|Telephone:||+64 4 472 7599|
|Fax:||+64 4 496 2893|
Principal Officers and Directors of NZX
|Chief Executive Officer & Director||Tim Bennett|
|Director||James Bruce Miller|
|Director||Christopher John David Moller|
|Company Secretary||Elizabeth Rose|
|Head of Agri||Tony Leggett|
|Head of IT||David Godfrey|
|Head of Energy and Integration||Erich Livengood|
|Head of Derivatives||Kathryn Jaggard|
|Head of Regulation||Robyn Dey|
|Head of Australian Commodities||Ron Storey|
|Head of Market Services||Simon Smith|
|Head of Business Strategy & Sales||Sam Stanley|
|Head of Operations||Mandy Simpson|
The Stock Exchange Association of New Zealand was formed in 1915. The New Zealand Stock Exchange demutualised on 31 December 2002 and was renamed NZSE Limited, replacing the former body corporate which operated under the realm of Sharebrokers' Amendment Act 1981.
NZSE Limited was renamed New Zealand Exchange Limited (trading as NZX) on 30 May 2003. Following an IPO, shares commenced trading on 10 July 2003. In November 2003 NZX launched the NZAX Market designed specifically for the needs of small/medium high-growth companies.
NZX operates its national screen-based trading and settlement system and associated administrative functions from its offices in Wellington.
On 23 July 2008, New Zealand Exchange Limited was renamed NZX Limited.
NZX is a public company listed on the NZSX Market.
NZX operates New Zealand's sole registered securities exchange and facilitates electronic trading, clearing and settlement across its three principle markets (NZAX, NZDX, NZSX) as described below. In addition, NZX is responsible for the ongoing surveillance and regulation of New Zealand's capital markets.
NZFOX products are New Zealand futures and options contracts, based on New Zealand equity securities listed on NZX's markets.
NZX revenue is derived from the following main sources:
- Annual listing fees from issuers with securities listed on its markets.
- Transactions fees charged for the volume and the value of securities traded through its systems.
- The sale of market data and information.
- Annual participant fees.
Other sources of revenue are:
- The management of exchange traded fund products through subsidiary company Smartshares Limited.
- Income from data subsidiaries. This includes the provision of agribusiness news and commentary services through media publications such as NZ Farmers Weekly, CountryWide and Young Farmer, NZX subsidiaries Agrifax, Dairy Week and Profarmer, the provision of investment research and analysis (Fundsource) and the provision of online news services (Newsroom).
- Income from unit registry services (Appello, 30% owned by NZX).
- Income from the operation and administration of the energy markets through M-Co energy trading platform (100% owned by NZX).
- The provision of registry services through NZX's 50% stake in Link Market Services Limited.
- Income from the Melbourne-based CLEAR Grain Exchange.
- Interest income and a small amount of miscellaneous income.
NZX operates markets in three areas: securities markets, agricultural markets and energy markets.
NZX operates three principle markets, the NZSX - Stock Market, the NZDX - Debt Market, and the NZAX - Alternative Market.
The NZSX is the original market, informally known in the past as the Main Board. Companies listed on this market are mature corporations that include many of New Zealand's long-established companies and overseas companies.
The NZDX market offers a range of investment securities including corporate and government bonds and fixed income securities. The goal for this market is to expand and grow the facility that already exists and provide companies and a broader spectrum of investors with more opportunities for investment diversification and growth.
The NZAX market is specifically designed for fast-growing, developing companies and companies with non-traditional structures (such as co-operatives) - all with a common need for market facilitation.
In November 2009, NZX acquired CLEAR Grain Exchange, an online market platform for the trading of grain in the spot market in Australia.
In May 2009, NZX acquired M-Co, the operator of the electricity spot market trading in New Zealand.
Normal trading hours: NZSX and NZAX markets
Normal trading hours: NZDX market
(at 31 December 2009)
|Number of listings|
|Companies listed||Securities listed|
|Market capitalisation (NZSX, NZDX, NZAX)||NZD70.06bn|
|Top companies by market capitalisation|
|1||Fletcher Building Limited||4.8bn|
|2||Telecom Corporation of New Zealand Limited (NS)||4.7bn|
|3||Contact Energy Limited||3.7bn|
|4||Auckland International Airport Limited||2.5bn|
|7||Sky Network Television Limited||2.0bn|
|8||Sky City Entertainment Group Limited||1.9bn|
|9||Fisher & Paykel Healthcare Corporation||1.7bn|
|10||The Warehouse Group||1.3bn|
|Trading volume and value|
|Volume (shares)||Value (NZD)|
|Most active securities by volume: 2009|
|1||Telecom Corporation of NZ Limited||2,245.6m|
|2||Auckland International Airport Limited||602.2m|
|3||Goodman Property Trust||516.3m|
|4||Fisher & Paykel Appliances Holdings Limited||501.5m|
|6||Guiness Peat Group Plc||394.2m|
|7||Sky City Entertainment Group Limited||387.9m|
|8||Kiwi Income Property Trust||356.1m|
|9||AMP NZ Office Trust||342.1m|
|Most active securities by value: 2009|
|1||Telecom Corporation of NZ Limited||5,749.7m|
|2||Fletcher Bulding Limited||3,409.0m|
|3||Westpac Banking Corporation||1,224.6m|
|5||Sky City Entertainment Group Limited||1,169.6m|
|6||Australia & New Zealand Banking Group Limited||1,155.4m|
|7||Auckland International Airport Limited||1,058.1m|
|8||Fisher & Paykel Healthcare Corporation||751.5m|
|10||Goodman Property Trust||489.1m|
. NZX 50 Index
. NZX 15 Index
. NZX 50 Portfolio Index
. NZX 10 Index
. NZX MidCap Index
. NZX SmallCap Index
. NZX All Index
. NZX SciTech Index
The NZX 50 comprises the securities of the top 50 companies listed on the NZX Market by free float market capitalisation. The free float is determined by excluding blocks of shares greater than 20% and blocks between 5% and 20%, which are considered strategic.
The NZX 15 comprises the 15 largest and most liquid domestic securities listed on NZSX Market. Constituent companies are weighted by free float market capitalisation and are reviewed every six months. The weighting of any security in the index is capped at 30%.
The NZX 50 Portfolio Index comprises the same constituents as the NZSX 50 but limits the weight of any one security to 5% of the index market capitalisation. The purpose of the NZX 10 Index is to provide a measure of the price trends of New Zealand's top 10 listed companies.
The NZX 10 is a 'country' index. Overseas stocks traded on the NZSX are not eligible for inclusion. The purpose of the NZX MidCap Index is to provide a measure of the price trends of New Zealand's medium sized companies.
The NZX MidCap Index comprises all of the domestic constituents of the NZX 50 index, excluding those companies included in the NZX 10 index. The NZX SmallCap Index comprises all domestic equity securities listed on the NZSX Market, excluding those included in the NZX 50 Index.
The NZX All Index comprises all domestic equity securities listed on the NZSX Market. Constituents are weighted by free float market capitalisation.
The NZX SciTech Index was launched in May 2006 to highlight the performance of companies listed with NZX that have significant business interests in development and commercialisation of new technologies. The index acts to promote and raise the profile of listed tech companies.
Equity and debt securities are listed and available for quotation on NZX's markets, as well as ETFs, convertible notes and warrants.
Trading on NZX markets (NZSX, NZDX, and NZAX) is carried out via a national automated screen-based trading system. The system allows brokers to enter bids and offers into a terminal based in their individual offices. Bids and offers are captured on a time-priority basis at each successive price level.
NZX also provides a Direct Market Access (DMA) facility as a means of entering orders.
Exchange holiday schedule
- 01 January
- 04 January
- 02 April
- 05 April
- 07 June
- 25 October
- 27 December
- 28 December
- 03 January
- 04 January
- 22 April
- 25 April
- 06 June
- 24 October
- 26 December
- 27 December