NZX Revenue & Shareholder Metrics | NZ RegCo Metrics – 1Q21

1
NZX Limited - Quarterly Operating Revenue
Q1 2021
Q1 Operating Revenue
Q1 2021Q1 2020
Change YoY
NZ $000NZ $000
Annual listing fees (net of internal revenue allocation)2,5062,4751.3%
Primary listing fees23371228.2%
Secondary issuance fees64934886.5%
Total Issuer Relationships revenue3,3882,89417.1%
Participant services (net of internal revenue allocation)3933725.6%
Securities trading1,2861,411-8.9%
Securities clearing1,8871,923-1.9%
Dairy derivatives310448-30.8%
Consulting & development470195141.0%
Contractual revenue2,2402,2161.1%
Carbon market*610-n/a
Total Secondary Markets revenue7,1966,5659.6%
Royalties from terminals1,8021,58613.6%
Subscriptions and licenses1,1431,0439.6%
Indicies263273-3.7%
Dairy data subscriptions143166-13.9%
Audit and back-dated licenses474483-1.9%
Connectivity6295828.1%
Total Data & Insights revenue4,4544,1337.8%
FUM based revenue3,5722,89023.6%
Member based revenue464636-27.0%
Other revenue107118-9.3%
Funds Management revenue4,1433,64413.7%
Wealth Technologies revenue1,074421155.1%
Regulation revenue751756-0.7%
Corporate revenue5116-95.7%
Total Revenue21,01118,52913.4%
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 2020 year end presentation.
* Carbon market revenue includes the revenue from development of the carbon managed auction platform, and from platform service revenue for the Ministry for the
Environment (which commenced from the first auction on 17 March 2021).

2
NZX Limited - Quarterly Shareholder Metrics
Q1 2021
31/03/2021Q1 2021
These shareholder metrics represent the key operations of NZX's business.
Core Markets
NZX Listed Issuers31.03.21Change YoYCapital RaisingQ1 2021Change YoY
Total equity securities1342.3%Total capital raisings $2,543 m59.2%
Total fund securities486.7%
Total retail debt securities1434.4%New Capital Listed
Total wholesale debt securities860.0%Total capital listed by all issuers$854 m70.8%
Total other securities3-40.0%
Total listed securities3364.0%Equity listings$529 m-
Fund listings--
Retail debt listings$325 m-35.0%
Total NZX Main Board equity issuers1322.3%Wholesale debt listings--
Total NZX Main Board fund issuers486.7%
Total NZX Debt Market retail debt issuers522.0%Secondary Capital Raisings
Total NZX Debt Market wholesale debt issuers20.0%Total capital raised by all issuers$1,689 m54.0%
Total other issuers3-25.0%
Total unique issuers2084.0%Total equity raised - NZ issuers$533 m566.3%
Total equity raised - dual or foreign issuer$1 m-
Total funds raised - NZ issuers$555 m65.6%
Market Capitalisation31.03.21Change YoY% of GDP
Total funds raised - dual or foreign issuer$155 m-39.7%
Total market capitalisation$226,298 m32.0%69.4%Total retail debt raised$445 m4.7%
Total wholesale debt raised--
All equity$177,936 m35.1%54.6%
All funds$6,724 m54.2%2.1%
All other$15 m138.4%0.0%Total number of secondary capital raising events92238.2%
Total NZX Main Board$184,675 m35.7%56.7%Equity issuers - capital raised < $10m9040.6%
Equity issuers - capital raised ≥ $10m < $100m2-
Retail debt$33,981 m3.8%10.4%Equity issuers - capital raised ≥ $100m1-
Green bonds$3,075 m241.7%0.9%Fund issuers - capital raised82038.5%
Wholesale debt$4,567 m85.9%1.4%Retail debt issuers - capital raised90.0%
Total NZX Debt Market$41,623 m15.3%12.8%Wholesale debt issuers - capital raised--
Cash MarketQ1 2021Change YoYDerivativesQ1 2021Change YoY
Total value traded$12,845 m-4.5%Futures - total lots traded65,714-21.7%
Daily average value traded$211 m-2.8%Options - total lots traded10,768-56.8%
On-market value traded$8,276 m5.3%Total derivatives lots traded76,482-29.7%
% of value on-market64.4%10.3%
Total trades4,053,27482.6%Open interest56,454-16.2%
Daily average trades66,44785.6%Notional value traded ($USD)$458 m12.9%
Options to futures ratio16.4%-44.8%
Block trade %1.0%-
Total Equity Transactions
Total trades4,042,67183.0%
Derivatives Total Lots Traded 2019 / 2020 / 2021
Value traded$12,416 m-4.7%
% of value on-market65.6%10.4%
Average on-market trade size$2,020-42.7%
Total Debt Transactions
Total trades10,60310.9%
Value traded $429 m1.3%

3
NZX Indices Performance31.03.21 Change YoY Clearing House / DepositoryQ1 2021 Change YoY
S&P/NZX 50 Index (Gross)12,56128.2%$12,867 m-4.3%
S&P/NZX 50 Index (Capital)5,22625.6%$59 m-29.0%
S&P/NZX 50 Portfolio Index7,93140.1%23,10723.0%
S&P/NZX Primary Sector Index14,078-3.2%$5,122 m69.8%
S&P/NZX NZ Fixed Interest Composite Index125-0.1%
Gross value of cleared trades over period
Collateral held at period end
Depository transactions over period
Assets under custody in depository at period end
Value of stock lent over period
$0 m-100.0%
S&P/NZX A-Grade Bond Index5,8481.9%
Direct Data Products31.03.21 Change YoY Dairy Data Subscriptions31.03.21 Change YoY
Proprietary security subscription products309-1.0% Dairy data subscriptions466-5.9%
- products ≥ $3,000 p.a.1090.0% - products ≥ $1,500 p.a. 104-10.3%
- products < $3,000 p.a.200-1.5% - products < $1,500 p.a. 362-4.5%
Wholesale Data31.03.21 Change YoY Energy Contracts31.03.21 Change YoY
Terminal numbers - professional6,4476.1% Operating / Technology contracts185.9%
Terminal numbers - retail2,13343.0% - contracts ≥ $500k p.a.525.0%
Licences - value ≥ $20k p.a.5527.9% - contracts < $500k p.a.130.0%
Licences - value < $20k p.a.78-2.5%
Smartshares
31.03.21 Change YoY
Total external funds under management$5,452 m60.0%
Scheme FUM31.03.21 Change YoY
SuperLife Kiwisaver$1,240 m40.7%
SuperLife Workplace Savings$1,406 m26.5%
Smartshares Exchange Traded Funds - External$2,130 m83.8%
Smartshares Exchange Traded Funds - Total (external and internal)$4,479 m57.2%
Other MetricsQ1 2021 Change YoY
Units on issue at period end1,633 m27.7%
Value of stock lent over period$743 m208.3%
Wealth Technologies
31.03.21 Change YoY
Funds under administration$7,361 m236.7%
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
Q1 2021
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

Q1 2020 Q1 2021
Total announcements released
4328 4307
Trading halts at request of Issuer or NZ RegCo¹
13 12
Documents approved and waivers² granted to Issuers
21 16
Complaints received concerning Issuers
2 0
Price enquiries concerning Issuers
4 4
Investigations³ begun in relation to Issuers
6 4
Investigations ongoing at the end of the quarter/period in relation to Issuers
3 8

PARTICIPANTS – KEY METRICS

Waivers², Exemptions and Rulings granted to Participants
3
4
Inspections commenced
2
0
Complaints received concerning Participants
0
0
Investigations³ begun in relation to Participants
14
10
Investigations ongoing at the end of the quarter/period in relation to
Participants
6
11


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
Q1 2021
This section outlines the key NZX rules and policy activity over the preceding quarter.
NZX RULES AND POLICY
Listing Rules ‘Hygiene Review’ Q2 2021
NZX Policy plans to commence the ‘Hygiene Review’ of the Listing Rules in Q2 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 Q2 2021, in the interim please submit
any proposed improvements to us, at policy@nzx.com.
Trading Conduct Guidance Note - Indications of Interest
In 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 May 2021.
Guidance Note - Direct Market Access
NZX Policy and NZ RegCo have been collaborating on the preparation of a new guidance note in respect of NZX’s
conduct expectations for Direct Market Access.
The draft guidance note includes a description of the process for becoming designated as a DMA Participant and
obtaining accreditation for a new DMA order entry system, along with the controls and security arrangements
Participants are required to establish when granting access to a DMA System.
The draft guidance also outlines NZX’s expectations in relation to the setting and maintenance of DMA filters,
considerations in respect of algorithmic trading conducted via DMA, and NZX’s compliance monitoring and
oversight expectations.
We hope to formally consult on the proposed guidance note in May 2021.
Derivatives Market Rules Conformance Amendments
In March 2021, NZX announced amendments to the Derivatives Market Rules that are designed to conform those
rules to the policy settings that were developed through the 2019 amendments to the NZX Participant Rules. In
addition to the amendments to the Derivatives Market Rules, NZX will also be updating the NZX Derivatives Market
Procedures and underlying forms 1 to 8.
The amendments will come into effect on 28 April 2021 and a mark-up of the amendments can be found on our
website here.
Corporate Governance Code 2021 Review
NZX intends to commence a review of NZX’s Corporate Governance Code in H2 of 2021. As issuers have
completed 2 full cycles of reporting under the Code, NZX considers that it is timely for NZX to undertake a targeted
review of certain aspects of the Corporate Governance Code.
While the scope of the review is currently being refined, NZX expects the review to focus on providing clarity
arounds NZX’s expectations in respect of: ‘comply or explain’ disclosure; independent director requirements under
recommendation 2.8; director remuneration practices under recommendation 5.1; and shareholder participation in
capital raising under recommendation 8.4. NZX will also consider developments in ESG practices and trends, with
a view to further developing the commentary on non-financial reporting.
If you have views of the matters that NZX should consider as part of this review please contact policy@nzx.com.