NZX Revenue & Shareholder Metrics | NZ RegCo Metrics – 3Q21

NZX Limited - Quarterly Operating Revenue
Q3 2021
Q3 Operating RevenueYTD Operating Revenue
Q3 2021Q3 2020
Change YOY
YTD 2021YTD 2020
Change YOY
NZ $000NZ $000NZ $000NZ $000
Annual listing fees ¹2,5442,3946.3%7,5257,2823.3%
Primary listing fees48126283.6%1,036470120.4%
Secondary issuance fees1,00485217.8%2,2633,047-25.7%
Total Issuer Relationships revenue4,0293,50814.9%10,82410,7990.2%
Participant services ¹121173-30.1%478540-11.5%
Securities trading1,3721,2886.5%4,0124,150-3.3%
Securities clearing2,1222,1190.1%6,3126,585-4.1%
Dairy derivatives34526928.3%8671,042-16.8%
Consulting & development ²398413-3.6%2,254752199.7%
Contractual revenue ³2,4412,11115.6%7,2156,6388.7%
Total Secondary Markets revenue6,7996,3736.7%21,13819,7077.3%
Royalties from terminal1,8531,7197.8%5,4935,0798.2%
Subscriptions and licenses1,1541,0905.9%3,4413,1838.1%
Indices229238-3.8%7337280.7%
Dairy data subscriptions1521510.7%4804663.0%
Audit and back-dated licenses303310000.0%90977916.7%
Connectivity65358811.1%1,9141,7618.7%
Total Data & Insights revenue4,3443,78914.6%12,97011,9968.1%
FUM based revenue ⁴4,2762,71957.3%11,8818,32742.7%
Member based revenue490497-1.4%1,5881,41212.5%
Other revenue16712335.8%40536012.5%
Funds Management revenue4,9333,33947.7%13,87410,09937.4%
Wealth Technologies revenue1,04754492.5%3,1211,393124.0%
Regulation revenue98086014.0%2,6452,6011.7%
Corporate revenue411-63.6%15200-92.5%
Total Revenue22,13618,42420.1%64,58756,79513.7%
Please note revenue numbers are based on NZX's internal records, which are unaudited.
The comparative information has been reclassified to ensure consistency with the 2020 year end presentation.
¹ net of internal revenue allocation
² Consulting and development revenue includes revenue from the development of the carbon managed auction service for the Ministry for the Environment
³ Contractual revenue includes revenue from the ongoing operation of the carbon managed auction service provided for the Ministry for the Environment
⁴ 2020 FUM based revenue was negatively impacted by a historic pricing provision.

NZX Limited - Quarterly Shareholder Metrics
Q3 2021
30/09/2021Q3 2021
These shareholder metrics represent the key operations of NZX's business.
Core Markets
NZX Listed Issuers30.09.21Change YoYCapital RaisingQ3 2021Change YoY
Total equity securities1323.1%Total capital raisings $3,430 m-22.80%
Total fund securities48-2.0%
Total retail debt securities1412.9%New Capital Listed
Total wholesale debt securities8-Total capital listed by all issuers$1,175 m-45.90%
Total other securities4-
Total listed securities3332.1%Equity listings--100.0%
Fund listings--100.0%
Retail debt listings$1,175 m-25.4%
Total NZX Main Board equity issuers1314.0%Wholesale debt listings--100.0%
Total NZX Main Board fund issuers48-2.0%
Total NZX Debt Market retail debt issuers492.1%Secondary Capital Raisings
Total NZX Debt Market wholesale debt issuers2-Total capital raised by all issuers$2,255 m-0.5%
Total other issuers4-
Total unique issuers2052.5%Total equity raised - NZ issuers$66789.5%
Total equity raised - dual or foreign issuer$46-89.4%
Total funds raised - NZ issuers$706193.0%
Market Capitalisation30.09.21Change YoY% of GDP
Total funds raised - dual or foreign issuer$10357.2%
Total market capitalisation$232,268 m11.6%68.3%Total retail debt raised$733-37.7%
Total wholesale debt raised--
All equity$182,084 m11.4%53.6%
All funds$7,366 m37.6%2.2%
All other$27 m39.9%-Total number of secondary capital raising events93914.4%
Total NZX Main Board$189,477 m12.2%55.8%Equity issuers - capital raised < $10m1608.8%
Equity issuers - capital raised ≥ $10m < $100m1455.6%
Retail debt$33,775 m2.7%9.9%Equity issuers - capital raised ≥ $100m1-
Green bonds$3,250 m54.8%1.0%Fund issuers - capital raised75115.0%
Wholesale debt$5,766 m35.3%1.7%Retail debt issuers - capital raised1318.2%
Total NZX Debt Market$42,791 m9.0%12.6%Wholesale debt issuers - capital raised--
Cash MarketQ3 2021Change YoYClearing House / DepositoryQ3 2021Change YoY
Total value traded$13,717 m8.9%Gross value of cleared trades over period$13,726 m8.7%
Daily average value traded$208 m8.9%Collateral held at period end$88 m31.6%
On-market value traded$7,957 m7.5%Depository transactions over period23,296-0.8%
% of value on-market58.0%-1.2%Assets under custody in depository at period end$5,729 m40.9%
Total trades3,908,50526.7%
Daily average trades59,22026.7%
DerivativesQ3 2021Change YoY
Futures - total lots traded88,85938.9%
Total Equity TransactionsOptions - total lots traded4,545-73.3%
Total trades3,897,65926.7%Total derivatives lots traded93,40415.4%
Value traded$13,319 m8.8%Total derivatives lots traded - YTD233,354-18.6%
% of value on-market58.6%-1.8%Open interest67,374-8.3%
Average on-market trade size$2,007-15.8%Notional value traded ($USD)$512 m54.8%
Options to futures ratio5.1%-80.7%
Total Debt TransactionsBlock trade %$0-
Total trades10,84629.1%
Value traded $398 m10.5%
Energy Contracts30.09.21Change YoY
Operating / Technology contracts185.9%
Cumulative Numbers - YTD- contracts ≥ $500k p.a.525.0%
Number of trades11,951,57433.1%- contracts < $500k p.a.13-
Total value traded$40,864 m0.8%
% of value on-market61.9%1.0%

NZX Indices Performance30.09.21Change YoYWholesale Data30.09.21Change YoY
S&P/NZX 50 Index (Gross)13,27613.0%Terminal numbers - professional6,6927.2%
S&P/NZX 50 Index (Capital)5,44710.3%Terminal numbers - retail2,063-23.2%
S&P/NZX 50 Portfolio Index8,46920.8%Licences - value ≥ $20k p.a.5723.9%
S&P/NZX Primary Sector Index14,409-7.2%Licences - value < $20k p.a.811.3%
S&P/NZX NZ Fixed Interest Composite Index124-5.5%
S&P/NZX A-Grade Bond Index5,789-4.1%
Direct Data Products30.09.21Change YoYDairy Data Subscriptions30.09.21Change YoY
Proprietary security subscription products309-4.0%Dairy data subscriptions447-3.0%
- products ≥ $3,000 p.a.110-0.9% - products ≥ $1,500 p.a. 1062.9%
- products < $3,000 p.a.199-5.7% - products < $1,500 p.a. 341-4.7%
Smartshares
30.09.21Change YoY
Total external funds under management$5,875 m31.5%
Scheme FUM30.09.21Change YoY
SuperLife Kiwisaver$1,382 m27.3%
SuperLife Workplace Savings$1,430 m14.6%
Smartshares Exchange Traded Funds - External$2,234 m42.3%
Smartshares Exchange Traded Funds - Total (external and internal)$5,326 m38.8%
Other MetricsQ3 2021Change YoY
Units on issue at period end1,784 m26.0%
Value of stock lent over period$405 m3.8%
Wealth Technologies
30.09.21Change YoY
Funds under administration$7,951 m142.2%
Notes
1. All figures are measured at the end of the last trading day of each month unless otherwise stated.
Change refers to the change since the same period last year unless otherwise stated.

2. Equity market capitalisation includes all securities quoted on the NZX Main Board (NZSX).
With an overseas domiciled Issuer, the market capitalisation represents the amount that is held in New Zealand.

3. Market capitalisation for the NZX Debt Market is the total nominal (face) value of all listed securities, excluding New Zealand Government stock.

4. Funds include exchange traded funds, managed funds, listed investment companies and trusts.

5. "Other" securities include rights, warrants and options quoted on the NZX Main Board (NZSX).

6. Please note these operational statistics are based on NZX’s internal records, which are unaudited.
Differences may arise between this data and that disclosed in subsequent audited financial statements.
Differences may also arise between this data and the previously reported data due to rounding and classification restatements.

To enquire about information listed on this sheet, or to find out more about NZX products or services, please email: data@nzx.com

---

NZ RegCo – Quarterly Regulation Metrics
Q3 2021
These Regulation Metrics represent the key features of NZ RegCo’s activities in regulating NZX’s
markets. The metrics focus on key activities so as to provide transparency and a means of comparison
across periods.

ISSUERS – KEY METRICS

Q3 2020 Q3 2021
Total announcements released
5,035 5,305
Trading halts at request of Issuer or NZ RegCo¹
15 12
Documents approved and waivers² granted to Issuers
20 25
Complaints received concerning Issuers
0 2
Price enquiries concerning Issuers
2 2
Investigations³ begun in relation to Issuers
10 7
Investigations ongoing at the end of the quarter/period in relation to Issuers
7 7


PARTICIPANTS – KEY METRICS

Waivers², Exemptions and Rulings granted to Participants
1 8
Inspections commenced
5 5
Complaints received concerning Participants
0 1
Investigations³ begun in relation to Participants
9 17
Investigations ongoing at the end of the quarter/period in relation to
Participants
11 16


NOTES
The metrics are derived from NZX’s internal records.
1. Trading halts imposed routinely, for example on release of price-sensitive information or in the
context of corporate actions are excluded.
2. Details of waivers granted by NZX are released to the Market, and available on https://nzx.com/ and
through i-search except where the decisions are confidential.
3. NZX will commence an investigation when it identifies a possible breach of rules.

NZX Limited – Quarterly Policy Update
Q3 2021
This section outlines the key NZX rules and policy activity over the preceding quarter.
NZX RULES AND POLICY
Quotation of Debt Instruments
In June 2021, NZX consulted on a suite of proposals relating to the treatment of debt instruments that are designed
to provide greater clarity to the market and standardise the treatment of certain types of instrument. These
proposals have been designed in the context of consultation that has been undertaken by the Reserve Bank of
New Zealand and the New Zealand Financial Markets Association.
NZX has concluded its consultation and would like to thank those who submitted on the proposals. We have
considered the submissions received, and expect to release a protocol in relation to the debt convention standards
in October 2021.
Listing Rules ‘Hygiene Review’
NZX consulted on the ‘Hygiene Review’ of the Listing Rules in June 2021. The proposed amendments to the
Listing Rules and associated Guidance Notes and Practice Notes have been designed to improve the operation
and clarity of the Listing Rules, and do not contain any substantive amendments or material policy changes. The
consultation period for the hygiene review concluded on 31 August 2021.
NZX would like to thank those who submitted on the proposed amendments. We are currently considering the
submissions received, after which application will be made to the FMA for approval of the proposed amendments
to the Rules.
Mid-Point Order Book Final Consultation
In October 2019, NZX consulted on the proposed introduction and features of the Mid-Point Order Book. In July
2021, NZX offered a final opportunity for interested parties to submit additional substantive matters for NZX’s
consideration through a subsequent consultation process. NZX would like to thank those who submitted on the
final consultation paper. We are currently considering the submissions received.
Direct Market Access Guidance Note
In Q2 of 2021, NZX Policy consulted on proposed introduction of a new Direct Market Access Guidance Note to
provide guidance and best practice information for Participants trading on NZX’s cash and derivatives markets via
Direct Market Access. NZX would like to thank those who submitted on the proposed guidance note. We have
considered the submissions received, and expect to publish the final guidance note in Q4 2021.
NZMDT Rules Review
NZX has been considering certain settings contained in the NZ Markets Disciplinary Tribunal Rules to ensure that
they remain fit for purpose by providing appropriate support to the regulatory and enforcement outcomes sought by
NZ RegCo, as there has not been a holistic review of the Rules since their implementation in 2009.

As a consequence of the review, NZX is developing a suite of proposals relating to the membership of the Tribunal;
the Tribunal appeals’ provisions; and the Tribunal penalties assessment process and framework, on which NZX
expects to commence consultation in Q4 2021.
Corporate Governance Code 2021 Review
As issuers have completed 3 full cycles of reporting under the NZX Corporate Governance Code, NZX considers
that it is timely for NZX to undertake a targeted review of certain aspects of the Code. The review will focus on:
‘comply or explain’ disclosure; independent director requirements under recommendation 2.8; director
remuneration practices under recommendation 5.1; shareholder meeting requirements; and shareholder
participation in capital raising under recommendation 8.4. NZX will also consider developments in ESG practices
and trends, and diversity practices.
NZX intends to release the initial discussion document in relation to the review of the Code in Q4 2021. If you have
views of the matters that NZX should consider as part of this review please contact policy@nzx.com.