When the Bond and Derivative Exchange (Badex) in Zambia concluded its first live trade, a US dollar/Zambian kwacha futures contract, at 2.49pm on April 15, the man behind the establishment of the infrastructure necessary for it to happen hailed a "historic milestone in the Zambian financial markets". But he also acknowledged it had been "a difficult path to reach this objective".
Badex's chief executive, Johannesburg-based Allan Thomson, went on: "This step is merely the beginning. Now that the
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