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14/9/2018 — General
NZX explores Nasdaq link

The New Zealand Stock Exchange is reportedly looking at an alliance with Wall Street’s technology-leaning bourse Nasdaq to explore opportunities.

By global standards the NZX is close to being a minnow and, by comparison, Australia’s active Australian Securities Exchange (ASX) lists more resource IPO’s in just one month than the NZX and its second board NZAX contain.

Radio New Zealand’s business editor Gyles Beckford said yesterday that the NZX signed a memorandum of understanding with Nasdaq to promote dual listings, depository receipts and exchange traded funds with Nasdaq.

Chief executive of NZX, Mark Peterson, reportedly said the aim of the relationship is to offer new openings for New Zealand companies and investors.

“The whole proposition is to add value to listed issuers and create an enhanced product for them. Previously we were focused on the NZ market but now we're thinking much more globally.”

Beckford reported that under the agreement New Zealand companies may find it easier to list and raise capital in the US, while staying listed in NZ, and offer a broader range of investment products to people in both countries.

Radio NZ said the NZX already uses trading and management systems developed and supplied by Nasdaq, and has similar alliances with Toronto, Singapore and Hong Kong's capital markets.

Source: radionz.co.nz

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