ASIC consultation paper released today - positive for AXE ECN

23 July 2007 – The Australian Securities and Investments Commission (ASIC) released a consultation paper today, inviting public submissions on the implications of competition for market services in Australia.

This follows an Australian Market Licence (AML) application by AXE ECN, which will compete with the ASX on technology, market structure and the price of services.

NZX CEO Mark Weldon said, “This paper is very positive for AXE ECN's impending entry to the Australian Market.

“The technology for AXE ECN is now ready to go. A seamless launch of this Trayport GlobalVision system for the NZX markets earlier this month has proven the technology to be reliable, fast and scalable.

“NZX has extensive market technology and regulatory expertise. AXE ECN shows we can create value from these skills beyond our domestic market,” said Weldon.

The Australian ECN is a joint venture between New Zealand Exchange Limited, Citigroup, CommSec, Goldman Sachs JBWere, Macquarie Bank and Merrill Lynch.

You can view the ASIC consultation document here: http://www.asic.gov.au/asic/asic.nsf/byheadline/consultation%20papers

For more information, please contact:

Lucy McFadden
Communications
New Zealand Exchange Limited
04-496-2890
027-512-7832