New Zealand Exchange
Coordinates: 41°17′23″S 174°46′46″E / 41.289709°S 174.779493°E
 | |
| 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) Dame Therese Walsh (Director) Jon Macdonald (Director) |
| Website |
www |
NZX Limited builds and operates capital, risk and commodity markets and the infrastructure required to support them. It also provides 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
NZX began life as a number of regional stock exchanges during the gold rush of the 1870s. Brokers’ Associations started in Dunedin Brokers’ Association in 1867, Otago in 1868, Auckland in 1872[3] and Wellington in 1882. The Dunedin Association became a Stock Exchange in 1893, Christchurch gained an exchange in 1900 .[4] Auckland, Christchurch, Dunedin, Thames and Wellington formed the Stock Association of New Zealand in 1915, joined by Taranaki in 1916, Invercargill in 1920 and Gisborne in 1922.[5] Merger was investigated from 1976, Christchurch and Invercargill merged in 1978 and a national exchange was formed in 1983.[6]
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 building in Wellington 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.[7]
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.
In October 2016 Tim Bennett announced that he would step down from his position as CEO on 31 December 2016. The NZX's Head of Markets, Mark Peterson, will step in as interim CEO on January 1 2017 until a permanent replacement is found.[8]
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.[9]
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
- ↑ "NZX Group".
- ↑ "Monthly Shareholder Metrics" (PDF). NZX Limited. February 2014. Retrieved 11 December 2014.
- ↑ "Story: Stock market Page 1 – First stock exchanges". Te Ara – The Encyclopedia of New Zealand.
- ↑ "Page 2 – Financing the gold-dredging boom".
- ↑ "Page 3 – Quiet consolidation, 1900–1950".
- ↑ "Page 4 – Towards a national exchange, 1950–1984".
- ↑ "The Former Odlin Building - NZX Centre". Wellington Waterfront. Archived from the original on 2012-03-06.
- ↑ "NZX Appoints Mark Peterson as its Interim CEO". Finance Magnates.
- ↑ "Business Overview". Who We Are. NZX Group.
External links
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Wikimedia Commons has media related to New Zealand Stock Exchange. |
As of September 19, 2016 | |
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