Market Information

Trading Resources

• NZX Fee Schedule
• NZX Market Rules, Procedures & Regulation
• NZX Clearing
• SPAN parameter files
• Current and historical risk notices

Trading Hours & Market Holidays

To view the current NZX's trading hours and market holidays please click here.

Derivatives Trading Sessions

The Enquiry and Pre-Open Sessions are the same as the Cash Markets, with the same restrictions. The Derivatives markets open with an Opening Auction, in the same way as the Cash Markets, with the only difference being that the auction time is not randomised as it is in the Cash Markets.

The Regular or Continuous Trading Session is also the same as that of the Cash Markets.

The Pre-Close Session in the Derivatives Markets only lasts for 2 minutes, and is simply a continuation of the Continuous Trading Session, unlike the cash markets which stop trading in the Pre-Close. This session is simply used as a warning that the market is about to close.

The Derivatives Markets do not close with an auction - they simply stop trading at the closing time, with the last trade before the close recorded as the official closing price for the day.

After the Close, the market enters the Close Session, which has the same restrictions as the Adjust Session in the Cash Markets, except that off-market transactions cannot be negotiated or reported.

After the Close Session, the Derivatives markets re-enter their Enquiry states, and the whole cycle starts again.

Key Information

• Key Information Document: Equity Futures
• Key Information Document: Put options on Equities
• Key Information Document: Call options on Equities

Market Identifier Codes

The NZX Market Identifier Code for the NZX Derivative Market is NZXD

Strategies

The NZX Equity Derivatives Market has calendar spread functionality and supports three types of implied orders:

• Implied into the spread
  • Occurs when two outright orders in individual contract months combine to imply a tradable spread order.
• Implied out of the spread
  • Occurs when a spread order and an outright order in one of the legs imply an order in the remaining leg.
• Implied from two spreads with a common leg
  • Occurs when two spread orders share a common contract month (leg) and imply an outright order in the non-common leg.

Block Trades

A Block Trade is a large, pre‑negotiated derivatives transaction that is executed using the NZX Block Trading Facility, rather than through the central order book. Block Trades are designed to allow market participants to efficiently execute larger trades with greater price certainty and reduced execution risk. To qualify as a Block Trade, the transaction must meet the minimum volume thresholds set by NZX for the relevant contract and must be submitted to NZX in accordance with the Derivatives Market Procedures

Block Trades are executed off the central order book but reported to NZX, ensuring they are subject to NZX rules, oversight, and reporting requirements. Trading Participants must ensure Block Trades are conducted in a fair and orderly manner and meet all procedural and reporting obligations. The central order book remains the primary method of trading in the NZX Derivatives Market, with the Block Trading Facility operating as a complementary mechanism for eligible large trades. NZX RegCo monitors Block Trade activity to ensure consistency with the NZX Derivatives Market Rules and market integrity standards.

Crossing

In the NZX Derivatives Market, a crossing occurs when a single Trading Participant enters both the buy and sell side of a derivatives trade into the NZX trading system, typically on behalf of two clients or a client and the firm. Crossings are permitted under the NZX Derivatives Market Rules, provided they are executed on‑market and in a manner that supports fair, orderly and transparent trading.

When executing a crossing, Trading Participants must ensure the trade does not disadvantage other market participants. This means the crossed price must not bypass a better‑priced order already resting in the market. Trading Participants must put up one side of the crossing on screen for a minimum of 15 seconds before entering the other side of the transaction. NZX RegCo monitors crossing activity to ensure it aligns with the trading conduct obligations set out in the NZX Derivatives Market Rules.

Daily Settlement Price

The provisional and final DSP are available from the exchanges two main data feeds - ITCH and MDF as well as on our website here

The provisional DSP will be published through the exchanges data feeds prior to 5:20pm, and Final DSP will be published prior to 5:45pm on each trading day.

The below document details the methodology NZX uses to calculate the daily settlement price of the S&P/NZX 20 Index Futures

S&P/NZX 20 Index Futures Daily Settlement Price

Final Settlement Price Policy

The S&P/NZX 20 Index Future is cash settled to the S&P/NZX 20 Index value calculated by S&P using the close prices on the third Thursday of the calendar quarter (March, June, September and October).

The below document details the policy of NZX Limited in exercising its discretion in relation to the calculation of the Provisional Final Settlement Price and Final Settlement Price for the S&P/NZX 20 Index Futures contract.

Final Settlement Price Policy

Quote Vendor Codes

Quote Vendor Codes

Vendor codes – NZX Futures

ESMA Third Country Trading Venue Assessment

The European Securities and Markets Authority (ESMA), recognizes New Zealand Clearing Limited as a third-country CCP for the purposes of Article 25 of EMIR.

On 3 October 2020, the European MiFiDII/MIFIR requirements will introduce a new position limit regime and post trade transparency reporting regime. On 4 June 2020, ESMA published its assessment of NZX as a trading venue for the purposes of these requirements. ESMA’s assessment is available here.

Position Limits

ESMA has not included NZX on the list of third country trading venues for the purposes of the new position limit requirements. This means that trades of commodity derivatives on NZX should be treated as OTC trades for the purposes of the position limit regime.

Post Trade Transparency

ESMA has included NZX in the list of third country trading venues which have a suitable post trade transparency regime, for all products traded on our markets. This means that EU investment firms will not be required to republish information in the EU about transactions on NZX under the new trade reporting requirements that take effect in October 2020.