HARARE - The Zimbabwe Stock Exchange (ZSE) made history yesterday after the local bourse started trading online through the Automated Trading System (ATS).
The latest development comes after the automated trading system took a false start on Friday last week as a result of technical glitches on one of Africa’s oldest bourses.
Stockbrokers told businessdaily that by beginning of business yesterday they were already inputting orders prior to the opening scheduled at 10:00.
The ZSE, which was established in 1896, has been using a paper-based trading platform known as a call-over system.
The old system required stockbrokers to go to a trading room where they called out their buy and sale orders.
According to market experts, the open outcry floor trading system involved shouting and the use of hand signals to transfer information primarily about buy and sell orders. Bids or offers were made out in the open market, giving all participants a chance to compete for the order with the best price.
“But with the ATS, stockbrokers are now able to trade from their offices,” said an equities analyst with a local bank.