The new Listing Rules, which were submitted to the Minister after extensive consultation with the Securities Commission and industry participants, provide for an entirely new securities market in New Zealand.
"The development of the NZAX Market and its Listing Rules has been driven primarily by our desire to provide small to medium sized companies with efficient and cost effective access to public capital", said Geoff Brown, NZX Markets Development Manager. "We're delighted that the Minister has recommended the approval of the Rules which will allow the Market to open in November and firmly believe the opening of the NZAX Market is a key step towards providing a more diverse and robust marketplace in New Zealand."
The NZAX Market will open for trading on Friday 14 November 2003 at 10:00am. NZX anticipates opening the Market with an initial group of Listed Issuers, forming the NZAX 1st XV.
"We have already received applications for listing from several companies and anticipate that the finalisation of the Listing Rules will stimulate others to enter into the listing process," said Brown. A press conference and launch event will be held on Wednesday 12 November in Wellington. Further details will be provided shortly.
The final NZAX Listing Rules can be found on the NZX website at www.nzx.com/nzxmarket/NZAX/nzax_listing_rules. A table summarising the key differences between the NZSX and the NZAX Markets can also be downloaded by clicking on this link: www.nzx.com/nzxmarket/NZAX/about/key_difference.
