NZX Q3 2019 Revenues & Shareholder Metrics

Q3 2019
Q3 operating revenueYTD operating revenue
Q3 2019Q3 2018
Change YOY
YTD 2019YTD 2018
Change YOY
NZ $000NZ $000NZ $000NZ $000
Annual listing fees2,7392,5208.7%7,8877,6023.7%
Primary listing fees622216188.0%99265052.6%
Secondary issuance fees1,141550107.5%2,6891,70957.3%
Other issuer services157217-27.6%380530-28.3%
Consulting & development revenue306104194.2%805260209.6%
Contractual revenue2,1982,1571.9%6,5266,5150.2%
Total Issuer Relationships revenue7,1635,76424.3%19,27917,26611.7%
Participant services1,1191,00711.1%2,9712,9431.0%
Securities trading*1,0301,432-28.1%2,7934,393-36.4%
Securities clearing*1,6441,5158.5%4,3574,619-5.7%
Dairy derivatives390438-11.0%1,13398315.3%
Total Secondary Markets revenue4,1834,392-4.8%11,25412,938-13.0%
* Securities trading and clearing revenue for Q3 2019 and YTD 2019 includes the impact of the revised trading and clearing pricing structure, implemented 1 October 2018, and fee rate changes
as at 1 July 2019.
Royalties from terminal1,5691,5362.1%5,0914,8714.5%
Subscriptions and licenses1,17878250.6%3,1342,37232.1%
Indicies119185-35.7%54139736.3%
Dairy data subscriptions1781751.7%5295182.1%
Other revenue*-54-100.0%99147-32.7%
Total Data & Insights revenue3,0442,73211.4%9,3948,30513.1%
* Other revenue relates to FundSource which was sold on 31 May 2019

Funds Management revenue*3,3353,1117.2%9,6408,46513.9%
* Funds Management revenue has been restated to be net of fund expenses by $1,029,000 for Q3 2018, and $2,994,000 for YTD 2018, to ensure consistency with 2019. This reflects the
operating model change (implemented 1 October 2018) which resulted in Funds Management revenue being received net of fund expenses.

Wealth Technologies revenue42924277.3%1,26772574.8%
Corporate revenue*222--407--
*Corporate revenue includes sponsorship, NZX website advertising and sublease revenues.
Revenue from continuing operations18,37616,24113.1%51,24147,6997.4%
Revenue from discontinued operations*-523-100%-4,326-100%
*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).
Total Revenue18,37616,7649.6%51,24152,025-1.5%

NZX Limited - Quarterly Shareholder Metrics
Q3 2019Q3 2018
September 2019Q3 2019
These shareholder metrics represent the key operations of NZX's business.
Markets
NZX Listed Issuers30.09.19Change YoYCapital RaisingQ3 2019Change YoY
Total equity securities133-5.0%Total capital raisings$5,150 m146.4%
Total fund securities4627.8%
Total retail debt securities13810.4%New Capital Listed
Total wholesale debt securities5-Total capital listed by all issuers$2,709 m123.0%
Total other securities433.3%
Total listed securities3267.2%Equity listings$590 m-
Fund listings$32 m-
Total NZX Main Board equity issuers13110.1%Debt listings$2,087 m71.8%
Total NZX Main Board fund issuers4627.8%Wholesale debt listings--
Total NZX Debt Market retail debt issuers502.0%
Total NZX Debt Market wholesale debt issuers2-Secondary Capital Raisings
Total other issuers30.0%Total capital raised by all issuers$2,441 m179.0%
Total unique issuers2042.5%
Total equity raised - NZ issuers$396 m35.2%
Total equity raised - foreign issuer$866 m146.4%
Market Capitalisation30.09.19Change YoY% of GDP
Total funds raised - NZ issuers$232 m67.5%
Total market capitalisation$194,089 m13.7%64.5%Total funds raised - foreign issuer$98 m64.8%
Total debt raised$179 m-53.4%
All equity$154,835 m12.2%51.4%Total wholesale debt raised$670 m-
All funds$4,602 m16.0%1.5%
All other$3 m-47.7%0.0%Total number of capital raising events669101.5%
Total equity$159,440 m12.3%53.0%Equity issuers - capital raised < $10m115-4.2%
Equity issuers - capital raised ≥ $10m < $100m70.0%
Debt$31,774 m12.9%10.6%Equity issuers - capital raised ≥ $100m3-
Green bonds$800 m19.0%0.3%Fund issuers - capital raised539173.6%
Wholesale debt$2,075 m-0.7%Debt issuer events - capital raised3-62.5%
Total NZDX$34,649 m20.3%11.5%
Wholesale bdebt issuers - capital raised
2-
Cash MarketQ3 2019Change YoYDerivativesQ3 2019Change YoY
Total value traded$9,445 m3.4%Futures - total lots traded92,88226.9%
Daily average value traded$143 m1.8%Options - total lots traded19,119-42.1%
On-market value traded$5,147 m10.2%Total derivatives lots traded112,0015.5%
% of value on-market54.5%6.6%Total derivatives lot traded - YTD299,61118.2%
Total trades1,398,46369.4%Open interest at period end58,493-9.3%
Daily average trades21,18966.8%Notional value traded ($USD)$462 m30.0%
Options to futures ratio20.6%-54.4%
Total Equity TransactionsBlock trade %0.9%-77.2%
Total trades1,391,13770.3%
Value traded $9,100 m4.2%
Derivatives Total Lots Traded 2017 / 2018 / 2019
% of value on-market55.7%7.2%
Average on-market trade size$3,680 m-35.1%
Total Debt Transactions
Total trades7,326-13.6%
Value traded $345 m-14.4%
Cumulative Numbers - YTD
Number of trades3,264,73433.4%
Total value traded$27,784 m-5.7%
% of value on-market52.5%1.8%

NZX Indices Performance30.09.19Change YoYClearing House / DepositoryQ3 2019Change YoY
S&P/NZX50 Index (Gross)10,92616.8%Gross value of cleared trades over period$9,480 m3.0%
S&P/NZX 50 Index (Capital)4,70912.8%Collateral held at period end$50 m-8.0%
S&P/NZX 50 Portfolio Index6,82017.2%Depository transactions over period15,093101.8%
S&P/NZX Primary Sector Index15,847-6.7%Assets under custody in depository at period end$1,073 m48.9%
S&P/NZX NZ Fixed Interest Composite Index1248.4%Value of stock lent over quarter$1,039 m22.3%
S&P/NZX A-Grade Bond Index5,7337.8%
Direct Data Products30.09.19Change YoYDirect Data Products30.09.19Change YoY
Proprietary security subscription products*311-0.3%Dairy data subscriptions*515-8.8%
- products ≥ $3,000 p.a.*1113.7%- products ≥ $1,500 p.a.*123-12.1%
- products < $3,000 p.a.*200-2.4%- products < $1,500 p.a.*392-7.8%
* Proprietary security subscription products have been restated (including comparatives) to
exclude subscriptions relating to the FundSource business which was sold during June 2019
and to consolidate multi-user licences to reflect the parent subscription only.
* Dairy Data Subscriptions have been restated (including comparatives) to consolidate multi-
user licences to reflect the parent subscription only.
Wholesale Data30.09.19Change YoYEnergy Contracts30.09.19Change YoY
Terminal numbers - professional*5,954-0.7%Operating / Technology contracts176.3%
Terminal numbers - retail*1,51414.6%- contracts ≥ $500k p.a.40.0%
Licences - value ≥ $20k p.a.3911.4%- contracts < $500k p.a.138.3%
Licences - value < $20k p.a.8224.2%
* 3 month average
Fund Management
Total external funds under management$3,690 m20.7%
SuperLife30.09.19Change YoY
Funds under management - KiwiSaver$982 m17.8%
Funds under management - other$1,493 m10.1%
Total$2,475 m13.0%
Smartshares30.09.19Change YoY
Funds under management - external$1,215 m40.0%
Funds under management - SuperLife funds$2,030 m12.7%
Total$3,245 m21.6%
Units on issue1,167 m18.3%
NZX Wealth Technologies30.09.19Change YoY
Funds under administration$2,207 m95.5%
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).
With 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 listed 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).

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 and classification restatements.

To enquire about information listed on this sheet, or to find out more about NZX products or services, please email: data@nzx.com

---

NZX Limited – Quarterly Regulation Metrics
Q3 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

Q3 2018 Q3 2019
Total announcements released 4311 4885
Trading halts at request of Issuer or NZXR¹ 12 12
Documents approved and waivers² granted to Issuers 62 31
Complaints received concerning Issuers 3 6
Price enquiries concerning Issuers 1 2
Investigations³ begun in relation to Issuers 12 53
Investigations ongoing at the end of the quarter/period in relation to Issuers 4 13

PARTICIPANTS – KEY METRICS

Waivers², Exemptions and Rulings granted to Participants 4 1
Inspections commenced
7 6
Complaints received concerning Participants 0 0
Investigations³ begun in relation to Participants 14 12
Investigations ongoing at the end of the quarter/period in relation to Participants 8 11

NZX RULES AND POLICY

During September, the Capital Markets 2029 working group released their report ‘Growing New Zealand’s Capital
Markets 2029’, which is available here. The report contains 42 recommendations that form a vision and growth
agenda to promote stronger capital markets for all New Zealanders. NZX will carefully consider these independent
recommendations, with a view to delivering on the recommendations, alongside Government and industry. NZX
will be reporting on the progress made by all parties against the recommendations in March 2021.

During the quarter, NZX Policy provided a submission on the RBNZ’s consultation ‘Safeguarding the future of our
financial system’ Our submission related to the nature of the RBNZ’s regulatory perimeter. We also provided a
submission in relation to MBIE’s consultation relating to the KiwiSaver default provider settings, where we noted
the effects of the proposals on New Zealand’s capital markets. We have also responded to the FMA’s consultation
on green bonds and responsible investment products, noting the potential these products have to contribute to a
sustainable economy.

In August NZX Policy released a response document, available here noting that the previously proposed market
integrity and liquidity proposals would not proceed at this time. In 2020, NZX will further consider opportunities to
enhance market liquidity and transparency, once the effect of the Trading System upgrade on market behavior has
been considered.

NZX Policy is currently consulting on the introduction of the Mid-Point Order Book, an anonymous unlit order book,
which NZX intends to make available in 2020, alongside the Trading System upgrade. The consultation paper is
available here, and submissions are due by 15 November 2019.

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