BY MTHANDAZO NYONI THE Zimbabwe Stock Exchange Limited (ZSE) has called for various stakeholders to participate in the Victoria Falls Stock Exchange Limited (VFEX), an equity market that will allow shares to be quoted and traded in foreign currency. In a statement, ZSE chief executive officer Justin Bgoni called for securities dealers, sponsors, securities custodians, securities transfer firms and investment management firms to express their interest to participate on VFEX. “The Victoria Falls Stock Exchange Limited, a wholly-owned subsidiary of the Zimbabwe Stock Exchange Limited, is currently awaiting licencing by the Securities and Exchange Commission of Zimbabwe (SECZ) and is calling on the following stakeholders to express their interest to participate on VFEX; “Securities dealers, security dealing firms licenced by the Securities and Exchange Commission of Zimbabwe are eligible to express their interest, accounting firms, banks, legal practitioners and investment advisers wishing to offer sponsor services on VFEX are eligible to express their interest,” the statement read in part. Custodian firms licensed by the SECZ and are part of clearing banks which are able to clear and settle transactions in United States dollars are also eligible to express their interest. Securities transfer and investment management firms licenced by the SECZ are eligible to express their interest. Government recently gazetted the exchange control regulations to allow investments and trading in the new VFEX. Under the regulations, securities listed on the Victoria Falls bourse shall be tradable and settled in United States dollars or a convertible currency. Local companies already listed on the ZSE may list on the VFEX a maximum of 20% of its capital on the ZSE, but these foreign currency shares have to be funded from an offshore source or from free funds. Foreign companies may list on the bourse, but any capital raised by such company on the VFEX is from an offshore source or from free funds. A foreign company that had de-listed from the ZSE in the five years preceding its listing on the VFEX must, however, reinvest or employ in Zimbabwe 20% of the capital raised on the VFEX no later than five years from the date that it was raised.