New Zealand Exchange

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NZX Limited
Public company
Traded as NZX: NZX
NZX 50 Index
Founded 31 December 2002; predecessors dating back to 1870s
Headquarters Wellington, New Zealand
Key people
 Tim Bennett (CEO)
James Miller (Chair)
Patrick Strange (Director)
Neil Paviour-Smith (Director)
Alison Gerry (Director)
Simon Power (Director)
Dame Therese Walsh (Director)
Jon MacDonald (Director)
Website www.nzx.com

NZX Limited builds and operates capital, risk and commodity markets and the infrastructure required to support them. It also provides high quality information, data and tools to support business decision making. NZX is the only registered securities exchange in New Zealand, and is also an authorised futures exchange. Its wholly owned subsidiary, New Zealand Clearing and Depository Corporation, is the operator of a designated settlement system under Part 5 of the Reserve Bank of New Zealand Act 1989.[1]

NZX has offices across New Zealand and Australia. Its newest office is in Auckland, adjacent to the Britomart precinct. NZX’s Agri HQ is in Feilding and its Australian operation is based in Melbourne.

As of November 2014, NZX had a total of 258 listed securities with a combined market capitalisation of $94.1 billion.[2]

History

New Zealand Stock Exchange 2007

NZX began life as a number of regional stock exchanges during the gold rush of the 1870s. In 1974 these regional exchanges were amalgamated to form one national stock exchange, the New Zealand Stock Exchange (NZSE).

On 24 June 1991, NZSE implemented a computerised trading system, and abolished the open outcry market. This computerised system was replaced with the FASTER trading system in September 1999.

On 16 October 2002 the Member Firms of the New Zealand Stock Exchange voted in favour of demutualisation, and on 31 December 2002, NZSE became a limited liability company. On 30 May 2003, New Zealand Stock Exchange Limited formally changed its name to New Zealand Exchange Limited, trading as NZX, and on 3 June 2003 listed its own securities on its main equity market.

The NZX Centre was originally constructed in 1907 for the C&A Odlin Timber Company, and is one of the few surviving industrial buildings in the Edwardian style.[3]

Mark Weldon was chief executive from 2002 to 2012.

In December 2002, the New Zealand Stock Exchange, as it was then known, became a listed company. It officially changed its name to the New Zealand Exchange Limited around six months later and now trades as NZX.

In 2009 NZX made a number of acquisitions in the rural sector, including a Feilding-based publications business and the Clear Grain Exchange in Melbourne.

In May 2012 Tim Bennett replaced Mark Weldon as NZX’s CEO, returning from Singapore to take up the position.

Principal activities

The principal activities of NZX are:

  • An operator and regulator of securities and derivatives markets and provider of trading, post-trade and data services for securities and derivatives, as well as the provider of a central securities depository. NZX is the only registered securities exchange in New Zealand, and is also an authorised futures exchange. Its wholly owned subsidiary, New Zealand Clearing and Depository Corporation, is the operator of a designated settlement system under Part 5 of the Reserve Bank of New Zealand Act 1989.
  • An online and hard copy publisher of information, news and data relating to the agriculture sectors in New Zealand and Australia.
  • An operator of an electronic grain trading platform through Clear Grain Exchange, Australia’s only provider of online trading and clearing services for the buyers and sellers of grain.
  • A provider of passive funds management products through the Smartshares family of Exchange Traded Funds (ETFs) and a provider of superannuation, KiwiSaver, and investment products through SuperLife, acquired in 2015.
  • Market operator for New Zealand’s wholesale electricity market, under contract from the Electricity Authority, and the Fonterra Shareholders’ Market, under contract from Fonterra.

In addition, NZX has a 50% shareholding in LINK Market Services Limited, a securities registry business providing registry services to both listed and unlisted New Zealand companies.[4]

Trading hours

NZX Main Board (NZSX) – normal trading hours 10am – 4:45pm

NZX Alternative Market (NZAX) – normal trading hours 10am – 4:45pm

NZX Debt Market (NZDX) – normal trading hours 9am – 4:45pm

Dairy Derivatives – normal trading 2am – 4pm but the market opens at 8am on Mondays.

See also

References

  1. ↑ http://www.nzxgroup.com/
  2. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  3. ↑ Wellington Waterfront - Odlin Building
  4. ↑ http://www.nzxgroup.com/who-we-are/business-overview

External links

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