NZX benefits from updated market structure & rule set

NZX Limited
Level 1, NZX Centre
11 Cable Street
PO Box 2959
Wellington 6140
New Zealand
Tel +64 4 472 7599

www.nzx.com

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1 July 2019

NZX benefits from updated market structure & rule set now in place

Changes supporting NZX’s commitment to create a market structure and rule set that promotes
market development, and assists in the listing of a broader range of financial products, officially
came into effect today, following a six month transition period.
NZX completed the first holistic review of the market’s structure and rule set in 15 years in
October 2018.
Benefits of these changes have already been witnessed with the first equity initial public offering
under the updated framework taking place in June. This followed the listing of eight ETFs on 6
June 2019 under the new bespoke fund rules, designed to reduce the cost of listing for these
issuers.
The wholesale debt market, which opened in January 2019, has had five listings totalling $1.47
billion, including the exchange’s first sustainability bond and first non-NZD denominated listed
security.
NZX has introduced changes to make further capital raising easier for existing issuers. Total
capital raised increased 58% to $5.8 billion in first five months of 2019. Secondary equity
raisings have increased 9% over the same period.
NZX CEO Mark Peterson commented: “Our long term goal is to become a vibrant and diverse
capital raising hub, not just an IPO centre. Changes to the updated market structure and rule
set help to achieve this as we aim to increase access to a broad range of listed financial
products for investors.”
“Thank you to the market, and our customers, who have supported these changes and worked
hard to make the migration and transition process a success.”
Under the updated market structure NZX will operate one equity board and rule set. All NZAX
and NXT issuers have migrated to the NZX main board.

The updated rules, which include an explanatory paper, can be found here.
For further information please contact:
Hannah Lynch
Head of Communications
T: 09 308 3710
M: 021 252 8990
E: hannah.lynch@nzx.com