Spot Market
ZMX provides an automated platform where commodities are traded for immediate delivery. Trading on ZMX is based on Warehouse Receipts and all traders must deposit their commodities with a designated warehouse in exchange for a Warehouse Receipt which receipt forms the basis of trading on the exchange.
Buy & Sell Order Management
The exchange enables commodity buyers and seller to post their buy and sell orders using multiple digital platforms. These orders are matched on the Automated Trading System using time-price priority principle. All orders must have appropriate order qualifiers which determine when the order expires if not executed.
Order Matching & Price Discovery
ZMX is an automated digital market place where local and international buyers and sellers of commodities meet to transact. Orders accepted on the ZMX central order book are matched on a time-price priority. Matching is continous throughout the trading session. Price movements are subject to price protection limits to ensure market stability.
Clearing & Settlement
Clearing and settlement is done on a Delivery versus Payment basis and settlement account are maintained at a designated settlement bank. Cash and securities are held at Custodian banks pending settlement to ensure no settlement failures or settlement delays.
Dispute Resolution
ZMX operates a platform that has rules governing the admission and conduct of participants. These rules also guide the issuance, trading and settlement of Warehouse Receipts.
Rules Enforcement
Trading on ZMX is governed by Gazetted rules under Statutory Instrument 184 of 2021. [CAP. 18:24 Agricultural Marketing Authority (Zimbabwe Mercantile Exchange) Rules, 2021. This provides ZMX with the legal instruments to enforce lawful contact in the activities of all participants on the Exchange.