AN INTEGRAL PART OF THE ZIMBABWE STOCK EXCHANGE KOSMAS NJANIKE

Feb 3rd, 2012
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The study assesses the need for a derivative market as an integral of Zimbabwe Stock Exchange. It also aims to evaluate the feasibility of establishing a derivative market as an essential element of Zimbabwe Stock Exchange. The research identifies factors that need to be addressed to facilitate such a market. Views of various fund managers, financial analysts and dealers drawn from asset management firms were used.

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Annals of the University of Petro?ani, Economics, 10(1), 2010, 217-228 217DERIVATIVE MARKET: AN INTEGRAL PART OF THE ZIMBABWE STOCK EXCHANGE KOSMAS NJANIKE *ABSTRACT: The study assesses the need for a derivative market as an integral of Zimbabwe Stock Exchange. It also aims to evaluate the feasibility of establishing a derivative market as an essential element of Zimbabwe Stock Exchange. The research identifies factors that need to be addressed to facilitate such a market. Views of various fund managers, financial analysts and dealers drawn from asset management firms were used. Changes in market trends are influenced by hyper inflation and acute financial policies increase the level of unpredictability in fund growth and return. Asset managers need to be in a market where they are able to actively manage and devise mechanisms that promote fund growth and managing the risks they are exposed to. The study revealed that there are many institutional arrangements lacking to facilitate this financial innovation. A thorough analysis of the research findings was made and it concluded that there is need for a derivative market as it can be an efficient vehicle for improving investment performance.KEY WORDS: Zimbabwe Stock Exchange; derivative market; fund managementJEL CLASSIFICATION: G10, G11, G151. BACKGROUND Financial services sector in Zimbabwe grew out of the liberalization of the financial sector following the economic reforms of the early 1990s. This was one of the

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