NZX Full Year 2020 Shareholder & NZ RegCo Qrtly Metrics

NZX Limited - Full Year Shareholder Metrics
FY 2020
These shareholder metrics represent the key operations of NZX's business.
Markets
NZX Listed Issuers31.12.2020Change YoYCapital RaisingFY 2020Change YoY
Total equity securities1310.0%Total capital raisings$17,630 m-5.5%
Total fund securities498.9%
Total debt securities1422.9%New Capital Listed
Total wholesale debt securities860.0%Total capital listed by all issuers$5,981 m-16.5%
Total other securities40.0%
Total listed securities3343.4%Equity listings$487 m-22.8%
Fund listings$44 m13.9%
Total NZX Main Board equity issuers1290.0%Retail debt Listings$4,150 m-17.3%
Total NZX Main Board fund issuers498.9%Wholesale debt listings$1,300 m-11.6%
Total NZX Debt Market retail debt issuers510.0%
Total NZX Debt Market wholesale debt issuers20.0%Secondary Capital Raisings
Total other issuers433.3%Total capital raised by all issuers$11,649 m1.2%
Total unique issuers2063.0%
Total equity raised - NZ issuers$4,417 m76.4%
Total equity raised - dual or foreign issuer$1,825 m-66.2%
Market Capitalisation31.12.2020Change YoY% of GDP
Total funds raised - NZ issuers$1,187 m59.6%
Total market capitalisation$232,716 m15.2%76.6%Total funds raised - dual or foreign issuer$518 m-0.5%
Total retail debt raised$3,145 m150.8%
All equity$185,461 m14.8%61.1%Total wholesale debt raised$557 m-48.7%
All funds$6,237 m25.6%2.1%
All other$34 m569.5%0.0%Total number of secondary capital raising events3,24348.6%
Total NZX Main Board$191,732 m15.2%63.1%Equity issuers - capital raised < $10m4077.7%
Equity issuers - capital raised ≥ $10m < $100m4627.8%
Retail debt$34,221 m6.4%11.3%Equity issuers - capital raised ≥ $100m140.0%
Green bonds$2,400 m166.7%0.8%Fund issuers - capital raised2,73158.2%
Wholesale debt$4,363 m76.7%1.4%Retail debt issuers - capital raised4463.0%
Total NZX Debt Market$40,984 m15.3%13.5%Wholesale debt issuers - capital raised1-66.7%
Cash MarketFY 2020Change YoYDerivativesFY 2020Change YoY
Total value traded$53,673 m41.8%Futures - total lots traded281,800-4.3%
Daily average value traded$213 m41.3%Options - total lots traded79,08722.5%
On-market value traded$33,274 m62.0%Total derivatives lots traded360,8870.5%
% of value on-market62.0%14.3%Open interest at period end58,28734.0%
Total trades12,113,347149.1%Notional value traded ($USD)$1,474 m-1.9%
Daily average trades48,069148.1%Options to futures ratio28.1%28.0%
Block trade %0.0%-100.0%
Total Equity Transactions
Total trades12,076,040149.9%
Derivatives Total Lots Traded 2018 / 2019 / 2020
Value traded $52,052 m42.5%
% of value on-market63.0%13.9%
Average on-market trade size$2,793-37.4%
Total Debt Transactions
Total trades37,30721.6%
Value traded $1,620 m22.8%

NZX Indices Performance31.12.2020Change YoYClearing House / DepositoryFY 2020Change YoY
S&P/NZX 50 Index (Gross)13,09213.9%Gross value of cleared trades$53,768 m41.5%
S&P/NZX 50 Index (Capital)5,48711.4%Collateral held at period end$66 m45.6%
S&P/NZX 50 Portfolio Index8,15114.7%Depository transactions88,920104.6%
S&P/NZX Primary Sector Index15,466-7.8%Assets under custody in depository at period end$4,790 m37.9%
S&P/NZX NZ Fixed Interest Composite Index1285.1%Value of stock lent*$526 m-88.9%
S&P/NZX A-Grade Bond Index5,9715.4%
* Due to changes in custodian, NZX Clearing ceased offering stock lending to
Participants in March 2020. Smartshares is completing its own bilateral lending
programme.
Wholesale Data31.12.2020Change YoYDairy Data Subscriptions31.12.2020Change YoY
Proprietary security subscription products3100.0%Dairy data subscriptions*474-6.0%
- products ≥ $3,000 p.a1100.9% - products ≥ $1,500 p.a. *103-12.0%
- products < $3,000 p.a.200-0.5% - products < $1,500 p.a. *371-4.1%
* 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 Data31.12.2020Change YoYEnergy Contracts31.12.2020Change YoY
Terminal numbers - professional6,2143.7%Operating / Technology contracts170.0%
Terminal numbers - retail2,50672.4%- contracts ≥ $500k p.a.40.0%
Licences - value ≥ $20k pa479.3%- contracts < $500k p.a.130.0%
Licences - value < $20k pa833.8%
Smartshares
31.12.2020Change YoY
Total external funds under management$5,078 m28.0%
Scheme FUM31.12.2020Change YoY
SuperLife Kiwisaver$1,191 m16.5%
SuperLife Workplace Savings$1,351 m5.0%
Smartshares Exchange Traded Funds - External$1,897 m42.3%
Smartshares Exchange Traded Funds - Total (external and internal)$4,401 m27.0%
* Metrics reported by NZX for Smartshares and Superlife have changed as Smartshares has started to support institutional investors with both
managed funds and separately managed portfolios.
Other Metrics31.12.2020Change YoY
Units on issue1,518 m21.5%
Value of stock lent*$3,233 m-
* Due to changes in custodian, Smartshares ceased offering securities through the NZX Clearing centralised clearing book in March 2020 and is
now lending exclusively through its own stock lending programme.
Wealth Technologies
31.12.2020Change YoY
Funds under administration $7,197 m213.4%
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

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NZ RegCo – Quarterly Regulation Metrics
Q4 2020
These Regulation Metrics represent the key features of NZ RegCo’s activities in regulating NZX’s
markets. The metrics focus on key activities so as to provide transparency and a means of comparison
across periods.

ISSUERS – KEY METRICS

Q4 2019 Q4 2020
Total announcements released 4666 4953
Trading halts at request of Issuer or NZXR¹ 25 18
Documents approved and waivers² granted to Issuers 19 22
Complaints received concerning Issuers 0 0
Price enquiries concerning Issuers 4 3
Investigations³ begun in relation to Issuers 88 22
Investigations ongoing at the end of the quarter/period in relation to Issuers 4 11

PARTICIPANTS – KEY METRICS

Waivers², Exemptions and Rulings granted to Participants 5 7
Inspections commenced 4 3
Complaints received concerning Participants 0 0
Investigations³ begun in relation to Participants 16 21
Investigations ongoing at the end of the quarter/period in relation to
Participants
5 14


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.

NZX Limited – Quarterly Policy Update
Q4 2020
This section outlines the key NZX rules and policy activity over the preceding quarter.
NZX RULES AND POLICY
Disclosure settings for direct listings
On 3 November 2020, amendments to the Listing Rules became effective that adjust the disclosure
settings for direct listings by:
• removing the requirement for prospective financial information to be included in a Profile, and
• introducing a framework for NZX Foreign Exempt Issuer applicants, to allow NZX to prescribe
the nature and content of Profiles for such applicants, through templates designed on a
jurisdictional basis.
Updates to the Practice Note – Listing and Quotation of Equity Securities and Guidance Note on
Backdoor and Reverse Listings supporting these amendments have also been released. The updated
Rules, Guidance Notes and Practice Notes can be found on our website here.
Listing Rules ‘Hygiene Review’ Q1 2021
NZX Policy plans to commence the ‘Hygiene Review’ of the Listing Rules in Q1 2021. The objective of
this review is to resolve minor and technical issues that were an unintended consequence of the holistic
Listing Rule review.
We hope to formally consult on the proposed changes to the Listing Rules in late Q1 2021, in the
interim please submit any proposed improvements to us, at policy@nzx.com.
Trading Conduct Guidance Note - Indications of Interest
During August 2020, NZX Policy consulted on proposed amendments to section 4.2 of the Trading
Conduct Guidance Note in relation to conduct expectations in respect of advertising indications of
interest, including that Participants adopt the AFME/IA framework.
We would like to thank those who submitted on the proposed amendments. We are currently
considering the submissions received, and expect to release revised guidance in this area, in Q1 2021.
Derivatives Rules ‘Conformance Amendments’
In April 2020, NZX consulted on proposed amendments to the NZX Derivatives Rules that were
designed to reflect the updates that were made to the Participant Rules through the Participant Rules
Review. NZX submitted the application for approval of those amendments to the FMA in December
2020.