New Zealand Exchange

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Coordinates: 41°17′23″S174°46′46″E / 41.289709°S 174.779493°E / -41.289709; 174.779493

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New Zealand Exchange
Public company
Traded as NZX: NZX
ISIN NZNZXE0001S7  OOjs UI icon edit-ltr-progressive.svg
Founded31 December 2002;17 years ago (2002-12-31)
HeadquartersNZX Centre,
Wellington
,
New Zealand
Key people
  • Mark Peterson (CEO)
  • James Miller (Chair)
Subsidiaries
  • Smartshares
  • SuperLife
  • Wealth Technologies
Website nzx.com

The New Zealand Exchange (NZX) is the national stock exchange for New Zealand and a publicly owned company. [1] NZX is the parent company of Smartshares, LifeSaver (a financial provider for KiwiSaver), and Wealth Technologies. [2]

On 30 August 2020, the NZX had a total of 181 listed securities with a combined market value of NZ$173.24 billion. [3] The main trading board is typically open from 10am through till 4:45pm. [4]

History

New Zealand Stock Exchange 2007 New Zealand Stock Exchange 1.jpg
New Zealand Stock Exchange 2007

NZX began life as a number of regional stock exchanges during the gold rush of the 1870s. Brokers’ Associations started in Dunedin Brokers’ Association in 1867, Otago in 1868, Auckland in 1872 [5] and Wellington in 1882. The Dunedin Association became a Stock Exchange in 1893, Christchurch gained an exchange in 1900. [6] Auckland, Christchurch, Dunedin, Thames and Wellington formed the Stock Association of New Zealand in 1915, joined by Taranaki in 1916, Invercargill in 1920 and Gisborne in 1922. [7] Merger was investigated from 1976, Christchurch and Invercargill merged in 1978 and a national exchange was formed in 1983. [8]

In 1974 these regional exchanges were amalgamated to form one national stock exchange, the New Zealand Stock Exchange (NZSE).

On 24 June 1991, NZSE implemented a computerised trading system, and abolished the open outcry market. This computerised system was replaced with the FASTER trading system in September 1999.

On 16 October 2002 the Member Firms of the New Zealand Stock Exchange voted in favour of demutualisation, and on 31 December 2002, NZSE became a limited liability company. On 30 May 2003, New Zealand Stock Exchange Limited formally changed its name to New Zealand Exchange Limited, trading as NZX, and on 3 June 2003 listed its own securities on its main equity market.

The NZX Centre building in Wellington was originally constructed in 1907 for the C&A Odlin Timber Company, and is one of the few surviving industrial buildings in the Edwardian style. [9]

Mark Weldon was chief executive from 2002 to 2012.

In December 2002, the New Zealand Stock Exchange, as it was then known, became a listed company. It officially changed its name to the New Zealand Exchange Limited around six months later and now trades as NZX.

In 2009, NZX made a number of acquisitions in the rural sector, including a Feilding-based publications business and the Clear Grain Exchange in Melbourne.

In May 2012 Tim Bennett replaced Mark Weldon as NZX's CEO, returning from Singapore to take up the position.

In October 2016 Tim Bennett announced that he would step down from his position as CEO on 31 December 2016. NZX's Head of Markets, Mark Peterson, stepped in as interim CEO on January 1, 2017, becoming CEO on a permanent basis from April 2017. [10]

In late August 2020, the New Zealand Exchange was subject to online distributed denial-of-service attacks which disrupted trading for five days commencing on 25th August. A group of "DDOS extortionists" have demanded an unspecified ransom be paid in Bitcoin or they would continue the attacks. The New Zealand Exchange has ruled out paying the ransom and sought assistance from internet service provider Spark New Zealand and the country's signals intelligence agency Government Communications Security Bureau. [11] [12] [13]

Principal activities

The principal activities of NZX are:

See also

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References

  1. ↑ "NZX's Regulatory Model". New Zealand's Exchange. Retrieved 30 August 2020.
  2. ↑ "Who We Are". New Zealand's Exchange. Retrieved 30 August 2020.
  3. ↑ "NZX listings". New Zealand Exchange. 30 August 2020. Retrieved 30 August 2020.
  4. ↑ "NZX Market Holidays & Trading Hours". New Zealand's Exchange. Retrieved 30 August 2020.
  5. ↑ "Story: Stock market Page 1 – First stock exchanges". Te Ara – The Encyclopedia of New Zealand.
  6. ↑ "Page 2 – Financing the gold-dredging boom".
  7. ↑ "Page 3 – Quiet consolidation, 1900–1950".
  8. ↑ "Page 4 – Towards a national exchange, 1950–1984".
  9. ↑ "The Former Odlin Building - NZX Centre". Wellington Waterfront. Archived from the original on 6 March 2012.
  10. ↑ "NZX Appoints Mark Peterson as its Interim CEO". Finance Magnates.
  11. ↑ Choudhury, Saheli (28 August 2020). "New Zealand's stock exchange resumes trading after facing disruption for fourth day in a row". CNBC . Archived from the original on 28 August 2020. Retrieved 28 August 2020.
  12. ↑ "NZX down for fourth day in a row after cyber attacks". New Zealand Herald . 28 August 2020. Archived from the original on 28 August 2020. Retrieved 28 August 2020.
  13. ↑ Anthony, John (2 September 2020). "MetService website crashes again following DDoS cyberattack". Stuff . Archived from the original on 1 September 2020. Retrieved 1 September 2020.
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