Zimbabwe Stock Exchange : Providers of your Financial Data.

VOT FAQs

FREQUENTLY ASKED QUESTIONS: VIEW ONLY TERMINALS

1. What are View Only Terminals?
View Only Terminals (“VOTs”) are in actual essence viewing rights to ZSE’s live trading on the Automated Trading System (“ATS”).

2. What is an ATS?
The ATS (“Automated Trading System”) is an electronic platform used by the ZSE for the purchase and sale of securities (shares, bonds, debentures and so on). The ATS replaced the manual trading system with effect from 6 July 2015.

3. How do VOTs work?
The ZSE will grant clients a username and password which will enable them to log in to the ATS and be able to “watch” trading during normal market hours.

4. What does a VOT client see when they log in?
The client will be able to view symbol and market statistics such as best bids/ask, volume, number of trades, high/low price, trade price, traded/cumulative volume, weighted average price, price change, trade value and indices. The Client has the flexibility to customise the screens and quantity of information they can view at any point in time.

5. What are the benefits VOTs?
The VOT enables the user to:
• make informed investment (buy/sell) decisions;
• get alerts on corporate actions (dividend record dates, cum and ex dates etc.);
• ascertain the direction of the market ahead of the public;
• quickly communicate with their stockbroker through the VOT messaging platform; and
• configure alerts on securities of interest (e.g. price or volume alerts).

6. Can VOT users trade directly on the ATS?
VOT users will still need to place their buy or sell orders through their stockbrokers. Future developments may allow certain classes of investors to have investor terminals which provide them access to the system for order placement purposes.

7. What are the requirements for clients to access VOTs?
Prospective clients are required to complete an application form (ZSE PSF 1) and submit it to the ZSE physically or electronically (by email to data@zse.co.zw). Each prospective client is entitled to a free trial period of 30 days after which they will need to pay the relevant VOT fees if they opt to subscribe for the full service.

8. Can clients access VOTs from anywhere?
The ZSE ATS system is internet based and can be accessed from anywhere in the world. For security reasons however the system is configured to limit access to static public IP addresses. Prospective clients can check their public IP addresses by visiting the following sites: http://whatismyipaddress.com/ or https://www.whatismyip.com/.

9. How does the ZSE differentiate between a Professional and a Non-professional user?
A non-professional user is normally a natural person not directly or indirectly involved in any capacity as, a securities trader, investment advisor or asset manager with any local or foreign financial exchange, regulatory authority, professional association or professional body recognised under any law; requiring access to the VOT to solely manage personal funds and such person should not be intending to use the VOT for any business or professional purposes (including distribution of data derived from the VOT to any third party).

A professional user on the other hand is any person or institution which includes the following:

a) a natural person, a company, a close corporation, a trust or an unincorporated entity which is registered or qualified as (or required to be registered or qualified as) a securities trader, investment advisor or asset manager with any local or foreign financial exchange, regulatory authority, professional association or professional body recognised under any law; or
b) a natural person working as employee, director, intern or contractor for a securities exchange, securities dealer, banking institution, investment advisor, asset management firm or any other investment related business; and
c) uses or likely to use data derived from the VOT for any business or professional purposes whatsoever.

10. What IT infrastructure do I need to access the VOT?
A normal desktop/laptop with standard operating software and reasonably fast internet connectivity will be sufficient. At a minimum the following IT requirements apply:

a) Network Requirements

  • Public IP Address (use http://whatismyipaddress.com/)
  • Internet Connection – A minimum of 1Mbps

b) Computer/Laptop Requirements

  • RAM – 2 GB or better
  • Internet Explorer Web Browser version 11 or better
  • Adobe Flash Player – Latest version

11. How user friendly is the VOT?
The ATS runs on the normal internet platform and can be used by anyone with basic understanding of how the stock exchange works. Prospective clients requiring training on VOTs can however approach the ZSE for training at a fee of $10/hour.

12. What are the VOT fees?
VOT data fees are specified in the ZSE Market Data Pricelist which is available on the ZSE website (www.zse.co.zw).

13. What is the trading schedule of the ZSE?
The market schedule for each business day is as follows:

Market State Time (Local time)
Pre-Opening Session 09h00 to 10h00
Continuous Session 10h00 to 12h30
Market Closes 12h30

 

This article was written by: admin