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NZX and Nasdaq explore opportunities

Radio New Zealand logo Radio New Zealand 12/09/2018
Nasdaq © AP Photo/Mark Lennihan Nasdaq

The stock exchange is looking at an alliance with Wall Street's tech-laden Nasdaq to explore opportunities.

The NZX has signed a memorandum of understanding with Nasdaq to promote dual listings, depository receipts and exchange-traded funds with Nasdaq.

The chief executive of NZX, Mark Peterson, said the aim of the relationship is to offer new openings for New Zealand companies and investors.

"The whole proposition is to add value to listed issuers and create an enhanced product for them. Previously we were focused on the New Zealand market but now we're thinking much more globally."

Under the agreement New Zealand companies may find it easier to list and raise capital in the US, while staying listed in New Zealand, and offer a broader range of investment products to people in both countries.

"It's all about offering the best we can," Mr Peterson said.

The NZX already uses trading and management systems developed and supplied by Nasdaq, and has similar alliances with Toronto, Singapore and Hong Kong's capital markets.

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