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new_zealand_stock_exchange [2019/08/07 14:39] – mayanew_zealand_stock_exchange [2023/02/27 12:05] (current) – hammed
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-====== New Zealand Stock Exchange (NZSX) ======+====== New Zealand Exchange (NZX) ====== 
 + 
 +NZX is the official equities exchange of New Zealand. It facilitates the trading of securities of the majority of New Zealand's listed companies and also a number of listed overseas companies. The Exchange owns Smartshares, the country's only issuer of listed ETFs. 
 + 
 +Please note: Until further notice, market is not available to trade.
  
-NZSX is the main equities exchange in New Zealand. It facilitates trading of securities of the majority of New Zealand's listed companies and also a number of overseas listed companies.  
  
 [[http://www.nzx.com | Homepage]] [[http://www.nzx.com | Homepage]]
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 ==== Order Types ==== ==== Order Types ====
  
-  * Limit Buy/Sell->ShortSell +  * Limit Day 
-  * Market Buy/Sell->ShortSell+  * Fill or Kill (FOK) 
 +  * Immediate or Cancel (IOC)
  
 ==== Basic Market Rules ==== ==== Basic Market Rules ====
  
   * Lot Size: 100 shares.   * Lot Size: 100 shares.
-  * Tick Size: minimum price change for securities quoted on NZSX is one cent ($0.01 AUD), except when the price is less than twenty cents ($0.20), then the minimum price change will be one tenth of a cent ($0.001).+  * Tick Size: minimum price change for securities quoted on NZX is one cent ($0.01 AUD), except when the price is less than twenty cents ($0.20), then the minimum price change will be one tenth of a cent ($0.001).
   * Short Sale Rules: short sales can be executed only on approved securities. Short sales cannot be completed if a sale means that 10% of the security is being subject to short sales. Uptick rules apply. All net short positions must be reported to the exchange.   * Short Sale Rules: short sales can be executed only on approved securities. Short sales cannot be completed if a sale means that 10% of the security is being subject to short sales. Uptick rules apply. All net short positions must be reported to the exchange.
-  * Circuit Breakers: there is currently no circuit breakers mechanism in NZSX.+  * Circuit Breakers: there is currently no circuit breakers mechanism in NZX.
   * Crossing: all crossing is permitted within market price. Outside of market price, crosses must be greater than NZ$1 million.   * Crossing: all crossing is permitted within market price. Outside of market price, crosses must be greater than NZ$1 million.
  
 ==== Trading Sessions ==== ==== Trading Sessions ====
  
-The NZSX trading day includes various sessions, including but not limited to: +1. **Pre-Open** (08:30:00 - 09:59:29) 
-  * Pre-Opening Session: 9:00 - 9:59:30 - new orders can be accepted, existing orders can be amended or cancelled; +  * Orders can be entered but will not execute
-  * Random Opening Order Match: 9:59:30 - 10:00:30 - new orders can be accepted, existing orders can be amended or cancelled; +
-  * Normal Trading Session: 10:00 - 16:45; +
-  * Pre-Close Session: 16:45 - 16:59:30 - new orders can be accepted, existing orders can be amended or cancelled; +
-  * Random NZSX Close: 16:59:30 - 17:00:30 - new orders can be accepted, existing orders can be amended or cancelled; +
-  * Adjust Session: 17:00 - 17:30 - new orders cannot be entered, existing orders can be amended or cancelled; and +
-  * Enquiry Session: no orders can be accepted, amended, cancelled, or matched +
- +
-The sessions and scheduled times for each during a trading day are announced from time to time by NZX. +
- +
-=== Pre-Opening === +
- +
-During a Pre-Opening Session: +
-  * Orders may be entered, cancelled, or amended; +
-  * No orders will be matched, and; +
-  * Off-Market trades can be entered into until, but not after, the time that is 15 minutes before the end of the Pre-Opening Session +
-   +
-=== Opening Order Match === +
- +
-During an Opening Order Match: +
-  * Orders will be matched in price-time priority, and; +
-  * When Orders in the Pre-Opening session result in overlapping prices at the commencement of the Opening Order Match period, the system will match orders and establish prices according to procedures determined from time to time by NZX. +
-   +
-=== Pre-Close Session === +
- +
-During a Pre-Close Session: +
-  * Orders may be entered, cancelled, or amended; +
-  * No orders shall be matched, and +
-  * No Off-Market trades are permitted +
- +
-=== Close === +
- +
-Orders are matched in price-time priority. If orders in the pre-close session result in overlapping prices at the commencement of the NZSX close period, the system will match orders and establish prices according to procedures determined from time to time by NZX. +
- +
-**Auction Periods** +
- +
-1. **Pre-Close Session** (16:45 - 17:00) +
- +
-  * Dealers, DMA Dealers, and DMA-Authorized Persons may enter, cancel, or amend orders; +
-  * No orders shall be matched by the Trading System, and +
-  * Trading Participants may not enter into Off-Market Trades +
- +
-2. **NZSX Close** (17:00)  +
- +
-  * Instantaneous matching of Orders by the Trading System prior to the commencement of the Adjust Session:  +
-    * Orders shall be matched by the Trading System in priority by price and time of entry; and +
-    * Where Orders in the Pre-Close Session result in overlapping prices at the commencement of the NZSX Close period, at the commencement of the NZSX Close the Trading System will match the orders and establish prices according to procedures determined from time to time by NZX+
  
-**Order Types:** Limit order with TIF set to DAY and Market order with TIF set to DAY.+2. **Opening Auction** 
 +  * Occurs at random from 09:59:30 - 10:00:30
  
-=== Adjust Session ===+3. **Continuous Trading** (10:00:30 - 16:44:59) 
 +  * Takes place after the Opening Auction
  
-During the Adjust Session: +4. **Pre-Close** (16:45:00) 
-  * Orders may be cancelled, but new orders may not be entered, and; +  * Orders can be entered but will not execute
-  * No orders are matched in the Trading System +
-   +
-=== Enquiry Session ===+
  
-During an Enquiry Session: +5. **Closing Auction** 
-  * No bid/offer orders can be entered, amended, cancelled, or matched in the Trading System +  * Occurs at random from 16:59:30 - 17:00:30 (DTTW™ closing auction order cut-off time: 16:59:15) 
-  * A transaction made between mutually acceptable parties must be reported as a sale through the Trading System no later than 15 minutes prior to the commencement of the Normal Trading Session of the next trading day+  * **Note:** any order sent during the closing auction must be within 7% of the theoretical auction price
  
 For more information on the rules governing the New Zealand Stock Exchange, see the [[ https://www.nzx.com/regulation/participant-rules | Participant Rules]] page. For more information on the rules governing the New Zealand Stock Exchange, see the [[ https://www.nzx.com/regulation/participant-rules | Participant Rules]] page.
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   * [[http://www.nbr.co.nz/ | The National Business Review]]   * [[http://www.nbr.co.nz/ | The National Business Review]]
-  * [[http://www.nzherald.co.nz/markets/news/headlines.cfm?c_id=62 | The New Zealand Herald - Business Section]]+  * [[https://www.nzherald.co.nz/topic/economy/ | The New Zealand Herald - Business Section]]
   * [[http://nz.finance.yahoo.com/ | Yahoo!Finance - New Zealand]]   * [[http://nz.finance.yahoo.com/ | Yahoo!Finance - New Zealand]]
  
 ==== Market Data ==== ==== Market Data ====
  
-  * [[http://www.findata.co.nz/Markets/NZX.htm | FINDATA - NZX]] 
   * [[https://www.nzx.com/markets/NZSX | NZSX Market Data]]   * [[https://www.nzx.com/markets/NZSX | NZSX Market Data]]
  
 ===== See Also ===== ===== See Also =====
   * [[market_guides|Market Guides]]   * [[market_guides|Market Guides]]
new_zealand_stock_exchange.1565203197.txt.gz · Last modified: 2019/08/07 14:39 by maya