Market Participants

A Market Participant is an organisation that has been accredited by NZX to participate in the markets provided by NZX (e.g. an NZX Trading and Advising Firm, commonly known as a broking firm). NZX accredited individuals within these organisations are referred to as NZX Advisors, NZX Associate Advisors and NZDX Advisors. Other contributors include Data Distributors, Independent Software Vendors (ISVs) and Back Office System Vendors (BOS) (collectively known as Market Contributors).

NZX has recently created a new Market Participant structure (effective from 3 May 2004) which is designed to offer interested parties easier access to the markets provided by NZX. The new structure provides companies with a number of different ways to participate in the markets provided by NZX and only charges for the particular services used and/or provided.

Further information:

• Find out more about the Market Participant categories and roles.
• Find out more about the Market Contributor categories and roles.
• Download the Guide to becoming a Market Participant (PDF, 272KB)
• Download the new Market Participant structure diagram (PDF, 88KB).
• Download the Market Participant roles matrix (PDF, 33KB).

Updates

5 July 2005: NZX Futures & Options Rule Review

NZX is conducting a review of the Futures and Options Rules in accordance with an undertaking it gave to the Securities Commission when the rules were introduced on 3 May 2004. As part of this review, NZX is inviting Futures and Options Participants to provide their constructive feedback on the operation of the F&O Rules and their experience of them 18 months on. Comments must be received by NZX no later than 12 August 2005 and can be emailed to compliance@nzx.com or sent in hard copy to NZX Compliance, NZX, PO Box 2959, Wellington or faxed to (04) 473 3181. Please see the memo below for more information regarding this review.

• Download the NZX Futures and Options Rule Review memo (PDF 55KB)

24 May 2005: NZX Participant Rules - Waiver/Ruling Publication

In May 2005 NZX Regulation issued a memorandum detailing NZX’s intention to publish Waivers from, and Rulings on, the NZX Participant Rules.

NZX has undertaken to contact those firms (prior to publication) that have operated or are currently operating with the benefit of an existing waiver from the NZX Participant Rules to discuss any concerns regarding publication, given that no opportunity had been afforded at the time the waiver was granted to discuss confidentiality.

• Download the Waiver/Ruling memo

13 June 2005: NZX Participant Rule Review

As you may be aware, the NZX Participant Rules were introduced on 3 May 2004. A six month transition period to 3 Nov 2004 was provided for firms to become accredited and for certain technology to be implemented. A review of the Participant Rules was scheduled one year after the expiry of this transition period. Please see the memo below for more information regarding this review.

• Download the NZX Participant Rule Review memo (PDF 139KB)

18 April 2005: T+3, Ex to Record Date Conversion

In October 2004 NZX released a consultation document that detailed NZX’s intention to move to a fixed three day Ex period prior to the Record Date and to a fixed T+3 settlement period.

Following a request by the Securities Industry Association (SIA) NZX embarked on a thorough consultation process with a cross-section of the industry. The overall outcome of the process was positive. However, a number of issues, changes and actions were identified and are being implmented. See below to view a letter which was sent to all Managing Principals regarding this matter.

• Download T+3 Letter to Managing Principals (PDF, 71KB)

13 April: Direct Market Access (DMA) Update

DMA allows NZX Trading Participants to enter orders into the market via approved DMA applications and streamlines the order management process enabling participants to tailor services to their clients. Since the introduction of DMA in August 2004, ten of NZX's sixteen Trading Participants have been accredited to make use of DMA with in their Firms.

In March 2005, one quarter of all trades on NZX’s markets were the result of orders placed through a DMA application. The chart below shows DMA trades as a percentage of overall market activity.

• DMA Activity Chart (PDF, 13 KB)

29 March 2005: Market Participant Branding

NZX has a released a guide to help Market Participants correctly brand to NZX guidelines;

• Market Participants Brand Guidance(PDF, 76KB)

Directories

• Directory of Market Participants
• Directory of NZX Sponsors
• Directory of Data Distributors

Participant Relations

The NZX Participant Relations team is responsible for participant support and client relations at NZX. By maintaining strong relationships with Market Participants and other Market Contributors, NZX is able to accommodate the needs of these clients and provide support where necessary. NZX Participant Relations is focused on:

1. Developing and maintaining relationships with new and existing Market Participants and Market Contributors.
2. Improving and maintaining regular and consistent NZX communications across Market Participants and Market Contributors.
3. Assisting and supporting Market Participants and Market Contributors in all aspects of being an active participant in the markets provided by NZX.

For further assistance or information regarding Market Participants or Market Contributors please email helpdesk@nzx.com.

Rules and Regulation

Market Participants are governed by the NZX Participant Rules. Copies of the NZX Participant Rules and NZX Participant Rules Guidance Notes are available in the Regulation section of this website. View the Market Participant Pricing Schedules in the NZX Markets section.