Singapore firm withdraws technical support to ZSE

By FinX | 15 Nov 2018 at 19:44hrs
The Zimbabwe Stock Exchange (ZSE) has revealed that a Singapore based company Infotech, has withdrawn its services to fix the local bourse's trading system, due to non-payment.

ZSE acting chief executive Martin Matanda told FinX that Infotech requires £143 000 per annum to keep the trading system running.
"We require at least £143 000, to run the Automated Posts Trade Reporting System every year. We have been timeously paying Infotech for its services since 2015 but at present we are facing challenges," he said.
Matanda, however, ruled out the possibility of engaging another technical partner as they have a binding five-year contract with the Singaporian firm.
He said the local bourse had approached its local bank to assist in making the payments and they expect improvements on its trading sytem anytime soon.
"The system is not completely down. We are only having technical glitches at the moment, but once the payment has been done, which is soon, everything will get back to normal," he added
In a letter to stockbrokers, ZSE said since 14 November 2018, they have been facing challenges in accessing its reports which are coming out in "sporadic" batches, an issue which requires technical support from the Singaporian technology firm.
"We refer to the above and confirm having noted some anomalies since 14 November 2018 when we tried to access  reports from ZSE Automated Posts Trade Reporting System (PTRS). Some reports are coming out and some are failing completely. We require support from Infotech to retify the matter," trading and surveillance manager Robert Mubaiwa said.
Mubaiwa added that the ZSE is required to pay maintaince fees for support to Infortech on an annual basis.
"ZSE has not been allocated the foreign currency required for payment to be made in respect of 2018 maintance and support fees. Infortech has withdrawn support until payment has been made."



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