NZX Revenue & Shareholder Metrics | NZ RegCo Metrics – 1Q22

Q1 2022Q1 2021
NZ $000NZ $000
2,6532,4717.4%
31823336.5%
472649-27.3%
3,4433,3532.7%
219343-36.2%
1,1751,286-8.6%
1,8401,902-3.3%
3253104.8%
3891,019-61.8%
2,4212,3015.2%
6,3697,161-11.1%
1,9961,80210.8%
1,2541,1439.7%
218263-17.1%
132143-7.7%
67474-85.9%
6516293.5%
4,3184,454-3.1%
4,6723,55731.3%
66246442.7%
14010730.8%
5,4744,12832.6%
1,3831,07428.8%
8558214.1%
6520.0%
Total Revenue21,84820,9964.1%
Total Capital Markets Origination revenue
Secondary issuance fees
Primary listing fees‎‎
1
Securities trading
Securities clearing
Dairy derivatives
3
Consulting & development
4
Contractual revenue
5
Participant services (net of internal revenue allocation)
2
Funds Management revenue
Total Secondary Markets revenue
Royalties from terminal
Subscriptions and licenses
Indices
Dairy data subscriptions
Annual listing fees (net of internal revenue allocation)
NZX Limited - Quarterly Operating Revenue
Q1 2022
Q1 Operating Revenue
Change YoY
Audit and back-dated licenses
Connectivity
Total Data & Insights revenue
FUM based revenue
6
Member based revenue
6
Other revenue
3. The global partnership to grow NZX's dairy derivatives market with the Singapore Exchange (SGX) went live in November 2021.
4. Consulting and development revenue for Q1 2021 included revenue for the development of the carbon managed auction service for the Ministry for the Environment
which was completed in 2021.
5. Contractual revenue includes revenue from the ongoing operation of the carbon managed auction service provided for the Ministry for the Environment which
commenced in March 2021.
6. Funds management revenue includes revenue from the ASB Superannuation Master Trust which was acquired on 11 February (FUM based revenue: $459k;
member based revenue: $193k).
Wealth Technologies revenue
Regulation revenue
Corporate revenue
Operating revenue numbers are based on NZX's internal records, which are unaudited. Differences may arise between this data and that disclosed in the subsequent
audited financial statements.
The comparative information has been reclassified, where necessary, to ensure consistency with the current year presentation.
Please read the revenue numbers in conjunction with the shareholder metrics on the following pages, which drive revenue performance.
1. Primary listing fees in Q1 2022 includes deferred fees relating to prior year primary listings which are now recognised on the successful completion of contingency
arrangements.
2. Participant services (net of internal revenue allocation) reduced in Q1 2022, due to the removal of derivatives trading and clearing participants annual membership
fees as a result of the SGX partnership, plus the impact from a reduced number of market participants.

Q1 2022
#######
These shareholder metrics represent the key operations of NZX's business.
NZX Listed Issuers31.03.22Change YoYCapital RaisingQ1 2022Change YoY
Total equity securities1361.5%Total capital raisings $2,105 m-17.2%
Total fund securities492.1%
Total retail debt securities141-1.4%New Capital Listed
Total wholesale debt securities8-Total capital listed by all issuers$507 m-40.6%
Total other securities3-
Total listed securities3370.3%Equity listings--100.0%
Fund listings$7n/a
Retail debt listings$50053.8%
Total NZX Main Board equity issuers1352.3%Wholesale debt listings--
Total NZX Main Board fund issuers492.1%
Total NZX Debt Market retail debt issuers48-7.7%Secondary Capital Raisings
Total NZX Debt Market wholesale debt issuers2-Total capital raised by all issuers$1,598 m-5.4%
Total other issuers3-
Total unique issuers2101.4%Total equity raised - NZ issuers$291-45.6%
Total equity raised - dual or foreign issuer$291.5%
Total funds raised - NZ issuers$297-46.5%
Market Capitalisation31.03.22Change YoY% of GDPTotal funds raised - dual or foreign issuer$20734.2%
Total market capitalisation$222,385 m-1.5%63.5%Total retail debt raised$390-12.2%
Total wholesale debt raised$411n/a
All equity$169,724 m-4.6%48.5%
All funds$7,691 m14.4%2.2%
All other$6 m-60.0%-Total number of secondary capital raising events572-38.0%
Total NZX Main Board$177,421 m-3.9%50.7%Equity issuers - capital raised < $10m54-40.0%
Equity issuers - capital raised ≥ $10m < $100m350.0%
Retail debt$34,357 m1.1%9.8%Equity issuers - capital raised ≥ $100m1-
Green bonds$3,900 m26.8%1.1%Fund issuers - capital raised505-38.4%
Wholesale debt$6,707 m46.8%1.9%Retail debt issuers - capital raised8-11.1%
Total NZX Debt Market$44,964 m8.0%12.8%Wholesale debt issuers - capital raised1n/a
Cash MarketQ1 2022Change YoYClearing House / DepositoryQ1 2022Change YoY
Total value traded$10,708 m-16.6%Gross value of cleared trades over period$10,714-16.7%
Auction Value Traded$2,416 m-6.8%Assets under custody in depository at period end$6,138 m19.8%
On-market value traded$6,756 m-18.4%Depository Uplifts26,582 -5.0%
% of value on-market63.1%-2.1%Settlement Lines57,180 -1.3%
Total trades3,486,548-14.0%OTC Trades19,370 -16.2%
Daily average value traded$176 m-16.6%
Daily average trades57,157-14.0%
DerivativesQ1 2022Change YoY
Total Equity TransactionsFutures - total lots traded$77,91718.6%
Total trades3,475,093-14.0%Options - total lots traded$4,945-54.1%
Value traded$10,326 m-16.8%Total derivatives lots traded$82,8628.3%
% of value on-market64.4%-1.8%Open interest80,94743.4%
Average on-market trade size$1,919-5.0%Notional value traded ($USD)$70253.3%
Options to futures ratio6.3%-61.3%
Total Debt TransactionsNegotiated Large Trade (NLT) %*40.16%3887.8%
Total trades11,4558.0%*Following SGX-NZX partnership, block trades are now represented by SGX Negotiated Large Trades
Value traded $382 m-11.0%
Cumulative Numbers - YTDEnergy Contracts31.03.22Change YoY
Number of trades3,486,548-14.0%Operating / Technology contracts17-5.6%
Total value traded$10,708 m-16.6%- contracts ≥ $500k p.a.5-
% of value on-market63.1%-2.1%- contracts < $500k p.a.12-7.7%
NZX Limited - Quarterly Shareholder Metrics
Core Markets
Q1 2022

NZX Indices Performance31.03.22Change YoYWholesale Data31.03.22Change YoY
S&P/NZX 50 Index (Gross)12,110-3.6%Terminal numbers - professional6,5191.1%
S&P/NZX 50 Index (Capital)4,909-6.1%Terminal numbers - retail1,688-20.9%
S&P/NZX 50 Portfolio Index7,816-1.4%Licences - value ≥ $20k p.a.6212.7%
S&P/NZX NZ Fixed Interest Composite Index117-6.1%Licences - value < $20k p.a.73-6.4%
S&P/NZX A-Grade Bond Index5,542-5.2%
Direct Data Products31.03.22Change YoYDairy Data Subscriptions31.03.22Change YoY
Proprietary security subscription products307-0.6%Dairy data subscriptions442-5.2%
- products ≥ $3,000 p.a.108-0.9% - products ≥ $1,500 p.a. 1051.0%
- products < $3,000 p.a.199-0.5% - products < $1,500 p.a. 337-6.9%
Smartshares31.03.22Change YoY
Total external funds under management$8,164 m49.7%
Scheme FUM31.03.22Change YoY
SuperLife Kiwisaver$1,789 m44.2%
Workplace Savings Master Trusts$3,169 m125.4%
Smartshares Exchange Traded Funds - External$2,342 m-0.6%
Smartshares Exchange Traded Funds - Total (external and internal)$5,770 m15.3%
Other MetricsQ1 2022Change YoY
Units on issue2,019 m23.7%
Value of stock lent over quarter$467 m64.0%
Wealth Technologies31.03.22Change YoY
Funds under administration$10,582 m43.8%
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 rights, 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
Notes

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NZ RegCo – Quarterly Regulation Metrics
Q1 2022
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 2021 Q1 2022
Total announcements released
4,307 4,320
Trading halts at request of Issuer or NZ RegCo¹
12 1
Documents approved and waivers² granted to Issuers
16 11
Complaints received concerning Issuers
0 2
Price enquiries concerning Issuers
4 0
Investigations³ begun in relation to Issuers
4 1
Investigations ongoing at the end of the quarter/period in relation to Issuers
8 2
PARTICIPANTS – KEY METRICS
Waivers², Exemptions and Rulings granted to Participants
4 1
Inspections commenced
0 0
Complaints received concerning Participants
0 1
Investigations³ begun in relation to Participants
10 11
Investigations ongoing at the end of the quarter/period in relation to
Participants
11 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 2022
This section outlines the key NZX rules and policy activity over the preceding quarter.
NZX RULES AND POLICY
Corporate Governance Code Review
NZX has competed its first round of consultation on the review of the NZX Corporate Governance Code.
NZX received significant feedback through both written and oral submissions across the full spectrum of
the market eco-system, and would like to thank those who provided us with submissions. Due to the
significant interest in this consultation, we continued to receive submissions up until the end of February,
and are currently considering the submissions received.
As a result, we intend to commence the second round of consultation later in Q2 2022, rather than in
March as initially indicated. The second round of consultation will include an exposure draft of
amendments to the Corporate Governance Code, and will be supported by a program of workshops
designed to inform our consideration of the more detailed recommendations.
NZMDT Rules and Procedures Amendments
NZX's consultation on the proposed amendments to the NZMDT Rules and Procedures in relation to (i)
Tribunal composition, (ii) appeals, and (iii) penalty provisions of the Rules concluded at the end of
February 2022 and we would like to thank those who contributed to this consultation. NZX Policy is
currently considering the matters raised in the submissions in consultation with NZ RegCo. We have also
further engaged with the Tribunal in relation to the submissions received.
Listing Rules ‘Hygiene Review’
NZX consulted on the ‘Hygiene Review’ of the Listing Rules in 2021. NZX has now provided the FMA with
an application for approval of the proposed amendments to the Listing Rules arising from this review
which was targeted at addressing minor and typographical amendments to the Rules. An announcement
regarding the Rule amendments will be made later in Q2, once the FMA has completed its review of the
proposed changes.
In addition to amendments to the Listing Rules, NZX intends to make a number of minor and
consequential changes to relevant Guidance Notes and introduce a new Practice Note in relation to the
offer of warrants. These minor and consequential changes will also be announced later in Q2 2022.