Stockbrokers lose $1 million to fraud

BROKERAGE firms have lost nearly $1 million since dollarisation due to fraud resulting from weak manual systems and lack of sound internal controls on the Zimbabwe Stock Exchange (ZSE), the country’s capital markets regulator has said.

Securities and Exchange Commission of Zimbabwe (SECZ) research and capital markets development manager Grace Berejena said the trading platform currently being used on the local bourse was fraught with inherent risks, adding that automation would reduce the risks.

A Mauritian firm has since been engaged to roll out the automated trading system (ATS) on the ZSE which is expected to be in place by next year.

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