NZX

What NZX does

NZX Limited is New Zealand's national stock exchange and financial markets infrastructure operator, founded in 1866 in Dunedin and headquartered in Wellington. The company runs a multi-market platform encompassing the NZX Main Board (NZSX, 179 instruments, ~$189.7B market cap), NZX Debt Market (NZDX, 145 instruments, ~$54.4B outstanding), equity derivatives (NZCX, refreshed April 2026 with S&P/NZX 20 Index Futures), the S&P/NZX index family, dairy derivatives (now exclusively listed on Singapore Exchange under the SGX-NZX partnership), energy market services including NZ ETS auctions with EEX, and supporting data, connectivity, and clearing infrastructure. Trading is powered by a Nasdaq matching engine, with market data distributed via Nasdaq ME ITCH and NZX Market Depth Feed, and clearing conducted through a CCP Clearing House and Securities Depository.

NZX generates revenue across five primary streams: recurring listing fees from 197 unique issuers, trading and transaction fees on $41.2B of 2025 value traded (10.49M trades), market data subscriptions and licensing, capital raising transaction fees ($1.8B equity / $2.8B debt / $1.4B funds raised YTD 2026), and energy market services including ETS auctions. The group extends vertically through wholly-owned subsidiaries — Smart (Smartshares, $1.6B FUM ETF issuer), SuperLife (45,000+ members, $1.6B assets, KiwiSaver/superannuation), and NZX Wealth Technologies (adviser back-office platform) — and operates an independently governed regulator, NZ RegCo. The company is publicly listed on its own exchange under ticker NZX (also OTCMKTS: NZSTY), employs 101-250 people, reported 5% revenue growth for the year ending December 2024, and reported 5% revenue growth in Q1 2026 driven by information services, funds management, and wealth technologies.

Name

NZX

Legal name

NZX Limited

Website

https://nzx.com

Company type

Public

Founded year

1866

Operating status

Operating

Headcount range

101–250 employees

Short description

NZX Limited is New Zealand's national stock exchange, operating equity, debt, equity derivatives, and energy markets on Nasdaq-powered infrastructure. It serves 197 listed issuers and accredited brokers through trading, clearing, market data, and KiwiSaver/wealth subsidiaries Smart, SuperLife, and NZX Wealth Technologies.

Ownership category

akta.pro rank

Product category

Securities Exchange and Market Infrastructure

NAICS

Securities and Commodity Exchanges (523210), Commodity Contracts Intermediation (52316), Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Commodity Contracts Brokers & Dealers (6221)

akta.pro primary industry

Multi-Asset Alternative Trading Systems (ATS) / Multilateral Trading Facilities (MTF) (FSAFAEAC)

akta.pro secondary industry

Equities Trade Execution Platforms (ATS/MTF/ECN) (FSAFANAA)

Keywords

• Stock exchange services
• Capital markets infrastructure
• Market data feeds
• Clearing and settlement
• Derivatives trading

Headquarters

HQ city

Wellington

HQ country

New Zealand

HQ region

Oceania

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Infrastructure, Marketing or Sales, Others

Revenue model

1. Listing Fees: Revenue from companies listing on NZX markets including initial listing fees and ongoing listing fees from 197 unique issuers across NZSX and NZDX.
2. Trading and Transaction Fees: Transaction fees from trading activity across markets - $41.2B total value traded in 2025, $21.2B YTD 2026, 10.49M total trades across all markets in 2025.
3. Market Data Services: Real-time and delayed market data distribution through direct feeds, licensed vendors, and data products including company research, corporate actions, and market activity reports.
4. Capital Raising Services: $1,841m total equity listed and raised YTD 2026, $2,808m total debt raised YTD 2026, $1,385m total funds raised YTD 2026.
5. Energy Market Services: Wholesale electricity market services including trading, clearing, reconciliation, NZ ETS Auctions (in partnership with EEX since 2021), energy data reporting, and network billing services.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels6 records

Core offering

NZX operates as New Zealand's national stock exchange and integrated financial market infrastructure platform, providing multi-market trading across equities, debt, dairy derivatives, and equity derivatives. The exchange delivers listing services, central counterparty clearing, securities depository, real-time market data distribution, connectivity infrastructure, and energy market services, supported by Nasdaq-powered matching engine technology.

Product overview

NZX operates as a comprehensive financial markets infrastructure platform, functioning as New Zealand's national stock exchange. The company offers a multi-product, multi-market architecture comprising: (1) Equity Markets including the NZX Main Board (NZSX) with 179 instruments and ~$189.7B market cap, (2) Debt Markets via NZX Debt Market (NZDX) with 145 instruments and ~$54.4B outstanding, (3) Equity Derivatives (NZCX) featuring the newly launched S&P/NZX 20 Index Futures (April 2026), (4) Dairy Derivatives via SGX-NZX partnership, (5) S&P/NZX Indices suite, and (6) supporting services including market data distribution, connectivity infrastructure, clearing and settlement, energy market services, wealth management platforms (Smart/SuperLife/NZX Wealth Technologies), regulatory services (NZ RegCo), and dairy/energy market intelligence. The platform is powered by Nasdaq trading technology and provides data access through direct feeds, licensed vendors, and packaged products.

Differentiator

Problem solved

Functional benefit

Brands

• Smart: New Zealand's only issuer of Exchange Traded Funds listed on the NZX main board, with in excess of 10,000 unit holders and more than NZD $1.6 billion of funds under management.
• SuperLife
• NZX Wealth Technologies
• NZ RegCo
• SGX-NZX Dairy Derivatives

Products and services

• NZX Main Board (NZSX) The premier market for NZX's listed equities and funds in New Zealand, home to 179 instruments including some of New Zealand and Asia Pacific's most successful and dynamic companies. Total market capitalization of approximately $189.7 billion.
• NZX Debt Market (NZDX) New Zealand's flagship market for listed debt securities, providing access to a diverse range of New Zealand and Asia-Pacific corporate and government debt. Product types include retail and wholesale debt facilities, sustainability bonds, green bonds, and other related securities. Market outstanding of approximately $54.4 billion with 145 instruments.
• SGX-NZX Dairy Derivatives Joint market with Singapore Exchange for dairy futures and options contracts providing the dairy industry with a forward view of dairy prices and cash settled instruments for managing price risk. Products include Whole Milk Powder (WMP), Skim Milk Powder (SMP), Anhydrous Milk Fat (AMF), Butter (BTR), and NZ Milk Price futures and options.
• NZX Equity Derivatives (NZCX) Refreshed equity derivatives market offering Index Futures contracts on the S&P/NZX 20 Index. Supported by BNP Paribas as designated market maker, a Cornerstone Group of end users, and Trading Technologies connectivity.
• S&P/NZX Indices Suite of stock market indices including S&P/NZX 50 Index (premier benchmark), S&P/NZX 20 Index, S&P/NZX 10 Index, S&P/NZX MidCap Index, S&P/NZX SmallCap Index, and various sector indices.
• NZX Market Data Real-time and historical market data across equities, debt, and derivatives. Includes Market Data Feeds (Nasdaq ME ITCH and NZX Market Depth Feed), Data Products (company research, corporate actions, market activity reports), Tick Data (full order book tick-level data), and secure data delivery via NZX TransferHub.
• NZX Connectivity Range of connectivity options for participants, vendors, and permissioned clients to access NZX trading, clearing, and market data systems. Includes NZX Global Connect (international managed network services), Local Connectivity (dedicated private circuits in NZ), and Alternative Connectivity (internet-based VPN).
• NZX Clearing Central Counterparty (CCP) Clearing House and Securities Depository. Ensures orderly settlement of all on-market trades, clears trades for NZX Main Board, NZX Debt Market, Derivatives markets, and Fonterra Shareholders' Market. Provides securities safekeeping and securities lending facility.
• NZX Trading Exchange platform providing liquidity across equities, debt, exchange traded funds (ETFs), and equity and commodity derivatives. Total value traded in 2025 was $41.2 billion with 10.49 million total trades and $246.9 billion total market capitalization.
• NZX Energy Specialist provider of services to the New Zealand electricity market, enabling 24/7 trading, clearing, and reconciliation of spot market electricity. Since 2021, NZX is also the auction operator for NZ ETS Auctions in partnership with EEX. Additional activities include energy data reporting, network billing, risk exposure reporting, and training programs.
• NZ RegCo Independently governed entity undertaking NZX's monitoring and enforcement of market rules for issuers, market participants, and investors. Led by NZ RegCo CEO Joost van Amelsfort. Includes Issuer Regulation, Participant Compliance, Market Conduct, and Surveillance teams.
• Smart (Smartshares) New Zealand's only issuer of Exchange Traded Funds listed on the NZX main board, with over 10,000 unit holders and more than NZD $1.6 billion of funds under management. Part of the NZX Group.
• SuperLife Superannuation, KiwiSaver, investment and insurance solutions provider with over 45,000 members and over $1.6 billion of assets invested. Managed by Smart, a wholly owned subsidiary of NZX Limited.
• NZX Wealth Technologies Wealth management business wholly owned by NZX delivering online platform functionality for New Zealand investment advisers and providers to manage, trade and administer client investment assets. Provides custom built platforms for larger organisations and turn-key solutions for boutique organisations, with Web Reporting Services and Investment Administrative Services.
• Dairy Insight New Zealand's leading provider of dairy market intelligence, offering independent and timely analysis, market reports, data feeds, tools, and calculators for the dairy sector. Services include Dairy Update, Monthly Dairy Report, Global Dairy Snapshot, Dairy Trade Statistics, NZ Pasture Growth Index, and Milk Production Predictor.
• NZX Insights Research publications including Dairy Outlook Reports, NZX ESG Reports, and NZX Tech Reports providing analysis on New Zealand dairy industry trends, ESG reporting among S&P NZX50 companies, and the tech sector.
• Listing Services Services for companies seeking to list on NZX markets including equity listings on NZX Main Board, funds listings, debt listings on NZDX, and foreign exempt issuers. NZX has 197 unique issuers with $21,197 million total value traded YTD 2026.
• NZX Participants Accreditation and support services for businesses accredited by NZX to participate in NZX markets. Includes trading participants and clearing participants, with rules and guidance for market conduct.

Quantifiable outcome

• $246.9B total market capitalisation as at December 2025
• +5 more outcomes

Named customers6 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

Feature4 records

Partnerships

Eight partnerships are on record, tiered core.

• Trading TechnologiescoreTechnology or Integration · 22 April 2026Trading Technologies partnered with NZX to deliver native connectivity for the launch of S&P/NZX 20 Index Futures. TT's global distribution channels and low-latency execution technology enable local and offshore market participants to access and trade New Zealand equity derivatives. TT reported 16% volume growth in Asia-Pacific during 2025 and handles over 3 billion derivatives transactions globally per year.
• BNP ParibascoreTechnology or Integration · 30 March 2026BNP Paribas appointed as designated market maker for S&P/NZX 20 Index Futures launched April 28, 2026. A group of fund managers committed to supporting liquidity for the product. This partnership addresses New Zealand's gap in domestic equity derivatives markets.
• Singapore Exchange (SGX)coreStrategic or Co-development Partner · 29 November 2021Strategic partnership formed April 2020 with heads of agreement, sealed April 2021. NZX dairy derivatives contracts delisted from NZX and listed on SGX platform with exclusive trading from November 29, 2021. SGX provides global market connectivity, strong Asian presence, and international distribution to 70+ trading and clearing member firms. SGX handles trading, clearing, regulation, operations, risk management and distribution of dairy derivatives data.
• NASDAQcoreTechnology or IntegrationNZX operates a Nasdaq-powered trading platform with matching engine technology for trading across equities, debt, and derivatives markets. Memorandum of Understanding exchange for market cooperation.
• European Energy Exchange (EEX)coreStrategic or Co-development PartnerPartnership with EEX for NZ ETS Auctions since 2021. NZX acts as auction operator for New Zealand Emissions Trading Scheme auctions in partnership with EEX.
• Smart (Smartshares)coreChannel Partner/ Reseller/ DistributorSmart (Smartshares) is New Zealand's only issuer of Exchange Traded Funds listed on NZX Main Board, with 10,000+ unit holders and NZD $1.6 billion of funds under management. Part of NZX Group.
• NZX Wealth TechnologiescoreStrategic or Co-development PartnerNZX Wealth Technologies is a wholly owned wealth management subsidiary of NZX, providing online platform functionality for investment advisers and providers to manage client investment assets. Provides custom-built platforms for larger organisations and turn-key solutions for boutique organisations.
• SuperLife (Smart)coreChannel Partner/ Reseller/ DistributorSuperLife provides superannuation, KiwiSaver, investment and insurance solutions to 45,000+ members with over $1.6 billion of assets invested. Managed by Smart, a wholly owned subsidiary of NZX Limited.

Scale indicators12 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• ASX (Australian Securities Exchange): Australia's primary securities exchange operating cash equities, derivatives, and clearing services. Most directly comparable to NZX as a neighboring national exchange operator serving a similar trans-Tasman capital markets ecosystem with overlapping issuer and investor bases.
• Singapore Exchange (SGX): Singapore-based multi-asset exchange operator. SGX is both NZX's strategic partner for dairy derivatives distribution (70+ member firms) and a direct competitor in Asia-Pacific listings and derivatives, making it the most comparable peer in product scope and regional positioning.
• Johannesburg Stock Exchange (JSE): South Africa's primary securities exchange with equities, bonds, and derivatives markets. Comparable as a mid-sized national exchange serving an emerging market economy, with a similar product mix and reliance on a single domestic capital pool.

Broad incumbents

• Hong Kong Exchanges and Clearing (HKEX): Operator of the Hong Kong Stock Exchange, Hong Kong Futures Exchange, and London Metal Exchange. Comparable as a multi-asset exchange operator with cash equities, derivatives, and clearing services across Asia-Pacific, though at materially larger scale than NZX.
• Nasdaq, Inc. US-based global exchange operator and NZX's technology partner powering NZX's matching engine. Comparable as both a technology provider to NZX and a broader exchange competitor, particularly for NZ issuers seeking international listings.
• Intercontinental Exchange (ICE): Global exchange operator and clearing house running equities, futures, and OTC markets across asset classes. Comparable as a multi-asset venue with clearing, market data, and connectivity services, though at vastly greater scale and global reach than NZX.
• Japan Exchange Group (JPX): Operator of Tokyo Stock Exchange and Osaka Exchange, offering cash equities and derivatives. Comparable in operating a national exchange with derivatives and clearing, though with significantly deeper liquidity and a much larger issuer base.
• London Stock Exchange Group (LSEG): Owner of the London Stock Exchange and a global financial markets infrastructure provider including FTSE Russell indices and Refinitiv. Comparable for index licensing (S&P/NZX 50 partnership), data services, and exchange operations, though at much larger scale.
• Cboe Global Markets: Global exchange operator offering equities, options, and futures across multiple jurisdictions. Comparable as a multi-asset trading venue with derivatives expertise, relevant peer for benchmarking NZX's emerging equity derivatives franchise.

Others

• European Energy Exchange (EEX): Operator of European energy and commodity exchanges and NZX's partner for NZ ETS Auctions since 2021. Comparable as a strategic ally in environmental markets and an adjacent exchange operator whose product overlap is concentrated in commodity and carbon trading.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat6 records

Key risks4 records

Key highlights6 records

Customer concentration

• Xx.com/NZXGroup
• YouTubeyoutube.com/@NZX
• LinkedInlinkedin.com/company/75896

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries4 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about NZX