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Currently, most of the trading by New Zealand investors in ASX Overseas and Dual Listed securities is taking place through orders entered into Australia, not placed locally on NZX Markets.
NZX Head of Strategy, Heather Kirkham said, "This pricing structure incentivises participants to retain order flow in New Zealand. Many of these NZX Dual Listed Issuers have a large number of New Zealand-based shareholders. To date, trading activity has been largely directed to Australia. The aim of this pricing change is retain activity and grow liquidity on NZX Markets, offering a cost-effective model for those trading in these stocks."
There are 37 Dual and Overseas Listed securities on the NZX Markets and just under half are listed on the ASX. The Dual Listed Issuers are APN News & Media Limited and Goodman Fielder Limited. There are 16 ASX Overseas Listed Issuers including Lion Nathan Limited, Westpac Banking Corporation, Telstra Corporation Limited and L & M Petroleum Limited.
An announcement will be released by NZX at the conclusion of this three-month trial period.
ENDS
Download the NZX Market Participant Pricing Update Here
For more information please contact:
Lucy McFadden
NZX Communications
+64 4 496-2890
+64 27 512-7832
lucy.mcfadden@nzx.com