The New Zealand Stock Exchange (NZSE) was established by the Sharebrokers Amendment Act 1981. It approves membership applications and oversees the management of the NZSE.
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 electronic format.
Listing on the New Zealand Stock Exchange
To be listed on the NZSE a company must:
- Have a market value of NZ$5 million.
- 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.
Once a company is listed, it must follow the rules that protect shareholders and investors, as specified in the NZSE Listing Rules.