Skip to main Content
Site Search

Advanced Search

  • Mondo Visione
  • Mondo Visione - Worldwide Exchange Intelligence
Member Login

Member Login

Forgotten your password?


Contact Details

Telephone: +64 4 472 7599
Fax: +64 4 496 2893

Principal Officers and Directors of NZX

Chairman Andrew Harmos
Chief Executive Officer & Director Tim Bennett
Director Rod Drury
Director James Bruce Miller
Director Christopher John David Moller
Director Neil Paviour-Smith
Director Alison Gerry
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

Brief history

Brief history

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.

Securities 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.

Agricultural markets

In November 2009, NZX acquired CLEAR Grain Exchange, an online market platform for the trading of grain in the spot market in Australia.

Energy markets

In May 2009, NZX acquired M-Co, the operator of the electricity spot market trading in New Zealand.

Business hours

Business hours


Normal trading hours: NZSX and NZAX markets

Enquiry 08:00-09:00
Pre-opening 09:00-10:00
Normal trading 10:00-16:45
Pre-close 16:45-17:00
Adjust 17:00-17:30
Enquiry 17:30

Normal trading hours: NZDX market

Enquiry 08:00-08:45
Pre-opening 08:45-09:00
Normal trading 09:00-16:45
Pre-close 16:45-17:00
Adjust 17:00-17:30
Enquiry 17:30

Market size

Market size

(at 31 December 2009)

Number of listings
Companies listed Securities listed
Domestic 199 285
Foreign 36 36
Total 235 321
Market capitalisation (NZSX, NZDX, NZAX) NZD70.06bn
Top companies by market capitalisation
Position Company Value (NZD)
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
5 TrustPower Limited 2.3bn
6 Vector Limited 2.0bn
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 statistics

Trading statistics

Trading volume and value
Volume (shares) Value (NZD)
2000 11.7bn 29.8bn
2001 10.7bn 25.1bn
2002 9.4bn 20.6bn
2003 9.4bn 22.2bn
2004 10.9bn 27.5bn
2005 11.0bn 29.7bn
2006 9.5bn 30.3bn
2007 10.7bn 34.1bn
2008 11.4bn 28.0bn
2009 11.9bn 24.8bn
2011 6.79bn 27.4bn
Most active securities by volume: 2009
Position Company Volume (shares)
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
5 Fletcher Building 485.5m
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
10 Telstra Corporation 277.9m
Most active securities by value: 2009
Position Company Value (NZX)
1 Telecom Corporation of NZ Limited 5,749.7m
2 Fletcher Bulding Limited 3,409.0m
3 Westpac Banking Corporation 1,224.6m
4 Telstra Corporation 1,169.9m
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
9 Contact Energy 602.9m
10 Goodman Property Trust 489.1m

Main indices

Main indices

. 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.

Securities traded

Securities traded

Equity and debt securities are listed and available for quotation on NZX's markets, as well as ETFs, convertible notes and warrants.

Trading system

Trading system

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