successful contract negotiations.

“We are pleased to advise that contract negotiations are now underway and stakeholders will be informed of the outcome in due course,” Chirume said.

Chirume said the initial valuation of all bids submitted narrowed down the competing vendors to two CIS/CMA Small Systems and Infortech Middle East.

He said during the last week of November the shortlisted two vendors were given the opportunity to give oral presentations and demos to support their bids.

“The CSI/CMA Small Systems consortium was, however, unable to participate in the demo exercise due to other circumstances beyond their control,” he said.

Chirume said ZSE made a decision on the choice of a supplier for the exchanges’ ATS and had appointed a consultant in August 2013 and issued a request of interest in September 2013.

“Eleven vendors from different parts over the world expressed interest and purchased the tender documents and because of the rigorous requirements only four of the initial eleven submitted full responses to the request for proposal within the deadline stipulated,” Chirume said.

The setting up of an ATS comes at a time when the exchange last year recruited an ATS consultant tasked with improving efficiency of the exchange as well as catch up with regional peers.

The ZSE initially had plans to roll out the project by December last year.

The bourse has been working on automating since 2010, but it has been stalled due to limited funding.