New Zealand Exchange

New Zealand Exchange Limited (NZX) is a stock exchange located in Wellington, New Zealand. Since July 2005 it has been located in NZX Centre, the renovated 'Odlins Building' on the Wellington waterfront. As of 31 December 2007, the New Zealand Exchange had 178 listed companies with a combined market capitalization of $47 billion



History
NZX began life as a number of regional stock exchanges during the Gold Rush of the 1870s. 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.

Products
NZX operates three main markets:

• New Zealand Stock Market (NZSX), the premier equities market;


• New Zealand Alternative Market (NZAX), for smaller and growing companies; and


• New Zealand Debt Market (NZDX), for corporate and government bonds and fixed-income securities.

In addition the NZX is currently developing NZFOX, a trading facility for futures and options contracts based on NZ listed securities.
NZX has three subsidiary companies. Smartshares offers a range of exchange-traded funds as well as a KiwiSaver scheme called Smartkiwi, Link Market Services (of which NZX owns 50%) offers share registry and related services and Agri-Fax offers commercial data services relating to New Zealand agricultural products.

Hours
Trading is conducted between 10am and 4.45pm, New Zealand time (NZST UTC+12 + daylight saving time when applicable). Enquiry and settlement lasts from 8am to 6pm.



Regulation
NZX regulates listed companies and market participants with the aim of ensuring a transparent and efficient marketplace. NZX provides Listing Rules governing the behaviour of listed companies, Participant Rules and an accreditation programme for market participants, and real-time monitoring and surveillance of trading on its markets.
NZX is supported in its role as front-line regulator by the Securities Commission, the statutory regulator of New Zealand's financial markets although the Securities Commission has no legislative mandate to regulate NZX.