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"Embrace Technology for Capital Market Development"- HIT Students Urged

Capital market experts have challenged HIT students to develop technologies that advance and promote rapid capital market development in Zimbabwe.

As the country is embracing technologies for capital development, students and young people must research and develop the technologies required for the rapid development of the capital market.

This was said by several experts from the local capital and stock market industry at a seminar organized by the School of Business Management Sciences held on 31 March 31, 2015 under the theme "Embracing Technology for Capital Market Development", as part of the Institute’s 10th Anniversary Celebrations.

Several representatives from the Zimbabwe Stock Exchange (ZSE), Securities and Exchange Commission of Zimbabwe (SECZ) and the Central Depository Services (CDS) were lined up as key speakers in various issues pertaining to the local and global capital market.

In his opening remarks, Dean in the School of Business Management Sciences, Mr W. Gwarimbo, called for partnerships between industry and commerce, and those in academia.

"Researchers and students are working on assumptions about challenges being faced by the capital market industry", said Mr Gwarimbo. However, universities must research on particular areas that are relevant to the industry so that resources are not wasted", he added.

Mr Gwarimbo challenged industry and commerce to interact and communicate with academia towards the country’s development. "Our students projects here at HIT must give solutions to challenges facing industry and commerce here in Zimbabwe. So, any challenges that you are facing, any problems that you are experiencing and any area that you want researched upon, all these students are there to do that for you", he told the panel.

He also invited experts in industry and commerce to deliver guest lecturers to students at HIT School of Business Management Sciences and to critical look at the School’s curricula to see if it conforms to recent developments in industry and commerce.

Mr Anymore Taruvinga of the Zimbabwe stock Exchange called on Zimbabweans to write textbooks about our own local financial markets that will be used in our local educational institutions.

According to Mr Taruvinga, the Zimbabwe Stock Exchange is introducing significant technological changes that students can also research and participate in their development, such as the introduction of the Central Securities Depository, Automated Trading Systems, Data Portal for corporate Actions and ZSE statistics as well as Electronic Display boards. "As students of technology, its up to you to research and develop some of these aspects and see how can capture technology. For example, you can develop an application that can be used for online trading of foreign exchange and stocks", he said.

Mr Taruvinga gave a well-detailed presentation on the role of the Zimbabwe Stock Exchange and ongoing technological developments at our local bourse.  

Mr B. Ngara of the Chengetadzayi Depository Company, the first Central Securities Depository (CSD) Company in Zimbabwe, presented an illuminating paper on the role of the Central Securities Depository.

From the Securities Exchange Commission of Zimbabwe’s perspective, Mr Norman Mahombera dealt with how technology can be embraced in Capital Markets.

"There is scope for all forms of technologies that you as students can think of as you do your studies that can be implemented in the capital market. The Automatic Transfer Switch (ATS) and the Central Securities depository have changed the capital market platform and the way the market is going to be regulated in the future.

Technological advances drive the capital market and affect the nature and regulation of capital markets. The Securities Exchange Commission of Zimbabwe motivates, directs and facilitates technological advancements", he said.

Mr Mahombera added that when you embrace technological advancements, the effect on the market is that you see unprecedented market developments, promotion of market integrity, efficiency and timely disclosure and dissemination of information as well as heightened systematic risk. But suffice to say, the adoption of technologies actually helps in dealing with the bulk of the risks that are prevalent in the capital market.

"As the regulator we are very excited about these technological developments and we see the endless possibilities that can come out of these technologies that we have already adopted as we look forward to an efficient and competitive market", he concluded.

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