NZ Herald
  • Home
  • Latest news
  • Herald NOW
  • Video
  • New Zealand
  • Sport
  • World
  • Business
  • Entertainment
  • Podcasts
  • Quizzes
  • Opinion
  • Lifestyle
  • Travel
  • Viva
  • Weather

Subscriptions

  • Herald Premium
  • Viva Premium
  • The Listener
  • BusinessDesk

Sections

  • Latest news
  • New Zealand
    • All New Zealand
    • Crime
    • Politics
    • Education
    • Open Justice
    • Scam Update
  • Herald NOW
  • On The Up
  • World
    • All World
    • Australia
    • Asia
    • UK
    • United States
    • Middle East
    • Europe
    • Pacific
  • Business
    • All Business
    • MarketsSharesCurrencyCommoditiesStock TakesCrypto
    • Markets with Madison
    • Media Insider
    • Business analysis
    • Personal financeKiwiSaverInterest ratesTaxInvestment
    • EconomyInflationGDPOfficial cash rateEmployment
    • Small business
    • Business reportsMood of the BoardroomProject AucklandSustainable business and financeCapital markets reportAgribusiness reportInfrastructure reportDynamic business
    • Deloitte Top 200 Awards
    • CompaniesAged CareAgribusinessAirlinesBanking and financeConstructionEnergyFreight and logisticsHealthcareManufacturingMedia and MarketingRetailTelecommunicationsTourism
  • Opinion
    • All Opinion
    • Analysis
    • Editorials
    • Business analysis
    • Premium opinion
    • Letters to the editor
  • Politics
  • Sport
    • All Sport
    • OlympicsParalympics
    • RugbySuper RugbyNPCAll BlacksBlack FernsRugby sevensSchool rugby
    • CricketBlack CapsWhite Ferns
    • Racing
    • NetballSilver Ferns
    • LeagueWarriorsNRL
    • FootballWellington PhoenixAuckland FCAll WhitesFootball FernsEnglish Premier League
    • GolfNZ Open
    • MotorsportFormula 1
    • Boxing
    • UFC
    • BasketballNBABreakersTall BlacksTall Ferns
    • Tennis
    • Cycling
    • Athletics
    • SailingAmerica's CupSailGP
    • Rowing
  • Lifestyle
    • All Lifestyle
    • Viva - Food, fashion & beauty
    • Society Insider
    • Royals
    • Sex & relationships
    • Food & drinkRecipesRecipe collectionsRestaurant reviewsRestaurant bookings
    • Health & wellbeing
    • Fashion & beauty
    • Pets & animals
    • The Selection - Shop the trendsShop fashionShop beautyShop entertainmentShop giftsShop home & living
    • Milford's Investing Place
  • Entertainment
    • All Entertainment
    • TV
    • MoviesMovie reviews
    • MusicMusic reviews
    • BooksBook reviews
    • Culture
    • ReviewsBook reviewsMovie reviewsMusic reviewsRestaurant reviews
  • Travel
    • All Travel
    • News
    • New ZealandNorthlandAucklandWellingtonCanterburyOtago / QueenstownNelson-TasmanBest NZ beaches
    • International travelAustraliaPacific IslandsEuropeUKUSAAfricaAsia
    • Rail holidays
    • Cruise holidays
    • Ski holidays
    • Luxury travel
    • Adventure travel
  • Kāhu Māori news
  • Environment
    • All Environment
    • Our Green Future
  • Talanoa Pacific news
  • Property
    • All Property
    • Property Insider
    • Interest rates tracker
    • Residential property listings
    • Commercial property listings
  • Health
  • Technology
    • All Technology
    • AI
    • Social media
  • Rural
    • All Rural
    • Dairy farming
    • Sheep & beef farming
    • Horticulture
    • Animal health
    • Rural business
    • Rural life
    • Rural technology
    • Opinion
    • Audio & podcasts
  • Weather forecasts
    • All Weather forecasts
    • Kaitaia
    • Whangārei
    • Dargaville
    • Auckland
    • Thames
    • Tauranga
    • Hamilton
    • Whakatāne
    • Rotorua
    • Tokoroa
    • Te Kuiti
    • Taumaranui
    • Taupō
    • Gisborne
    • New Plymouth
    • Napier
    • Hastings
    • Dannevirke
    • Whanganui
    • Palmerston North
    • Levin
    • Paraparaumu
    • Masterton
    • Wellington
    • Motueka
    • Nelson
    • Blenheim
    • Westport
    • Reefton
    • Kaikōura
    • Greymouth
    • Hokitika
    • Christchurch
    • Ashburton
    • Timaru
    • Wānaka
    • Oamaru
    • Queenstown
    • Dunedin
    • Gore
    • Invercargill
  • Meet the journalists
  • Promotions & competitions
  • OneRoof property listings
  • Driven car news

Puzzles & Quizzes

  • Puzzles
    • All Puzzles
    • Sudoku
    • Code Cracker
    • Crosswords
    • Cryptic crossword
    • Wordsearch
  • Quizzes
    • All Quizzes
    • Morning quiz
    • Afternoon quiz
    • Sports quiz

Regions

  • Northland
    • All Northland
    • Far North
    • Kaitaia
    • Kerikeri
    • Kaikohe
    • Bay of Islands
    • Whangarei
    • Dargaville
    • Kaipara
    • Mangawhai
  • Auckland
  • Waikato
    • All Waikato
    • Hamilton
    • Coromandel & Hauraki
    • Matamata & Piako
    • Cambridge
    • Te Awamutu
    • Tokoroa & South Waikato
    • Taupō & Tūrangi
  • Bay of Plenty
    • All Bay of Plenty
    • Katikati
    • Tauranga
    • Mount Maunganui
    • Pāpāmoa
    • Te Puke
    • Whakatāne
  • Rotorua
  • Hawke's Bay
    • All Hawke's Bay
    • Napier
    • Hastings
    • Havelock North
    • Central Hawke's Bay
    • Wairoa
  • Taranaki
    • All Taranaki
    • Stratford
    • New Plymouth
    • Hāwera
  • Manawatū - Whanganui
    • All Manawatū - Whanganui
    • Whanganui
    • Palmerston North
    • Manawatū
    • Tararua
    • Horowhenua
  • Wellington
    • All Wellington
    • Kapiti
    • Wairarapa
    • Upper Hutt
    • Lower Hutt
  • Nelson & Tasman
    • All Nelson & Tasman
    • Motueka
    • Nelson
    • Tasman
  • Marlborough
  • West Coast
  • Canterbury
    • All Canterbury
    • Kaikōura
    • Christchurch
    • Ashburton
    • Timaru
  • Otago
    • All Otago
    • Oamaru
    • Dunedin
    • Balclutha
    • Alexandra
    • Queenstown
    • Wanaka
  • Southland
    • All Southland
    • Invercargill
    • Gore
    • Stewart Island
  • Gisborne

Media

  • Video
    • All Video
    • NZ news video
    • Herald NOW
    • Business news video
    • Politics news video
    • Sport video
    • World news video
    • Lifestyle video
    • Entertainment video
    • Travel video
    • Markets with Madison
    • Kea Kids news
  • Podcasts
    • All Podcasts
    • The Front Page
    • On the Tiles
    • Ask me Anything
    • The Little Things
  • Cartoons
  • Photo galleries
  • Today's Paper - E-editions
  • Photo sales
  • Classifieds

NZME Network

  • Advertise with NZME
  • OneRoof
  • Driven Car Guide
  • BusinessDesk
  • Newstalk ZB
  • Sunlive
  • ZM
  • The Hits
  • Coast
  • Radio Hauraki
  • The Alternative Commentary Collective
  • Gold
  • Flava
  • iHeart Radio
  • Hokonui
  • Radio Wanaka
  • iHeartCountry New Zealand
  • Restaurant Hub
  • NZME Events

SubscribeSign In
Advertisement
Advertise with NZME.
Home / Business / Markets / Shares

NZX considers one platform for all listed stocks

NZ Herald
26 Jun, 2017 09:13 PM4 mins to read

Subscribe to listen

Access to Herald Premium articles require a Premium subscription. Subscribe now to listen.
Already a subscriber?  Sign in here

Listening to articles is free for open-access content—explore other articles or learn more about text-to-speech.
‌
Save

    Share this article

NZX chief executive Mark Peterson. Picture/NZ Herald.

NZX chief executive Mark Peterson. Picture/NZ Herald.

The NZX looks set to ditch its "junior" boards - NZAX and NZT - in favour of just one board for all its stocks.

The stock exchange operator said it was reviewing its current equity market structure in response to market feedback, adding the present setup was not effectively meeting the needs of New Zealand's smallest listed companies.

"NZX wanted to communicate with the market now given a likely outcome of this review will be to consolidate all NZX's equity markets (NZSX, NZAX and NXT) on to a single board," it said.

NZSX is the original main board. The NZX Alternative Market (NZAX), which started in 2003, is the marketplace for small to medium-sized, fast growing businesses seeking an efficient capital raising facility. NXT, established in 2015, is aimed at small and mid-sized businesses.

In a statement, the exchange said it was considering whether differential requirements for smaller companies should be part of the solution and, if so, how that may be achieved through a simplified equity board structure.

Advertisement
Advertise with NZME.
Advertisement
Advertise with NZME.

"The NXT Market hasn't developed as quickly or effectively as we had hoped," NZX chief executive Mark Peterson said.

"NZX has been speaking with the market for some time about how we can look to simplify the structure and operation of our equities markets to ensure its design meets the needs of everyone," Peterson said.

Chapman Tripp partner and merger and acquisition specialist Rachel Dunne said the NZT had not worked because it not have the "buy in" from the broking community.

Advertisement
Advertise with NZME.

In its statement, the exchange said it would engage with all stakeholders over the coming months, "including working with current and potential listing candidates to provide the right path for them".

Peterson said the NZX would start a formal consultation process on the structure of its broader market and a review of its listing rules for its main board companies in the third quarter of this year.

Harbour Asset Management portfolio manager and analyst Shane Solly said a transition to one board would be a welcome move, but that standards of disclosure for all listed stocks would need to remain high.

"We are obviously keen to have a broader range of companies to invest in that provide different business opportunities," Solly said.

Discover more

Business

Apple to manage autonomous fleet

26 Jun 10:22 PM
Retail

Govt approves watchdog 'market studies'

26 Jun 10:34 PM
Official Cash Rate

Reserve Bank turns to social media

26 Jun 10:44 PM
Business

The return of the McMansion

26 Jun 11:15 PM

"Historically there has a been a differentiated disclosure regime between the different markets," he said.

Bringing the markets together may allow businesses to evolve, Solly said.
"Companies will need to deliver information and governance standards that are of a high level," he said.

Chapman Tripp, in a report issued in February, questioned the effectiveness of the NZX's "junior" markets.

"We also wonder, in light of the difficulties the NZAX and now the NXT market have had in developing a strong pipeline of new issuers, whether the NZX will conclude that the New Zealand market is simply too small to sustain these junior boards - especially given the early success of crowdfunding, which allows companies to raise money from the public without having to list," the law firm said at the time.

Chapman Tripp's Dunne said today's move by the NZX was a welcome one.

"The biggest thing that we are concerned about is making sure that the move from the junior boards to the main board is compulsory," she told the Herald.

Advertisement
Advertise with NZME.

When NXT was formed, NZAX companies were able to stay on that board if they wanted to, and were not forced to shift.

"That left the NZAX in limbo. It was closed to new listings with 15 companies stranded on that board with not a lot of trading going on - and only four on the NXT."

Dunne favoured a compulsory transition from those two junior boards through to the main board, but with a period of grace to allow them to make the adjustment.

The capital markets task force was established in 2008 by the then Minister of Commerce, Lianne Dalziel, with the aim of getting government and the private sector work together to develop New Zealand's capital markets.

Save

    Share this article

Latest from Shares

Premium
Shares

Market close: NZX not crying over spilt a2 Milk, gains 0.74%

08 Jul 05:51 AM
Premium
Companies

$30 billion blast-off: Why Rocket Lab just hit an all-time high

08 Jul 03:33 AM
Premium
Shares

Market close: Infratil rises as CEO Boyes ups stake

07 Jul 05:57 AM

From early mornings to easy living

sponsored
Advertisement
Advertise with NZME.

Latest from Shares

Premium
Market close: NZX not crying over spilt a2 Milk, gains 0.74%

Market close: NZX not crying over spilt a2 Milk, gains 0.74%

08 Jul 05:51 AM

Summerset shares lifted 3% to $12 after a trading update.

Premium
$30 billion blast-off: Why Rocket Lab just hit an all-time high

$30 billion blast-off: Why Rocket Lab just hit an all-time high

08 Jul 03:33 AM
Premium
Market close: Infratil rises as CEO Boyes ups stake

Market close: Infratil rises as CEO Boyes ups stake

07 Jul 05:57 AM
Premium
Market close: Tourism Holdings drops as NZ sharemarket ends week on high

Market close: Tourism Holdings drops as NZ sharemarket ends week on high

04 Jul 06:17 AM
Solar bat monitors uncover secrets of Auckland’s night sky
sponsored

Solar bat monitors uncover secrets of Auckland’s night sky

NZ Herald
  • About NZ Herald
  • Meet the journalists
  • Newsletters
  • Classifieds
  • Help & support
  • Contact us
  • House rules
  • Privacy Policy
  • Terms of use
  • Competition terms & conditions
  • Our use of AI
Subscriber Services
  • NZ Herald e-editions
  • Daily puzzles & quizzes
  • Manage your digital subscription
  • Manage your print subscription
  • Subscribe to the NZ Herald newspaper
  • Subscribe to Herald Premium
  • Gift a subscription
  • Subscriber FAQs
  • Subscription terms & conditions
  • Promotions and subscriber benefits
NZME Network
  • The New Zealand Herald
  • The Northland Age
  • The Northern Advocate
  • Waikato Herald
  • Bay of Plenty Times
  • Rotorua Daily Post
  • Hawke's Bay Today
  • Whanganui Chronicle
  • Viva
  • NZ Listener
  • Newstalk ZB
  • BusinessDesk
  • OneRoof
  • Driven Car Guide
  • iHeart Radio
  • Restaurant Hub
NZME
  • About NZME
  • NZME careers
  • Advertise with NZME
  • Digital self-service advertising
  • Book your classified ad
  • Photo sales
  • NZME Events
  • © Copyright 2025 NZME Publishing Limited
TOP