NZX Revenue & Shareholder Metrics – Q1 2020

NZX Limited - Quarterly Operating Revenue
Q1 2020
Q1 Operating Revenue
Q1 2020Q1 2019
Change YoY
NZ $000NZ $000
Annual listing fees2,7312,5766.0%
Primary listing fees71256-72.3%
Secondary issuance fees348449-22.5%
Other issuer services1528676.7%
Consulting & development revenue160163-1.8%
Contractual revenue2,2512,1713.7%
Total Issuer Relationships revenue5,7135,7010.2%
Participant services1,13490525.3%
Securities trading*1,42587962.1%
Securities clearing*2,0911,30760.0%
Dairy derivatives43439410.2%
Total Secondary Markets revenue5,0843,48545.9%
* Securities trading and clearing revenue for Q1 2020 significantly increased due to higher trading and clearing values - plus the impact of the fee rate changes effective from 1
July 2019.
Royalties from terminals*1,8131,61312.4%
Subscriptions and licenses*1,2991,02626.6%
Indices27324611.0%
Dairy data subscriptions166168-1.2%
Other revenue**-53-100.0%
Total Data & Insights revenue**3,5513,10614.3%
*Royalties and licenses revenue includes audit and back dated billing of $483,000 (2019: $17,000)
** Other revenue relates to FundSource which was sold effective 21 June 2019.
Funds Management revenue3,6442,91724.9%
Wealth Technologies revenue4214180.7%
Corporate revenue*1168045.0%
* Corporate revenue includes NZX website advertising and sublease revenues.
Total Operating Revenue18,52915,70718.0%
Please note revenue numbers are based on NZX's internal records, which are unaudited.
The comparative information has been reclassified to ensure consistency with the 2019 year end presentation.

NZX Limited - Quarterly Shareholder Metrics
Q1 2020
31/03/2020Q1 2020
These shareholder metrics represent the key operations of NZX's business.
Core Markets
NZX Listed Issuers31.03.20Change YoYCapital RaisingQ1 2020Change YoY
Total equity securities131-3.0%Total capital raisings $1,597 m-49.9%
Total fund securities4521.6%
Total retail debt securities1372.2%New Capital Listed
Total wholesale debt securities5400.0%Total capital listed by all issuers$500 m-77.5%
Total other securities5-16.7%
Total listed securities3233.2%Equity listings--
Fund listings--
Retail debt listings$500 m-75.7%
Total NZX Main Board equity issuers1296.6%Wholesale debt listings--100.0%
Total NZX Main Board fund issuers4521.6%
Total NZX Debt Market retail debt issuers510.0%Secondary Capital Raisings
Total NZX Debt Market wholesale debt issuers2100.0%Total capital raised by all issuers$1,097 m13.8%
Total other issuers4-20.0%
Total unique issuers2002.0%Total equity raised - NZ issuers$80 m-82.3%
Total equity raised - dual or foreign issuer--100.0%
Total funds raised - NZ issuers$335 m151.6%
Market Capitalisation31.03.20Change YoY% of GDP
Total funds raised - dual or foreign issuer$256 m61.4%
Total market capitalisation$172,171 m-2.3%57.2%Total retail debt raised$426 m113.9%
Total wholesale debt raised--
All equity$131,695 m-7.3%43.8%
All funds$4,360 m8.2%1.4%
All other$6 m-5.9%0.0%Total number of secondary capital raising events667131.6%
Total NZX Main Board$136,061 m-6.9%45.2%Equity issuers - capital raised < $10m644.9%
Equity issuers - capital raised ≥ $10m < $100m2-33.3%
Retail debt$32,753 m8.1%10.9%Equity issuers - capital raised ≥ $100m--100.0%
Green bonds$900 m3.2%0.3%Fund issuers - capital raised592171.6%
Wholesale debt$2,457 m1345.6%0.8%Retail debt issuers - capital raised9125.0%
Total NZX Debt Market$36,110 m15.2%12.0%Wholesale debt issuers - capital raised--
Cash MarketQ1 2020Change YoYDerivativesQ1 2020Change YoY
Total value traded$13,453 m44.5%Futures - total lots traded83,9392.9%
Daily average value traded$217 m42.2%Options - total lots traded24,89879.3%
On-market value traded$7,856 m75.7%Total derivatives lots traded108,83714.0%
% of value on-market58.4%21.6%
Total trades2,219,171194.9%Open interest at period end67,39016.0%
Daily average trades35,793190.1%Notional value traded ($USD)$406 m15.0%
Options to futures ratio29.7%74.3%
Block trade %0.0%-100.0%
Total Equity Transactions
Total trades2,209,611196.6%
Derivatives Total Lots Traded 2018 / 2019 / 2020
Value traded$13,029 m44.3%
% of value on-market59.4%22.4%
Average on-market trade size$3,523-43.9%
Total Debt Transactions
Total trades9,56025.8%
Value traded $424 m44.9%

NZX Indices Performance31.03.20Change YoYClearing House / DepositoryQ1 2020Change YoY
S&P/NZX 50 Index (Gross)9,797-0.5%Gross value of cleared trades over period$13,450 m43.8%
S&P/NZX 50 Index (Capital)4,161-3.6%Collateral held at period end$82 m276.5%
S&P/NZX 50 Portfolio Index5,660-7.3%Depository transactions over period18,793314.9%
S&P/NZX Primary Sector Index14,548-12.4%Assets under custody in depository at period end$3,017 m279.8%
S&P/NZX NZ Fixed Interest Composite Index1254.8%Value of stock lent over period *$526 m-54.7%
S&P/NZX A-Grade Bond Index5,7384.2%
* Due to changes in custodian, NZX Clearing currently has no Participants offering lending
through its centralised clearing book. Smartshares is completing its own bilateral lending
programme.

Direct Data Products31.03.20Change YoYDairy Data Subscriptions31.03.20Change YoY
Proprietary security subscription products*312-0.3%Dairy data subscriptions*495-8.7%
- products ≥ $3,000 p.a.*1090.0% - products ≥ $1,500 p.a. *116-12.8%
- products < $3,000 p.a.*203-0.5% - products < $1,500 p.a. *379-7.3%
* 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 Data31.03.20Change YoYEnergy Contracts31.03.20Change YoY
Terminal numbers - professional6,079-2.9%Operating / Technology contracts176.3%
Terminal numbers - retail1,49215.7%- contracts ≥ $500k p.a.40.0%
Licences - value ≥ $20k p.a.4316.2%- contracts < $500k p.a.138.3%
Licences - value < $20k p.a.8015.9%
Fund Management
31.03.20Change YoY
Total external funds under management$3,407 m6.7%
SuperLife31.03.20Change YoY
Funds under management - KiwiSaver$881 m1.5%
Funds under management - other$1,367 m-1.1%
Total$2,248 m-0.1%
SmartsharesQ1 2020Change YoY
Funds under management at period end - external$1,159 m22.9%
Funds under management at period end - SuperLife funds$1,882 m4.1%
Total$3,041 m10.6%
Units on issue at period end1,279 m22.4%
Value of stock lent over period*$241 m-
* Due to changes in custodian, Smartshares is no longer offering securities through the NZX Clearing centralised clearing book and is now lending exclusively
through its own stock lending programme.
Wealth Technologies
31.03.20Change YoY
Funds under administration$2,186 m7.0%
Notes
1. All figures are measured at the end of the last trading day of each period 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

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NZX Limited – Quarterly Regulation Metrics
Q1 2020
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 2019 Q1 2020
Total announcements released 3642 4328
Trading halts at request of Issuer or NZXR¹ 5 13
Documents approved and waivers² granted to Issuers 32 21
Complaints received concerning Issuers 11 2
Price enquiries concerning Issuers 2 4
Investigations³ begun in relation to Issuers 30 6
Investigations ongoing at the end of the quarter/period in relation to Issuers 10 3

PARTICIPANTS – KEY METRICS

Waivers², Exemptions and Rulings granted to Participants 3 3
Inspections commenced
1 2
Complaints received concerning Participants 0 0
Investigations³ begun in relation to Participants 12 14
Investigations ongoing at the end of the quarter/period in relation to Participants 6 6

NZX RULES AND POLICY

The proposed ‘Hygiene Review’ of the Listing Rules, will be deferred until later in 2020. We are conscious of the
current strains on many Issuers due to COVID-19, and this deferral is intended to enable Issuers to better
participate in the review. The objective of this review is to resolve minor and technical issues that were an
unintended consequence of the holistic Listing Rule review. In the interim, we welcome you to submit any
proposed improvements or comments on the revised Listing Rules to us at policy@nzx.com.

NZX Policy is currently considering submissions received in response to the consultation 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, which has been deferred until at least Q4 2020 due to the effects of COVID-19.

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