NZX Revenue & Shareholder Metrics | NZ RegCo Metrics – 3Q22

Q3 2022Q3 2021YTD 2022YTD 2021
NZ $000NZ $000NZ $000NZ $000
Annual listing fees2,7952,5449.9%8,146 7,525 8.3%
Primary listing fees (1)
61648128.1%1,586 1,036 53.1%
Secondary issuance fees1,5601,00455.4%3,331 2,263 47.2%
Total Issuer Relationships revenue4,9714,02923.4%13,063 10,824 20.7%
Participant services (net of revenue allocation) (2)
113121-6.6%331 478 -30.8%
Securities trading9291,372-32.3%3,228 4,012 -19.5%
Securities clearing1,7892,122-15.7%5,852 6,312 -7.3%
Dairy derivatives (3)
49334542.9%1,329 867 53.3%
Contractual revenue (4)
2,5302,4413.6%7,352 7,215 1.9%
Consulting & development (5)
380398-4.5%1,110 2,254 -50.8%
Total Secondary Markets revenue6,2346,799-8.3%19,202 21,138 -9.2%
Royalties from terminal2,1331,85315.1%6,249 5,493 13.8%
Subscriptions and licenses1,2891,15411.7%3,804 3,441 10.5%
Dairy data subscriptions1601525.3%475 480 -1.0%
Indices31022935.4%823 733 12.3%
Audit and back-dated licenses49303-83.8%285 909 -68.6%
Connectivity6906535.7%1,987 1,914 3.8%
Total Data & Insights revenue4,6314,3446.6%13,623 12,970 5.0%
FUM based revenue (6)
5,6334,27631.7%15,680 11,881 32.0%
Member based revenue (6)
58149018.6%1,699 1,588 7.0%
Other revenue1751674.8%469 405 15.8%
Funds Management revenue6,3894,93329.5%17,848 13,874 28.6%
Wealth Technologies revenue1,6291,04755.6%4,479 3,121 43.5%
Regulation revenue881980-10.1%2,679 2,645 1.3%
Corporate revenue124200.0%28 15 86.7%
Total Revenue24,74722,13611.8%70,922 64,587 9.8%
The comparative information has been reclassified, where necessary, to ensure consistency with the current year presentation.
4. 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.
5. Consulting and development revenue for FY 2021 included revenue for the development of the carbon managed auction service for the Ministry for the Environment which was
completed in 1H 2021.
Q3 2022
NZX Limited - Quarterly Operating Revenue
2. Participant services (net of internal revenue allocation) reduced in 2022, due to the removal of derivatives trading participants annual membership fees as a result of the SGX
partnership.
3. The global partnership to grow NZX's dairy derivatives market with the Singapore Exchange (SGX) went live in November 2021.
6. Funds management revenue includes revenue from the ASB Superannuation Master Trust which was acquired on 11 February 2022 (FUM based revenue: Q3 22 $966k, YTD 22
$2,468k; member based revenue: Q3 22 $118k, YTD 22 $297k)
1. Primary listing fees in Q1 2022 included deferred fees relating to prior year primary listings recognised on the successful completion of contingency arrangements.
Change YoY
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.
Please read the revenue numbers in conjunction with the shareholder metrics on the following pages, which drive revenue performance.
Change YoY
Q3 Operating RevenueYTD Operating Revenue

Q3 2022
#######
NZX Listed Issuers30.09.22Change YoYCapital RaisingQ3 2022Change YoY
Total equity securities1330.8%Total capital raisings $7,189 m109.6%
Total fund securities492.1%
Total retail debt securities1463.5%New Capital Listed
Total wholesale debt securities912.5%Total capital listed by all issuers$1,600 m36.2%
Total other securities3-25.0%
Total listed securities3402.1%Equity listings-n/a
Fund listings-n/a
Retail debt listings$1,60036.2%
Total NZX Main Board equity issuers1320.8%Wholesale debt listings-n/a
Total NZX Main Board fund issuers492.1%
Total NZX Debt Market retail debt issuers502.0%Secondary Capital Raisings
Total NZX Debt Market wholesale debt issuers2-Total capital raised by all issuers$5,589 m147.8%
Total other issuers3-25.0%
Total unique issuers2092.0%Total equity raised - NZ issuers$486-27.2%
Total equity raised - dual or foreign issuer$4,1779018.7%
Total funds raised - NZ issuers$278-60.6%
Market Capitalisation30.09.22Change YoY% of GDPTotal funds raised - dual or foreign issuer$12218.9%
Total market capitalisation$218,552 m-4.5%60.8%Total retail debt raised$526-28.2%
Total wholesale debt raised-n/a
All equity$160,788 m-11.7%44.7%
All funds$7,320 m-0.6%2.0%
All other$2 m-94.2%-Total number of secondary capital raising events552 -41.2%
Total NZX Main Board$168,110 m-11.3%46.8%Equity issuers - capital raised < $10m92 -42.5%
Equity issuers - capital raised ≥ $10m < $100m6 -57.1%
Retail debt$36,879 m9.2%10.3%Equity issuers - capital raised ≥ $100m5 400.0%
Green bonds$5,560 m71.1%1.5%Fund issuers - capital raised439 -41.5%
Wholesale debt$8,003 m38.8%2.2%Retail debt issuers - capital raised10 -23.1%
Total NZX Debt Market$50,442 m17.9%14.0%Wholesale debt issuers - capital raised-n/a
Cash MarketQ3 2022Change YoYClearing House / DepositoryQ3 2022Change YoY
Total value traded$8,150 m-40.6%Gross value of cleared trades over period$8,181-40.4%
Auction Value Traded$1,871 m-26.9%Assets under custody in depository at period end$5,913 m3.2%
On-market value traded$5,121 m-35.6%Depository Uplifts26,170 -14.8%
% of value on-market62.8%8.3%Settlement Lines59,501 -5.6%
Total trades2,332,525-40.3%OTC Trades19,744 -15.2%
Daily average value traded$125 m-39.7%
Daily average trades35,885-39.4%
DerivativesQ3 2022Change YoY
Total Equity TransactionsFutures - total lots traded121,614 36.9%
Total trades2,317,342-40.5%Options - total lots traded10,302 126.7%
Value traded$7,489 m-43.8%Total derivatives lots traded131,916 41.2%
% of value on-market65.9%12.5%Total derivatives lots traded - YTD330,836 41.8%
Average on-market trade size$2,1376.5%Open interest122,56881.9%
Notional value traded ($USD)$1,101114.8%
Total Debt TransactionsOptions to futures ratio8.5%65.6%
Total trades15,18340.0%Negotiated Large Trade (NLT) %*42.3%n/a
Value traded $661 m66.0%*Following SGX-NZX partnership, block trades are now represented by SGX Negotiated Large Trades
Cumulative Numbers - YTDEnergy Contracts30.09.22Change YoY
Number of trades9,407,851-21.3%Operating / Technology contracts18-
Total value traded$28,963 m-29.1%- contracts ≥ $500k p.a.5-
% of value on-market65.0%5.1%- contracts < $500k p.a.13-
Q3 2022
NZX Limited - Quarterly Shareholder Metrics
These shareholder metrics represent the key operations of NZX's business.
Core Markets

NZX Indices Performance30.09.22Change YoYWholesale Data30.09.22Change YoY
S&P/NZX 50 Index (Gross)11,066-16.6%Terminal numbers - professional6,8862.9%
S&P/NZX 50 Index (Capital)4,411-19.0%Terminal numbers - retail1,625-21.2%
S&P/NZX 50 Portfolio Index7,183-15.2%Licences - value ≥ $20k p.a.6412.3%
S&P/NZX NZ Fixed Interest Composite Index113-8.5%Licences - value < $20k p.a.81-
S&P/NZX A-Grade Bond Index5,407-6.6%
Direct Data Products30.09.22Change YoYDairy Data Subscriptions30.09.22Change YoY
Proprietary security subscription products307-0.6%Dairy data subscriptions442-1.1%
- products ≥ $3,000 p.a.105-4.5% - products ≥ $1,500 p.a. 106-
- products < $3,000 p.a.2021.5% - products < $1,500 p.a. 336-1.5%
Smartshares30.09.22Change YoY
Total external funds under management$7,813 m33.0%
Scheme FUM30.09.22Change YoY
SuperLife Kiwisaver$1,719 m24.4%
Workplace Savings Master Trusts$2,840 m98.7%
Smartshares Exchange Traded Funds - External$2,339 m4.7%
Smartshares Exchange Traded Funds - Total (external and internal)$5,543 m4.1%
Other MetricsQ3 2022Change YoY
Units on issue2,096 m17.5%
Value of stock lent over quarter$594 m-32.8%
Wealth Technologies30.09.22Change YoY
Funds under administration$9,965 m25.3%
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 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.

---

NZ RegCo – Quarterly Regulation Metrics
Q3 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

Q3 2021 Q3 2022
Total announcements released
5,305 5,076
Trading halts at request of Issuer or NZ RegCo¹
12 8
Documents approved and waivers² granted to Issuers
25 20
Complaints received concerning Issuers
2 7
Price enquiries concerning Issuers
2 1
Investigations³ begun in relation to Issuers
7 7
Investigations ongoing at the end of the quarter/period in relation to Issuers
7 2


PARTICIPANTS – KEY METRICS

Waivers², Exemptions and Rulings granted to Participants
8 10
Inspections commenced
5 6
Complaints received concerning Participants
1 0
Investigations³ begun in relation to Participants
17 6
Investigations ongoing at the end of the quarter/period in relation to
Participants
16 3


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
Q3 2022
This section outlines the key NZX rules and policy activity over the preceding quarter.
NZX RULES AND POLICY
Corporate Governance Code and ESG Guidance Note review
The second phase of consultation on the Corporate Governance Code, and consultation on the review of the
ESG Guidance Note both closed in late September. NZX Policy’s workshop series was well received, and we
have once again received good engagement, and a significant number of submissions, in relation to the review
of the Corporate Governance Code. NZX would like to thank those who have attended our workshops and
provided submissions, which NZX will be considering over the coming months.
Capital Raisings review
NZX’s consultation relating to the review of the capital raising settings contained in the Listing Rules closed in
early September. The review seeks to ensure that NZX’s current settings provide adequate shareholder
protections, and seeks market feedback on whether these settings should be further developed given recent
transaction activity and trends in international markets. NZX has received extensive engagement from submitters
in relation to this review, and we would like to thank those who submitted for their time and efforts in participating
in our consultation process. NZX is currently considering submission feedback with a view to publishing a
consultation response paper before the end of the year.
NZMDT Rules and Procedures amendments
Earlier in the year, NZX consulted on amendments to the NZ Markets Disciplinary Tribunal Rules, in respect of
three thematic areas: the membership of the Tribunal; the Tribunal appeals’ provisions; and the Tribunal
penalties assessment process and framework.
NZX Policy considered the submission feedback in consultation with NZ RegCo and the Tribunal, and has
recently received FMA approval for the respective amendments. A markup of the amendments to the Rules and
Procedures is available linked here. Please note that the amended NZMDT Rules and Procedures will only apply
to matters referred to the Tribunal on or after Monday 17 October 2022.
Related Party and Major Transactions Guidance Note
NZX has conducted a review of the Related Party and Major Transactions Guidance Note, in consultation with
NZ RegCo. The objective of this review is to clarify the operation of the relevant Listing Rules and provide
guidance in relation to current market practices. NZX Policy and NZ RegCo are in the process of finalising the
consultation documents and intend to formally consult on the proposed changes to the Guidance Note in Q4
2022.