NZX Services

Listed Issuers
Participants
Vendors

Participant Types

Market Participants are classified under the NZX Participant Rules as one or more of the following participant types:

NZX Trading and Advising Firm

An NZX Trading and Advising Firm is one of three participant types who can trade in any of the securities markets provided by NZX, and have the ability to:

  • Advise clients
  • Bring and/or underwrite and distribute new issues of securities in any of the markets provided by NZX
  • Trade on behalf of a client or as principal in any of the markets provided by NZX
  • Hold client assets
  • Become an accredited Delivery and Settlement Participant for no extra fixed charges
  • Access the Direct Market Access (DMA) facilities, enabling richer services to be offered to clients

NZX Advising Firm

An NZX Advising Firm's primary role is to advise clients on any of the markets provided by NZX. However an NZX Advising Firm cannot trade. An NZX Advising Firm has the ability to:

  • Advise clients about securities listed on any of the securities markets provided by NZX
  • Hold client assets (although this is not compulsory)
  • Bring and/or underwrite and distribute new issues of securities in any of the securities markets provided by NZX

Bank Only Participant

A Bank Only Participant can trade solely in the debt market provided by NZX (NZDX Market). A Bank Only Participant can trade on behalf of clients or trade as a principal. Submitting orders into the NZDX Market is the main role undertaken by a Bank Only Participant. Bank Only Participants have the ability to:

  • Advise clients about the NZDX Market
  • Bring and/or underwrite and distribute new issues of Securities to the NZDX Market
  • Trade on behalf of a client or as principal in the NZDX Market
  • Hold client assets
  • Become an accredited Delivery and Settlement Participant for no extra fixed charges
  • Access the Direct Market Access (DMA) facilities, enabling richer services to be offered to clients

NZX Sponsor

An NZX Sponsor can bring, but not distribute, any new issue of securities to any of the securities markets provided by NZX. This enables organisations such as law firms and accountants to continue to service their existing clients in a new way. NZX Sponsors have the ability to:

  • Advise issuers when they are raising capital and bring, but not distribute, that new issue to any of the markets provided by NZX

Distribution and Underwriting Sponsor

A Distribution and Underwriting Sponsor can distribute and/or underwrite a new issue of security brought to any of the securities markets provided by NZX. Distribution and Underwriting Sponsors have the ability to:

  • Underwrite and distribute any new issue of security in any of the markets provided by NZX.