NZX Revenue & Shareholder Metrics | NZ RegCo Metrics – 1Q23

Q1 2023 Q1 2022
NZ $000 NZ $000
Annual listing fees2,8312,6536.7%
Primary listing fees 219318-31.1%
Secondary issuance fees81447272.5%
Total Capital Markets Origination revenue3,8643,44312.2%
Participant services197219-10.0%
Securities trading9931,175-15.5%
Securities clearing1,6121,840-12.4%
Dairy derivatives738325127.1%
Consulting & development45838917.7%
Contractual revenue2,4412,4210.8%
Total Secondary Markets revenue6,4396,3691.1%
Royalties from terminals2,1281,9966.6%
Subscriptions and licenses1,3281,2545.9%
Indicies437218100.5%
Dairy data subscriptions1391325.3%
Audit and back-dated licenses13567101.5%
Connectivity72665111.5%
Total Information Services revenue4,8934,31813.3%
FUM based revenue ¹7,1784,79749.6%
Member based revenue ¹59153710.1%
Other revenue20114043.6%
Funds Management revenue7,9705,47445.6%
Wealth Technologies revenue1,4611,3835.6%
Regulation revenue800855-6.4%
Corporate revenue256316.7%
Total Revenue25,45221,84816.5%
Q1 2023
Q1 Operating Revenue
Change YoY
Please read the revenue numbers in conjuction with the shareholder metrics on the following pages, which drive the revenue performance.
1. QuayStreet revenue is received on a gross basis with fund costs separately recognised in expenses. Revenue from other Smartshares Funds is received net of fund
costs incurred directly by the Funds. Q1 2023 FUM based revenue includes an additional $1,182k relating to the QuayStreet acquisition from 23 February 2023 onwards.
Additionally, FUM based revenue and member based revenue include an incremental impact from the ASB Superannuation Master Trust acquisition (which occurred on 11
February 2022) estimated at $418k and $40k respectively.
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.
NZX Limited - Quarterly Operating Revenue
The comparative information has been reclassified, where necessary, to ensure consistency with the current year presentation.

Q1 2023
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NZX Listed Issuers31.03.23 Change YoY Capital RaisingQ1 2023 Change YoY
Total equity securities132-2.9% Total capital raisings $2,870 m36.3%
Total fund securities49-
Total retail debt securities1474.3%New Capital Listed
Total wholesale debt securities912.5% Total capital listed by all issuers$1,075 m112.0%
Total other securities3-
Total listed securities3400.9% Equity listings-n/a
Fund listings--100.0%
Retail debt listings$1,075115.0%
Total NZX Main Board equity issuers131-3.0% Wholesale debt listings-n/a
Total NZX Main Board fund issuers49-
Total NZX Debt Market retail debt issuers504.2%Secondary Capital Raisings
Total NZX Debt Market wholesale debt issuers2-Total capital raised by all issuers$1,795 m12.3%
Total other issuers3-
Total unique issuers208-1.0% Total equity raised - NZ issuers$1,068267.4%
Total equity raised - dual or foreign issuer--100.0%
Total funds raised - NZ issuers$218-26.6%
Market Capitalisation31.03.23 Change YoY % of GDPTotal funds raised - dual or foreign issuer$2111.4%
Total market capitalisation$221,853 m-0.2%58.3% Total retail debt raised$298-23.6%
Total wholesale debt raised- -100%
All equity$160,204 m-5.6%42.1%
All funds$7,751 m0.8%2.0%
All other$1 m-84.9%- Total number of secondary capital raising events395 -30.9%
Total NZX Main Board$167,956 m-5.3%44.2% Equity issuers - capital raised < $10m44 -18.5%
Equity issuers - capital raised ≥ $10m < $100m5 66.7%
Retail debt$39,969 m16.3%10.5% Equity issuers - capital raised ≥ $100m2 100.0%
Green bonds$5,885 m50.9%1.5% Fund issuers - capital raised338 -33.1%
Wholesale debt$8,043 m19.9%2.1% Retail debt issuers - capital raised6 -25.0%
Total NZX Debt Market$53,897 m19.9%14.2% Wholesale debt issuers - capital raised--100.0%
Cash MarketQ1 2023 Change YoY Clearing House / DepositoryQ1 2023 Change YoY
Total value traded$8,963 m-16.3% Gross value of cleared trades over period$8,969 m-16.3%
Auction Value Traded$2,406 m-0.4% Assets under custody in depository$6,515 m6.1%
On-market value traded$5,699 m-15.6% Depository Uplifts25,874 -2.7%
% of value on-market63.6%0.8% Settlement Lines55,959 -2.1%
Total trades2,771,638-20.5% OTC Trades20,816 7.5%
Daily average value traded$145 m-17.6%
Daily average trades44,704-21.8%
DerivativesQ1 2023 Change YoY
Total Equity TransactionsFutures - total lots traded125,391 60.9%
Total trades2,758,254-20.6% Options - total lots traded8,632 74.6%
Value traded$8,419 m-18.5% Total derivatives lots traded134,023 61.7%
% of value on-market65.8%2.2%
Average on-market trade size$2,0145.0% Open interest at period end87,7518.4%
Notional value traded ($USD)$1,01144.0%
Total Debt TransactionsOptions to futures ratio6.9%8.5%
Total trades13,38416.8% Negotiated Large Trade (NLT) %*44.7%11.2%
Value traded $544 m42.4%*Following SGX-NZX partnership, block trades are now represented by SGX Negotiated Large Trades
Cumulative Numbers - YTDEnergy Contracts31.03.23 Change YoY
Number of trades2,771,638-20.5% Operating / Technology contracts17-
Total value traded$8,963 m-16.3% - contracts ≥ $500k p.a.4-20.0%
% of value on-market63.6%0.8% - contracts < $500k p.a.138.3%
NZX Limited - Quarterly Shareholder Metrics
These shareholder metrics represent the key operations of NZX's business.
Core Markets
Q1 2023

NZX Indices Performance31.03.23 Change YoY Wholesale Data31.03.23 Change YoY
S&P/NZX 50 Index (Gross)11,885-1.9%Terminal numbers - professional6,7433.4%
S&P/NZX 50 Index (Capital)4,670-4.9% Terminal numbers - retail1,146-32.1%
S&P/NZX 50 Portfolio Index7,447-4.7% Licences - value ≥ $20k p.a.654.8%
S&P/NZX NZ Fixed Interest Composite Index116-1.2% Licences - value < $20k p.a.8111.0%
S&P/NZX A-Grade Bond Index5,5500.1%
Direct Data Products31.03.23 Change YoY Dairy Data Subscriptions31.03.23 Change YoY
Proprietary security subscription products306-0.3% Dairy data subscriptions4460.9%
- products ≥ $3,000 p.a.104-3.7% - products ≥ $1,500 p.a. 1093.8%
- products < $3,000 p.a.2021.5% - products < $1,500 p.a. 337-
Smartshares31.03.23 Change YoY
Total external funds under management$10,332 m26.6%
Scheme FUM31.03.23 Change YoY
SuperLife Kiwisaver$1,884 m5.3%
Workplace Savings Master Trusts$2,961 m-6.6%
Smartshares Exchange Traded Funds - External$2,350 m0.4%
Smartshares Exchange Traded Funds - Total (external and internal)$6,030 m4.5%
Other Metrics31.03.23 Change YoY
Units on issue2,204 m9.1%
Value of stock lent over quarter$425 m-50.2%
Wealth Technologies31.03.23 Change YoY
Funds under administration$10,346 m-2.2%
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.
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 2023
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 2022 Q1 2023
Total announcements released
4,320 4,473
Trading halts at request of Issuer or NZ RegCo¹
1 7
Documents approved and waivers² granted to Issuers
11 6
Complaints received concerning Issuers
2 15
Price enquiries concerning Issuers
0 0
Investigations³ begun in relation to Issuers
1 10
Investigations ongoing at the end of the quarter/period in relation to Issuers
2 5




Waivers², Exemptions and Rulings granted to Participants
1 12
Inspections commenced
0 0
Complaints received concerning Participants
1 0
Investigations³ begun in relation to Participants
11 13
Investigations ongoing at the end of the quarter/period in relation to
Participants
11 10


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 2023
This section outlines the key NZX rules and policy activity over the preceding quarter.
NZX RULES AND POLICY

NZX Corporate Governance Code and Listing Rule amendments
Following the 2022 review, the amendments to the NZX Corporate Governance Code, NZX Listing
Rules and associated Guidance Notes (including the ESG Guidance Note) became effective on 1 April
2023. Issuers must report against the updated Code for financial years commencing on or after 1 April
2023 and may report against either the updated or previous version of the Code for earlier financial
years.

Capital Raisings Review
NZX is continuing to finalise the outcomes of the review of the capital raisings settings contained in the
NZX Listing Rules with a view to publishing a consultation response paper, that describes and explains
those outcomes.

Related Party and Major Transactions Guidance Note review
The consultation in relation to the Related Party and Major Transactions Guidance Note closed on 3
March 2023. NZX Policy and NZ RegCo are currently in the process of considering the submissions
received, after which an update on the outcomes of the consultation will be provided.

Director Independence review
NZX is working with the newly established NZX Corporate Governance Institute to finalise consultation
materials in relation to the director independence settings in the NZX Listing Rules. We expect to
release this consultation in Q2 2023.

Principles for Assessing Market Incidents
NZX has concluded its consultation on the protocols to manage significant market incidents, in the
context of ongoing work to enhance NZX's crisis management arrangements. We are currently
considering the submissions received and will provide an update on the review in due course.