• mobilise and efficiently allocate resources for the country's economic development
• provide a fair, efficient, transparent and secure price discovery mechanism in a well regulated environment
• build liquidity through innovation

TRADING SYSTEM AND SETTLEMENT
The ZSE uses a callover system on the floor of the exchange. The ZSE currently conducts one callover session daily between 10.00 am and noon. Trading reports are published and circulated to broking houses, the investing public and the press.

Basis of Index Calculation:
Capital weighted Index: Base Value 100 = 19 February 2009

Trading and settlement currency:
United States Dollars

Commission rates and other client costs:

 (Market Charges Amended with effect 11 January 2010)

Short Selling:
Short selling is not permitted unless done in terms of the Members Rules. If required, investors must consult their brokers for detailed information in this regard.

Cancellation of Trades:
Market practice permits cancellation of trades within twenty four hours and under the following conditions:

• The reason for the cancellation must be clear and advised to the Stock Exchange in writing
• Both brokers involved and their respective clients must consent to the cancellation of the deal
• The Zimbabwe Stock Exchange must approve the cancellation of the trade

Settlement:
Deals are settled atT+7 on calendar days. Settlement is done on a bilateral, gross basis between stockbrokers.

Regular Board Lots:
100 shares

Central Depository:
There is no central depository in the market but the ZSE is in the process of establishing one as well as an electronic trading system.

Custodian:
Barclays Bank Zimbabwe Ltd and Stanbic Bank Zimbabwe Ltd offer full custodial services to residents and non-residents.

Securities Lending:
There is no formal security lending in the market.

SEC has the power to intervene in the event that irregularities arise in the areas of conduct of licensed members, financial difficulties, rejection of applications and/or termination of membership.

The Exchange supervises and monitors the trading process to ensure transparency in the market and to prevent manipulation of the market. All trades for listed securities by Members of the ZSE are declared to the ZSE. Any unethical or criminal activities are dealt with within the framework of the rules and regulations governing stock market transactions in Zimbabwe.

Regulation affecting foreign investors
Foreign investors can participate on the bourse provided they bring in their capital through normal banking channels. No prior exchange control approval is necessary for a foreign investor to participate on the Zimbabwe Stock Exchange. Authorized dealers, acting on behalf on non-resident investors and FCDA holders, receive funds for onward transmission to stock brokers for purchase of shares.

Shares purchased on behalf of the foreign investor are registered into either their own names or the names of nominee companies. The share certificates, once registered, are endorsed 'non-resident'. For dual quoted shares, a further endorsement 'For Sale Within Zimbabwe Only' is required.

The maximum foreign investment is limited to 10% per single investor and 40% collectively. Should a foreign investor exceed the 10% limit, the transfer secretary may not effect registration and is obliged to report to the Zimbabwe Stock Exchange. The latter may issue a directive to the investor to sell the excess shares within sixty days; any losses incurred will be for the investor's account. The Zimbabwe Stock Exchange is required to report the matter to the Reserve Bank.

Withholding taxes on dividends are deducted at source at the rate of 15%.

Repatriation of income and capital is free. This is subject to proof that payment for any purchases was made with funds received through formal banking channels.

Authority of the Committee on Listing Requirements
The Committee of the Zimbabwe Stock Exchange has the power:

1. To grant, review suspend or terminate listings subject to the listings requirements.
2. To prescribe from time to time the minimum listings requirements with which an applicant shall comply before each security issued by such applicant is granted a listing
3. To prescribe from time to time the minimum listings requirements with which a listed company shall comply while a security issued by it remains listed.
4. To suspend, alter or rescind a listings requirement prescribed before or after a listing has been granted and to prescribe additional listings requirements from time to time either by way of amendment to these listings requirements or by way of the issue of practice notes; and
5. To prescribe the circumstances under which a listing of a security shall or may be suspended or terminated