NZX Q1 2019 Revenues & Shareholder Metrics

NZX Limited - Quarterly Operating Revenue
Q1 2019
Q1 Operating Revenue
Q1 2019
NZ $000
Q1 2018
Change YoY
NZ $000NZ $000
Annual listing fees2,5762,5501.0%
Primary listing fees256120113.3%
Secondary issuance fees44926569.4%
Other issuer services86121-28.9%
Consulting & development revenue169187-9.6%
Contractual revenue2,1712,0963.6%
Total Issuer Relationships revenue5,7075,3396.9%
Participant services905964-6.1%
Securities trading*8791,427-38.4%
Securities clearing*1,3071,493-12.5%
Dairy derivatives39424461.5%
Total Secondary Markets revenue3,4854,128-15.6%
Royalties from terminal1,6131,5901.4%
Subscriptions and licenses1,03180328.4%
Indices24630720.0%
Dairy data subscriptions1681614.3%
Other53506.0%
Total Data & Insights revenue**3,1112,63418.1%
Funds Management revenue***2,9172,6838.7%
Wealth Technologies revenue41824669.9%
Revenue from continuing operations15,63815,0304.0%
Revenue from discontinued operations****-1,904-100.0%
Total Revenue***15,63816,934-7.7%
* Securities trading and clearing revenue for Q1 2019 includes the impact of the revised trading and clearing pricing structure implemented 1 October 2018.
** Growth rate includes indices, dairy conference and one off licence revenues.
*** Funds Management revenue for Q1 2018 has been restated to be net of fund expenses ($925,000) to ensure consistency with Q1 19. This reflects the operating model
change (implemented 1 October 2018) which resulted in Funds Management revenue being received net of fund expenses.
**** Revenue from discontinued operations represents the divested Agri businesses (Farmers Weekly sold 1 July 2018, AgriHQ and Australian Grain Information Unit sold
31 August 2018).

NZX Limited - Quarterly Shareholder Metrics
Q1 2019
March 2019Q1 2019
These shareholder metrics represent the key operations of NZX's business.
Markets
NZX Listed Issuers31.03.19Change YoYCapital RaisingQ1 2019Change YoY
Total equity securities135-5.6%Total capital raisings$3,022 m198.9%
Total fund securities372.8%
Total debt securities13416.5%New Capital Listed
Total other securities6500.0%Total capital listed by all issuers$2,056 m496.2%
Total listed securities3125.8%Equity listings--100.0%
Fund listings--
Total NZSX equity issuers1210.8%Debt listings$2,056 m532.6%
Total NZAX equity issuers10-37.5%
Total NXT equity issuers1-75.0%Secondary Capital Raisings
Total NZSX fund issuers372.8%Total capital raised by all issuers$966 m40.8%
Total NZDX issuers5113.3%
Total other issuers5400.0%Total equity raised - NZ issuers$452 m447.5%
Total unique issuers196-2.0%Total equity raised - dual or foreign issuer$22 m16823.1%
Total funds raised - NZ issuers *$134 m-65.8%
Market Capitalisation31.03.19Change YoY% of GDP
Total funds raised - dual or foreign issuer *$159 m77.0%
Total market capitalisation$177,315 m14.9%60.5%Total debt raised$199 m63.9%
All equity$142,107 m14.7%48.5%Number of Capital Raising Events
All funds$4,030 m7.3%1.4%Total number of capital raising events288-13.0%
All other$7 m7609.6%0.0%Equity issuers - capital raised < $10m6117.3%
Total equity$146,144 m14.5%49.8%Equity issuers - capital raised ≥ $10m < $100m3-
Equity issuers - capital raised ≥ $100m2-
Debt$30,299 m13.4%10.3%Fund issuers - capital raised *218-20.1%
Green bonds$872 m-0.3%Debt issuer events - capital raised433.3%
Total NZDX$31,171 m16.7%10.6%
* Funds include Smartshares ETFs. These figures include
fund raising events that were not previously reported.
Cash MarketQ1 2019Change YoYDerivativesQ1 2019Change YoY
Total value traded$9,323 m-0.3%Futures - total lots traded81,60164.5%
Daily average value traded$153 m-0.3%Options - total lots traded13,88624.0%
On-market value traded$4,471 m-2.5%Total derivatives lots traded95,48757.1%
% of value on-market48.0%-2.2%
Total trades752,5621.6%Open interest at period end58,08755.1%
Daily average trades12,3371.6%Notional value traded ($USD)$353 m46.8%
Options to futures ratio17.0%-24.6%
Block trade %3.4%-61.5%
Total Equity Transactions
Derivatives Total Lots Traded 2017 / 2018 / 2019
Total trades744,9631.6%
Value traded $9,031 m-0.3%
% of value on-market48.6%-1.7%
Average on-market trade size$5,974-4.9%
Total Debt Transactions
Total trades7,5995.6%
Value traded $292 m0.8%

NZX Indices Performance31.03.19Change YoYClearing House / DepositoryQ1 2019Change YoY
S&P/NZX 50 Index (Gross)9,84518.3%Gross value of cleared trades over period$9,351 m-0.6%
S&P/NZX 50 Index (Capital)4,31714.3%Collateral held at period end$22 m-53.0%
S&P/NZX 50 Portfolio Index6,10418.5%Depository transactions over period4,529-25.7%
S&P/NZX Primary Sector Index16,6105.0%Assets under custody in depository at period end$794 m40.7%
S&P/NZX NZ Fixed Interest Composite Index1196.5%Value of stock lent over period$1,161 m-9.3%
S&P/NZX A-Grade Bond Index5,5076.0%
Wholesale Data31.03.19Change YoYDirect Data Products31.03.19Change YoY
Terminal numbers - professional*6,2623.5%Dairy data subscriptions9687.8%
Terminal numbers - retail*1,28911.4%
Licences - value ≥ $20k pa378.8%Proprietary security subscription products401-0.7%
Licences - value < $20k pa699.5%- products ≥ $3,000 p.a145-8.2%
* 3 month average
- products < $3,000 p.a.2564.1%
Energy Contracts31.03.19Change YoY
Operating / Technology contracts160.0%
- contracts ≥ $500k p.a.40.0%
- contracts < $500k p.a.120.0%
Funds Services
Total external funds under management$3,194 m18.2%
SuperLife31.03.19Change YoY
Funds under management - KiwiSaver$868 m17.0%
Funds under management - other$1,383 m11.6%
Total$2,251 m13.6%
Smartshares31.03.19Change YoY
Funds under management - external$943 m30.7%
Funds under management - SuperLife funds$1,808 m20.4%
Total$2,751 m23.7%
Units on issue1,045 m17.6%
NZX Wealth Technologies31.03.19Change YoY
Funds under administration$2,043 m85.4%
* Increase in funds under administration due to the on-boarding of NZX Wealth Technologies foundation client in November 2018
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 is 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. Funds include exchange traded funds, managed funds, listed investment companies and trusts.

5. "Other" securities include options, warrants and options quoted on the NZX Main Board (NZSX) and NZX Alternative Market (NZAX).

6. 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
Q1 2019
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


Q1 2018 Q1 2019
Total announcements released 3604 3642
Trading halts at request of Issuer or NZXR¹ 9 5
Documents approved and waivers² granted to Issuers 36 32
Complaints received concerning Issuers 2 11
Price enquiries concerning Issuers 2 2
Investigations³ begun in relation to Issuers 23 30
Investigations ongoing at the end of the quarter/period in relation to Issuers 12 10

PARTICIPANTS – KEY METRICS

Waivers², Exemptions and Rulings granted to Participants 2 3
Inspections commenced
0 1
Complaints received concerning Participants 0 0
Investigations³ begun in relation to Participants 8 12
Investigations ongoing at the end of the quarter/period in relation to Participants 6 6

NZX RULES AND POLICY

NZX Participant Rule amendment - mandatory voice recording

On 15 February 2019, NZX received approval from the FMA for changes to the NZX Participant Rules that require
NZX Trading Participants to voice record certain communications. You can click here for a marked up copy of the
changes, which are set out in chapter 15.11 of the NZX Participant Rules. These amendments were notified to the
market on 5 March 2019 and will take effect from 1 January 2020.
NZX intends to publish a Guidance Note to
support NZX Participants in transitioning to the new requirements.

NZX Listing Rule amendment – DRP timetable

On 4 April 2019, the Financial Markets Authority approved an amendment to the NZX Listing Rules. The change
requires the final election date for investor participation in a DRP to be at least one day after the record date for the
relevant dividend payment. NZX undertook targeted consultation with issuers who have an operating DRP. This
was supported by a majority of those who responded. The rule amendment will come into force 1 January 2020, to
allow affected issuers to make any necessary changes to their DRP offer documentation.

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