NZX Annual 2018 Operational & Regulation Metrics

NZX Limited - Full Year Shareholder Metrics
FY 2018
These shareholder metrics represent the key operations of NZX's business.
Markets
NZX Listed Issuers31.12.18Change YoYCapital RaisingFY 2018Change YoY
Total equity securities138-5.5%New Capital Listed
Total fund securities362.9%Total capital listed by all issuers$4,897 m32.0%
Total debt securities13216.8%Equity listings$20 m-95.9%
Total other securities6100.0%Fund listings$1 m-
Total listed securities3125.1%Debt listings$4,876 m51.1%
Total NZSX equity issuers121-2.4%Secondary Capital Raisings
Total NZAX equity issuers12-25.0%Total capital raised by all issuers$4,642 m-6.4%
Total NXT equity issuers2-33.3%
Total NZSX fund issuers362.9%Total equity raised - NZ issuers$1,509 m12.6%
Total NZDX issuers5011.1%Total equity raised - dual or foreign issuer$668 m-60.8%
Total other issuers566.7%Total funds raised - NZ issuers *$830 m52.4%
Total unique issuers198-2.0%Total funds raised - dual or foreign issuer *$187 m90.2%
Total debt raised$1,448 m13.7%
Market Capitalisation31.12.18Change YoY% of GDP
All equity$129,567 m-1.4%45.0%Number of secondary capital raising events1,3099.0%
All funds$3,673 m-2.1%1.3%Equity issuers - capital raised < $10m349-22.8%
All other$6 m49.4%0.0%Equity issuers - capital raised ≥ $10m < $100m22-33.3%
Total NZSX/NZAX/NXT$133,245 m-1.4%46.2%Equity issuers - capital raised ≥ $100m3-40.0%
Fund issuers - capital raised *90433.9%
Debt$30,149 m14.3%10.5%Debt issuers - capital raised31-13.9%
Green bonds$672 m-0.2%
* Funds include Smartshares ETFs. These figures include
fund raising events that were not previously reported.
Total NZDX$30,821 m16.9%10.7%
Cash MarketFY 2018Change YoYDerivativesFY 2018Change YoY
Total value traded$38,244 m-13.1%Futures - total lots traded268,530-1.1%
Daily average value traded$152 m-13.1%Options - total lots traded77,12191.5%
On-market value traded$20,419 m10.7%Total derivatives lots traded345,65110.9%
% of value on-market53.4%27.4%Open interest as at period end70,57635.3%
Total trades3,250,04258.3%Notional value traded ($USD)$1,278 m9.6%
Daily average trades12,94858.3%Options to futures ratio28.7%93.6%
Average on-market trade size$8,919-23.5%Block trade %6.3%-17.2%
Total Equity Transactions
Derivatives Total Lots Traded 2016 / 2017 / 2018
Total trades3,217,42959.6%
Value traded $36,806 m-12.6%
% of value on-market51.8%30.9%
Total Debt Transactions
Total trades32,613-14.3%
Value traded $1,438 m-24.4%
% of value on-market94.3%0.8%

NZX Indices Performance31.12.18Change YoYClearing House / DepositoryFY 2018Change YoY
S&P/NZX50 Index (Gross)8,8114.9%Gross value of cleared trades$38,567 m-13.0%
S&P/NZX50 Index (Capital)3,9071.4%Collateral held at period end$27 m-3.9%
S&P/NZX 50 Portfolio Index5,4985.2%Depository transactions27,823-2.2%
S&P/NZX Primary Sector Index15,1841.6%Assets under custody in depository at period end$720 m45.6%
S&P/NZX NZ Fixed Interest Composite Index1164.5%Value of stock lent$4,432 m-20.3%
S&P/NZX A-Grade Bond Index5,3834.4%
Wholesale Data31.12.18Change YoYDirect Data Products31.12.18Change YoY
Terminal numbers - professional*6,0660.1%Dairy data subscriptions96324.4%
Terminal numbers - retail*1,3144.4%
Licences - value ≥ $20k pa352.9%Proprietary security subscription products402-0.5%
Licences - value < $20k pa7011.1%- products ≥ $3,000 p.a145-8.8%
* 3 month average
- products < $3,000 p.a.2574.9%
Energy Contracts31.12.18Change YoY
Operating / Technology contracts16-5.9%
- contracts ≥ $500k p.a.40.0%
- contracts < $500k p.a.12-7.7%
Funds Services
SuperLife31.12.18Change YoY
Funds under management - KiwiSaver$792 m5.7%
Funds under management - other$1,294 m3.5%
Total$2,086 m4.3%
Smartshares31.12.18Change YoY
Funds under management - external$833 m18.7%
Funds under management - SuperLife funds$1,661 m16.1%
Total$2,493 m17.0%
Units on issue1,018 m16.3%
NZX Wealth Technologies
31.12.18Change YoY
Funds under administration *$1,988 m70.2%
* Increase in funds under administration due to the on-boarding of NZX Wealth Technologies foundation client in November
Notes
Notes
1. All figures are measured at the end of the last trading day of each month unless otherwise stated.
Change refers to the change since the same period last year unless otherwise stated

2. Equity market capitalisation includes all securities quoted on the NZX Main Board (NZSX), NZX Alternative Market (NZAX) and NXT Market (NXT),
with a dual-listed or an overseas domiciled Issuer, the market capitalisation represents the amount that held in New Zealand.

3. Market capitalisation for the NZX Debt Market is the total nominal (face) value of all quoted securities, excluding New Zealand Government stock

4. Please note these operational statistics are based on NZX’s internal records, which are unaudited.
Differences may arise between this data and that disclosed in subsequent audited financial statements.
Differences may also arise between this data and the previously reported data due to rounding.
To enquire about information listed on this sheet, or to find out more about NZX products or services, please email: data@nzx.com

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NZX Limited – Quarterly Regulation Metrics
Q4 2018
These Regulation Metrics represent the key features of NZX’s activities in regulating its Markets. The metrics focus
on key activities so as to provide transparency and a means of comparison across periods
.

ISSUERS – KEY METRICS


Q4 2017 Q4 2018
Total announcements released 4377 4296
Trading halts at request of Issuer or NZXR¹ 20 9
Documents approved and waivers² granted to Issuers 37 58
Complaints received concerning Issuers 4 2
Price enquiries concerning Issuers 3 0
Investigations³ begun in relation to Issuers 34 24
Investigations ongoing at the end of the quarter/period in relation to Issuers 8 12

PARTICIPANTS – KEY METRICS

Waivers², Exemptions and Rulings granted to Participants 1 2
Inspections commenced
2 5
Complaints received concerning Participants 1 1
Investigations³ begun in relation to Participants 5 11
Investigations ongoing at the end of the quarter/period in relation to Participants 4 7

NZX RULES AND POLICY

Updated Listing Rules

On 29 November 2018 NZX provided notification of amendments to the NZX Main Board/Debt Market Listing
Rules. The updated rules, which amend and replace the current Rules, were approved by the Financial Markets
Authority on 25 October 2018, and are dated 1 January 2019 (the updated Listing Rules). NZX also published
reporting templates to support the updated Listing Rules.

As part of the changes the NXT and NZAX markets will be removed to create a single equity board. Issuers on
these markets are able to apply to migrate to the Main Board. Accordingly, the NXT Market Rules and NZAX Rules
will cease to apply from 1 July 2019.

Effective date of updated Listing Rules

The updated Rules shall apply to any issuer that lists on the Main Board or the Debt Market on or after 1 January
2019, subject to class waivers and rulings for existing NXT and NZAX issuers that migrate to the Main Board.

There will be a six-month transition period for existing Main Board and Debt Market issuers to transition to the
updated Listing Rules. The updated Listing Rules will become effective and apply to each issuer listed on the Main
Board or the Debt Market as at 1 January 2019 on and from the earlier of:

(a) 1 July 2019; and
(b) the date on which the issuer opts in to the updated Listing Rules by making an announcement to the
market via the Market Announcement Platform (MAP) at least five Business Days prior to the date on
which the updated Listing Rules will apply to that issuer.

The updated Listing Rules and templates can be found here


Consequential changes to other rules to support the updated Listing Rules

On 29 November 2018, NZX also provided notice of minor consequential amendments to the NZX Clearing and
Settlement Rules to support the updated Listing Rules. The amendments to the NZX Clearing and Settlement
Rules came into effect on 1 January 2019 (noting also that that these rules had separate amendments which came
into effect for the introduction of a mutual default fund on 9 November 2018, explained separately below). Copies
of these rules can be located here
.

Subsequent to the period end, on 17 January 2019, NZX provided notification of consequential amendments to the
NZX Participant Rules, NZX Derivatives Market Rules and NZ Markets Disciplinary Tribunal Rules to support the
updated Listing Rules. These amendments will come into effect on 1 July 2019 to align with the transition
arrangements for the updated Listing Rules.

Update guidance notes and supporting materials

On 29 November 2018, NZX published new and updated guidance and practice notes to support the updated
Listing Rules, together with other supporting and explanatory materials. These materials can be found here
.

Amendments to the NZX Clearing and Settlement Rules to support introduction of mutualised default fund

The changes to the NZX Clearing and Settlement Rules came into effect on 9 November 2018 to give effect to the
default fund. The rule changes create the default fund and relevant obligations, at a high level, with further detail in
relation to the default fund included in the Procedures and the external default fund policy. These amendments are
explained here


Proposed amendments to the NZX Participant Rules to introduce mandatory voice recording

In December 2018 NZX applied to the FMA for approval of amendments to the NZX Participant Rules to introduce
mandatory voice recording requirements for Trading Participants in respect of all communications by or with the
Trading Participant’s institutional sales and trading desk and/or principal desk (including both proprietary and
facilitation trading). If approved, it is intended that these amendments will take effect from 1 January 2020. NZX will
provide formal notification of amendments in due course.

NOTES
The metrics are derived from NZX’s internal records.
1. Trading halts imposed routinely, for example on release of price-sensitive information or in the context of
corporate actions are excluded.
2. Details of waivers granted by NZX are released to the Market, and available on https://nzx.com/ and through i-
Search except where the decisions are confidential.
3. NZX will commence an investigation when it identifies a possible breach of rules.
To enquire about any information on this sheet, please email regulation@nzx.com