NZX 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.

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Currency: New Zealand Dollar (NZD)

Trading Hours & Holiday Calendar

• Limit Buy/Sell→ShortSell (Day/IOC/FOK)

• Lot Size: 100 shares.
• 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.
• 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.

1. Pre-Open (08:30:00 - 09:59:29)

• Orders can be entered but will not execute

2. Opening Auction

• Occurs at random from 09:59:30 - 10:00:30

3. Continuous Trading (10:00:30 - 16:44:59)

• Takes place after the Opening Auction

4. Pre-close (16:45:00)

• Orders can be entered but will not execute

5. Closing Auction

• occurs at random from 16:59:30 - 17:00:30

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

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.

During a Pre-Close Session:

• Orders may be entered, cancelled, or amended;
• No orders shall be matched, and
• No Off-Market trades are permitted

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.

During the Adjust Session:

• Orders may be cancelled, but new orders may not be entered, and;
• No orders are matched in the Trading System

During an Enquiry Session:

• No bid/offer orders can be entered, amended, cancelled, or matched in the Trading System
• 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

For more information on the rules governing the New Zealand Stock Exchange, see the Participant Rules page.

The Financial Markets Authority (FMA) is responsible for overseeing exchanges and regulating financial advisors, financial service providers, trustees, and auditors. Its objectives are to promote and facilitate the development of fair, efficient, and transparent financial markets.

• The National Business Review
• The New Zealand Herald - Business Section
• Yahoo!Finance - New Zealand

• FINDATA - NZX
• NZSX Market Data

• Market Guides