New Zealand Stock Exchange Moves AX Market Into Development Stage

The New Zealand Stock Exchange continues to move forward, with plans to develop an alternative or "growth" market. Working in collaboration with market participants the Exchange has received a large number of submissions in response to the proposal distributed late August, for a market that has been tentatively labelled AX.

Geoff Brown, NZSE Relationship and Markets Manager said, "Submissions received from the industry to date have been overwhelmingly positive and demonstrate that the development of this market will serve a much broader base of New Zealand companies, seeking capital and listing opportunities.

"The Exchange will now review all submissions it has received, and working with the Securities Commission, will move to develop a final market structure.

"Over the course of this development period, the Exchange will also be discussing this proposal with companies that are currently listed on the NCM and the Unlisted Securities Facility as well as smaller companies listed on the Main Market, which will all directly benefit from the development of such a market."

The proposed timing for the launch of the growth market is being planned for 2003.