The Growing New Zealand's Capital Markets 2029 report is a depressing document.

Yes, the report released on Monday received numerous complimentary comments, but its underlying message is that brokers have raised the white flag over the NZX.

There are numerous indications of this, including the comment that "each of the five primary retail NZX firms has moved from broking models to wealth management models with a concentration on asset allocation and portfolio construction".


Another is: "There are about half a dozen broking or banking firms remaining. For these firms, a small IPO can take as much resource as a