Published On: Wed, Jul 30th, 2014

NZX H1 Results And Regulation Results

Tim Bennett, CEO, NZX

Tim Bennett, CEO, NZX

NZX’s half year 2014 Shareholder Metrics continue to show positive growth in New Zealand’s capital markets.

Trading volumes remained strong, up 21.9% on the prior comparable period. While value traded in June was up 8.8%, total value traded in the half year of $17.6 billion was down on the prior period.

NZX’s Dairy Derivatives continues to demonstrate impressive growth, with the month of June the biggest trading month since the market launched in late 2010, with 10,346 lots traded. A total of 32,389 lots were traded in the first half of the year, up 301.6% compared to the same period last year.

At NZX’s Australian business Clear Grain Exchange, despite an early end to the 2013/14 grain season, tonnes traded on the exchange were up slightly on the prior comparable period, with 317,223 tonnes traded.

NZX’s funds management business saw positive movement in both funds under management and units on issue, up 13.6% and 6.1% respectively.

Other progress during the period:

– In June, NZX welcomed the Financial Markets Authority’s (FMA) third annual General Obligations Review, which concluded that during the 2013 review period NZX complied with all of its statutory obligations to ensure that each of our registered markets and the derivatives market were fair, orderly and transparent.

– Also in June, NZX announced the appointment of Joost van Amelsfort as NZX’s Head of Market Supervision, effective 4 August 2014. The creation of the role is a further step to strengthen NZX’s regulatory role. It reflects a split of the current Head of Regulation role in two, to separate regulatory decision making from policy development.

– NZX’s annual participant inspection programme is on-track. The 2014 programme commenced with a review of NZX’s risk profiling process, which uses recognised risk management techniques to determine an overall risk rating for each participant. NZX liaises with FMA in relation to on-site inspections to coordinate visits and where practicable, to reduce duplication.

– The Financial Markets Conduct Act (FMCA) comes into effect in stages this year, following a comprehensive programme of work focussed on improving the regulation of New Zealand’s financial markets. NZX is considering the amendments required to the various rule sets as a result of the legislative changes.

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