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NZX has again achieved a good rating from the Securities Commission for its performance as a registered exchange. The report follows the Commission's third annual oversight review of NZX's operation of New Zealand's capital markets in relation to its conduct rules.
In particular, the Commission noted that:
- It is satisfied with NZX's approval processes for considering access to NZX Markets for Issuers and Participants, and is minimising the risk of non-compliance with its rules;
- It is satisfied with NZX's continuous disclosure policies, and the proactive and effective measures NZX has taken to improve the timing and quality of listed company disclosure (with particular reference to NZX's actions with regard to the listed finance sector); and
- It is satisfied that NZX has adequate measures in place to manage potential conflict between its commercial and regulatory activities.
The Commission also made special reference to the successful introduction of the new Trayport electronic trading system, which will enable trading of a wider range of instruments on New Zealand markets, and the revamp of NZX's website nzx.com, with regard to traffic management and the forthcoming availability of company announcements in PDF format.
Other improvements noted by the Commission include changes to the NZAX Market, the policy review of backdoor/reverse listings, and the collaboration with the independent NZX Discipline on rules development.
"NZX values the Commission's input, via its oversight review, into the ongoing improvement and enhancement of New Zealand's capital markets," said NZX CEO Mark Weldon.
"NZX will continue to seek ways to make New Zealand's capital markets more transparent, efficient and accessible to companies and investors alike," said Weldon.
