The New Zealand Stock Exchange
(NZSE) was established by the Sharebrokers Amendment Act 1981. It
approves membership applications and oversees the management of
A Market Surveillance Panel monitors the behavior of listed
issuers and is responsible for enforcing and administering the
NZSE Listing Rules.
All trading is conducted through stockbrokers who are official
members of the NZSE and work on a commission basis. The NZSE
operates a screen-based trading system and there are no trading
floors. It has a user-pays share price service that provides
updates on share price movements, this is available in print and
Listing on the New Zealand Stock Exchange
To be listed on the NZSE a company must:
Once a company is listed, it must
follow the rules that protect shareholders and investors, as
specified in the NZSE Listing Rules.
- Have a market value of NZ$5
- Have at least 500 public
shareholders, who together hold at least 25% of the
securities of each listed class.
- Fully comply with NZSE
disclosure and other continuing obligations.