NZX reveals strategy after review
WELLINGTON: NZX is renewing its focus on its core market platform in what the stock market operator calls a ‘‘fundamental reset’’ of the business to drive shareholder value and reinvigorate New Zealand’s capital markets.
The Wellingtonbased company released details of a new strategy after a five month review which puts its dominant markets division front and centre, NZX said in a statement.
Its executive team is briefing investors on the updated strat egy, which singles out debt, dairy derivatives and environmental and energy markets as growth opportunities tied to that business.
‘‘We are refocused on our core markets business, which is NZX’s fundamental growth platform, and the basis of our social licence to operate,’’ chief executive Mark Peterson said.
‘‘Our success is linked to New Zealand’s success, and we will grow opportunities aligned to this advantage, including our debt, dairy derivatives, and environmental and energy markets.’’
The stock market operator has come under pressure to spur more interest in the country’s regulated market with just one initial public offering this year, and the looming departure of highprofile Xero announced last week.
Mr Peterson was appointed chief executive this year and tasked with growing the business to better compete domestically and internationally.
Headlining the five planks to the new strategy is a refocusing of NZX’s core business to support current and prospective issuers, drive secondary market activity and lift data revenue.
That includes work to update NZX’s participant and listing rules and governance code, which would streamline the marketplace and make it easier for issuers to use more products. It also provides new pricing options to drive the secondary market.
On growth opportunities, NZX will seek to expand its dairy offering, and target energy and environment markets, while also maximising its burgeoning funds management and wealth technologies divisions.
NZX said it will look to create a ‘‘fit and lean’’ business, managing costs and simplifying the business. — BusinessDesk