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-====== New Zealand Stock Exchange (NZSX) ======
-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]]
-Currency: New Zealand Dollar (NZD)\\
-Time Zone: UTC +13:00
-[[https://www.nzx.com/markets/NZSX/trading_hours | Trading Hours & Holiday Calendar]]
-==== Lit Order Types ====
-  * Limit Buy/Sell->ShortSell
-  * Market Buy/Sell->ShortSell
-==== Basic Market Rules ====
-  * Lot Size - minimum lot size = 1 (our broker requires the minimum lot size = 100)
-  * [[https://nzx.com/files/static/cms-documents/NZX%20Participant%20Rules%2024%20August%202012.pdf | Tick Size]] - minimum price changes 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)
-  * [[https://nzx.com/files/static/cms-documents/NZX%20Participant%20Rules%2024%20August%202012.pdf | 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 in NZSX.
-  * [[https://www.instinet.com/includes/pdf/exchange/Asian_Exchange_Quicksheet_.pdf | Crossing]] - All crossing is permitted within market price. Outside of market prices crosses must be greater than NZ$1 million
-==== Trading Sessions ====
-NZSX trading day comprises different sessions, including but not limited to:
-  * a Pre-Opening Session 9:00 - 9:59.30, new orders can be accepted, existing orders can be amended or cancelled;
-  * a Random Opening Order Match between 9:59.30 - 10:00.30, new orders can be accepted, existing orders can be amended or cancelled;
-  * a Normal Trading Session 10:00 - 16:45;
-  * a Pre-Close Session 16:45 - 16:59.30, new orders can be accepted, existing orders can be amended or cancelled;
-  * a Random NZSX Close between 16:59.30 - 17:00.30, new orders can be accepted, existing orders can be amended or cancelled;
-  * an Adjust Session 17:00 - 17:30, new orders cannot be entered, existing orders can be amended or cancelled; and
-  * an Enquiry Session, no orders can be accepted, amended, cancelled or matched
-The different sessions and scheduled times for each session during a Trading Day will be as notified from time to time by NZX.
-=== Pre-Opening ===
-During a Pre-Opening Session:
-  * Orders may be entered, withdrawn 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 Math ===
-During a 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, 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, withdrawn or amended;
-  * No orders shall be matched, and
-  * No Off-Market trades are permitted
-=== Close ===
-Orders are to be matched by the price and time priority. In case where 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**
-. **Pre-Close Session** (16:45 - 17:00)
-  * Dealers, DMA Dealers and DMA Authorized Persons may enter, withdraw or amend orders;
-  * No orders shall be matched by the Trading System, and
-  * Trading Participants may not enter into Off-Market Trades
-. **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
-Market order with TIF set to DAY
-For more information on the auction mechanisms on the New Zealand Stock Exchange, please see [[ https://nzx.com/files/static/cms-documents/NZX%20Participant%20Rules%2024%20August%202012.pdf | here ]]
-=== Adjust Session ===
-During the Adjust Session:
-  * Orders may be withdrawn but new orders may not be entered, and;
-  * No orders is matched in the Trading System
-=== Enquiry Session ===
-During an Enquiry Session:
-  * No bid/offer orders can be entered, amended, withdrawn or matched in the Trading System
-  * A transaction made between mutually acceptable parties must be reported as a sale through the Trading System not later than 15 minutes prior to the commencement of the Normal Trading Session of the next Trading Day
-You can find more information on Trading Rules on NZX [[ https://nzx.com/files/static/cms-documents/NZX%20Participant%20Rules%2024%20August%202012.pdf | here ]]
-===== Additional Info =====
-Here you can find a number of third-party reference sources to help you learn more about the New Zealand equities markets.
-==== Regulatory Bodies ====
-The [[ http://www.fma.govt.nz/ | Financial Markets Authority (FMA)]] is responsible for overseeing exchanges and for the regulation of financial advisers, financial service providers, trustees and auditors. It's main objective is to promote and facilitate the development of fair, efficient and, transparent financial markets.
-==== Financial News/Research ====
-  * [[http://www.nzherald.co.nz/markets/news/headlines.cfm?c_id=62 | The New Zealand Herald - Business Section]]
-  * [[http://nz.finance.yahoo.com/ | Yahoo!Finance - New Zealand]]
-  * [[http://www.nbr.co.nz/ | The National Business Review]]
-==== Market Data ====
-  * [[https://www.nzx.com/markets/NZSX | NZSX Market Data]]
-  * [[http://www.findata.co.nz/Markets/NZX.htm | FINDATA - NZX]]
-===== See Also =====
-  * [[market_guides|Market Guides]]
-===== References =====