Market Structure
Regulatory Framework, Staging & Settlement
How CDEx governs who may issue, what may be listed, how a placement is staged and how a trade settles once it is matched.
Cooperative Societies Act [Chapter 24:05]
Issuing societies must hold current registration standing, lodge audited financials and hold a member mandate before the exchange accepts a debenture programme. The exchange does not replace the Registrar's oversight of the society itself.
SECZ alignment
CDEx conducts private placements rather than public offers. Where an issue would cross into a public offer, the programme must satisfy Securities and Exchange Commission of Zimbabwe requirements before subscriptions are taken.
OTC staging rules
An instrument enters staging, clears eligibility and financial capacity review, opens for subscription to qualified investors, then becomes eligible for secondary trading once the placement closes and the register is confirmed.
Investor eligibility
Placements are open to qualified and institutional investors who complete investor onboarding and KYC. Debentures are not offered to the general public and are not deposit-taking products.
Private placement staging
Eligible cooperative societies issue debentures over the counter. Subscriptions are taken from qualified investors during the placement window before any secondary trading opens.
Atomic wallet settlement
Subscription cash and coupon flows clear through Co-op Pay wallets. Consideration and certificates move in the same atomic settlement step, so a trade cannot half-complete.
Immutable ledger logging
Every placement, transfer and coupon event is written to append-only ledger storage, giving the exchange and the regulator a single tamper-evident record.
Segregated member funds
Investor cash sits in Co-op Pay wallet balances held apart from the cooperative's own operating accounts, so issue proceeds are traceable end to end.
Settlement timeline
T
Order matched on the book
T
Compliance and holding checks
T
Atomic wallet settlement
T+1
Register and certificate update
Important information
CDEx operations are private-placement and over-the-counter. Nothing published on these pages constitutes an offer of securities to the public. A debenture carries the credit risk of the issuing cooperative: coupon payments and redemption depend on that cooperative meeting its obligations from the activity the issue financed.