Zimbabwe: Secz Set to Secure Monitoring System

THE Securities and Exchange Commission of Zimbabwe (SECZ) is on the verge of sealing a US$450 000 deal with a renowned oversees tech solutions firm for the purchase of the latest in markets surveillance systems by year-end, its CEO Tafadzwa Chinamo has said.

The new system comes as SECZ is also in the process of automating processes internally to improve efficiencies, enhancing its monitoring and regulatory function.

A regulatory and compliance portal, which is being developed using Microsoft software, is on the verge of completion while another risk-based system, expected to cost US$90 000, is to be acquired from vendors outside the country.

Chinamo told businessdigest that SECZ had, after protracted negotiations, managed to secure a special structure, which could see his institution pay a maximum of US$250 000 for the system, excluding the 20% annual licencing fees.

"We are a Third World country and we have been negotiating on that basis and what we can afford. Very soon we expect to close the deal and the system should be installed, up and running by year-end," Chinamo said in a telephone interview after the regulator's second annual general meeting held on Tuesday in the capital.

The new system is used by regulators in over 14 jurisdictions across the world.

He said the surveillance system is a major investment item for the markets regulator.

"Essentially, the system connects to all available trading platforms; that is your Chengetedzai Depository Company and Zimbabwe Stock Exchange, for example, and at a glance you can see and monitor every trade," he said.

The system can pick up any outliers and highlight red flags based on historical data and current industry trends.

"It detects and prevents crime by identifying suspicious transactions and trends. It makes investigation by anyone who is interested in anything easier," Chinamo added.

More From: Zimbabwe Independent

Don't Miss

AllAfrica publishes around 800 reports a day from more than 130 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.