The NZSE Chairman, Simon Allen said the Board had resolved following its most recent meeting to extend -trading hours from I September 2001 with trading beginning at 9:00am instead of 9:30am and closing at 4:00pm instead of 3:30pm presently.
This would bring the NZSE's trading hours more into line with the United States and match the longer trading hours of the Australian market, and further increases in trading hours would be progressive introduced, he said.
The NZSE has also decided to permit direct access by investors, through member firms, from I November 2001, in conjunction with the provision of a computer interface, using the international standard for communications with trading systems. Direct access will include and allow programme trading.
Aligned to this the NZSE will develop its eFaster facility, which provides Internet support for NZSE member firms to offer direct access, as and when interest and expected revenue justifies the cost of that development.
The new interface will also facilitate the third initiative, announced by the NZSE today, which is the provision of electronic Summary Depth Information - providing investors with detaited information about the volume and price of orders in the market but not yet executed.
The other initiative announced by the NZSE today is an increase in marketing activity and the establishment of an Auckland presence by the NZSE. This will be a gradual development as part of the move to operation as a demutuatised Exchange, Mr Allen said.
'The NZSE is moving quickly to position itself for its anticipated commercialisation and these initiatives are part of an ongoing programme to expand access and service the local capital market, taking advantage of the efM6ent international standard trading platform which the NZSE has developed.'
