New Zealand Exchange (NZX)
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New Zealand Exchange Limited (NZX)
In the 1870′s multiple regional exchanges were established in the financial centres during the early gold rush days. As gold fever died, Thames and Reefton exchanges closed and exchanges were opened in Wellington and Christchurch. In 1974, the regional exchanges merged to establish the national stock exchange. In 1975 the New Zealand Stock Exchange established a disciplinary council and a new code of ethics. Since 1991 regional trading floors have been closed and all stocks are traded electronically from computerized screen trading systems in each broker’s office. In May 1998, the exchange moved to fully automated clearing and settlement of trades.
The New Zealand Exchange (formerly New Zealand Stock Exchange) was demutualized on 31 December 2002 and became a limited liability company.
The NZX has three securities markets:
* New Zealand Stock Market (NZSX) is the main equities market and features the securities of the majority of New Zealand’s listed companies and also those of a number of overseas companies.
* New Zealand Debt Market (NZDX) is the debt market and offers a range of investment securities including corporate and government bonds and fixed income securities. It was established to provide a liquid market for trading debt securities.
* New Zealand Alternative Exchange Market (NZAX) provides the means for small to medium sized and non-traditional companies to list on the exchange.
New Zealand Futures and Options Exchange (NZFOE) – trades derivatives which are listed and traded on the Sydney Futures Exchange.
Fully Automated Screen Trading and Electronic Registration (FASTER) matches bids and offers according to price and time priorities on the NZX.
The NZFOE is a wholly owned subsidiary of the Sydney Futures Exchange (SFE) and trading is fully integrated with the SFE’s electronic trading system, SYCOM IV. The NZFOX products are based on securities listed on NZX’s markets. New Zealand investors are able to purchase them through authorized NZX Firms and accredited NZX Futures Advisors or NZX Futures Traders.
New Zealand government debt is traded through Reuters and Telerate.
Trading Hours (local time)
Monday to Friday:
Enquiry: 08:00 – 09:00
Pre-open: 09:00 – 10:00
Normal Trading: 10:00 – 17:00
Adjust: 17:00 – 17:30
Enquiry: To 17:30
Options Market: 09.45 – 16.55
Futures Market: 09.45 – 17.15
Note: Daylight Saving begins at 02:00 on the first Sunday in October and ends at 02:00 on the third Sunday in March.
ISIN (International Securities Identification Numbering): Yes
Other: Securities on the NZX are also identified by a five-character alpha code (three character code for ordinary shares).
Equities: Ordinary shares, preference shares, redeemable preference shares, warrants
Debt: New Zealand government stocks, local authority loan stocks, debentures, unsecured notes, convertible notes
Money Market: Reserve bank bills, treasury bills, bank accepted bills, certificates of deposit, commercial paper
Physical: Not applicable
Other: Options and rights (renounceable / non-renounceable)
Share Price Lot
NZD 0 – 0.25 2,000
NZD 0.26 – 0.50 1,000
NZD 0.51 – 1.00 500
NZD 1.01 – 2.00 200
NZD 2.01 – 5.00 100
NZD 5.01 – 10.00 50
NZD 10.01 and over 25
Debt: Varies by issue