NZX - NZ Exchange

[Balance]

NBR today (firewalled unfortunately) : "Mark Weldon letter said NZX committed to spend $100m on agri-Bloomberg
Thu 19 May Former NZX chief executive Mark Weldon wrote a letter in 2009 saying that NZX’s board was committed to both his agri-Bloomberg strategy and to spending $100 million on it."

Not looking good for Mr 'my way or the highway' Weldon? And the Board of Directors not looking good either after defending him vigorously.

[Balance]

"NZX has also abandoned its claim that misrepresentations about Clear's technology contributed to its loss."

Oh oh - NZX on the back foot so far. Looking like the Board were sleeping right through the whole Clear Grain saga.

[Lola]

"NZX has also abandoned its claim that misrepresentations about Clear's technology contributed to its loss."

Oh oh - NZX on the back foot so far. Looking like the Board were sleeping right through the whole Clear Grain saga.

Jenny Ruths NBR article on part of todays proceedings refers to Mr Weldon saying most of his senior mangers didnt have any job descriptions. What sort of governance is that? Sorry this wouldnt rank even just for a nomination in a Change Manager of The Year Award Ceremony. Tends to support the above Board taking a nap theory.

[Balance]

http://www.nbr.co.nz/article/weldon-pushed-due-diligence-clear-be-finished-quickly-former-employee-says-b-190290#comment-719218

Looks like NZX and Mr Weldon weren't able to gag all the ex employees - what a shambles of an exchange where one man held roost and bullied staff into accepting his word was law and he knew what he was doing.

http://m.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11652266

And what was he doing? Running a monopoly like NZ rail used to run its business during the 1960s. Mr Weldon sure knew how to maximize his share options! No wonder the sp has done nothing with the monopoly price gouging a thing in the past.

[Hectorplains]

http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11662130

What a sorry state of affairs. NZX reduced to pleas for a sense of nationalism to reinvigorate their bourse...

[Balance]

http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11662130

What a sorry state of affairs. NZX reduced to pleas for a sense of nationalism to reinvigorate their bourse...

NZX ain't no All Blacks - more like the NZ Olympic swimming team against the Aussies.

NZX is a pathetic, grubby, greedy and fading exchange.

NZX squandered the opportunity to build up a strong listing platform post demutualisation by putting profit above everything else - overcharging all market participants to feather the nests of the CEO and the vested interests of some shareholders.

And it had a Board of Directors asleep and with the vision of a bat in sunlight, now the Ralec and NZX court case is illuminating for all to see.

[BIRMANBOY]

Personally I am glad we have the NZX. They play a very important part in helping bring new investment into existing companies and also allow upcoming business a track into growth. I would say many of the new entities that get IPO here in NZ would never see the light of day in Australia. Better to see the local money go into local entities. There's good money to be made with the NZX and with a smaller boutique exchange its easier to understand and feel a part of. I don't know the details of the legal issues that its involved in so cannot comment on that aspect but the people who I have met who work there impressed with their knowledge and professionalism. Its easy to put the boot in but always important to have a full 360 degree view of the situation before slagging off willy-nilly. All business's and people make mistakes and how you deal with those situations says more about the entity. Inheriting problems is very common especially when a particular strategy or CEO goes off target. That's why teams of lawyers get paid on both sides of an issue. However the MOST important thing here is recognizing the importance of having The Exchange here and involving and employing locals in many cases. Nothing is perfect but Tim is right..we should get in and support it.

[skid]

Personally I am glad we have the NZX. They play a very important part in helping bring new investment into existing companies and also allow upcoming business a track into growth. I would say many of the new entities that get IPO here in NZ would never see the light of day in Australia. Better to see the local money go into local entities. There's good money to be made with the NZX and with a smaller boutique exchange its easier to understand and feel a part of. I don't know the details of the legal issues that its involved in so cannot comment on that aspect but the people who I have met who work there impressed with their knowledge and professionalism. Its easy to put the boot in but always important to have a full 360 degree view of the situation before slagging off willy-nilly. All business's and people make mistakes and how you deal with those situations says more about the entity. Inheriting problems is very common especially when a particular strategy or CEO goes off target. That's why teams of lawyers get paid on both sides of an issue. However the MOST important thing here is recognizing the importance of having The Exchange here and involving and employing locals in many cases. Nothing is perfect but Tim is right..we should get in and support it.

Looks like Tim has had a few to many pork pies:) what i take away from that article is that if you want companies to stay here(or list here) you have to make it easier to do so,especially since there are obvious advantages to a larger market--there has got to be some incentive...Its a bit like saying to Xero or PEB..''stay here..dont aim for the USA market''---business is not sports--you are only going to get so far with the national pride drawcard----They need to get their own house in order.imo

[Balance]

Personally I am glad we have the NZX. They play a very important part in helping bring new investment into existing companies and also allow upcoming business a track into growth. I would say many of the new entities that get IPO here in NZ would never see the light of day in Australia. Better to see the local money go into local entities. There's good money to be made with the NZX and with a smaller boutique exchange its easier to understand and feel a part of. I don't know the details of the legal issues that its involved in so cannot comment on that aspect but the people who I have met who work there impressed with their knowledge and professionalism. Its easy to put the boot in but always important to have a full 360 degree view of the situation before slagging off willy-nilly. All business's and people make mistakes and how you deal with those situations says more about the entity. Inheriting problems is very common especially when a particular strategy or CEO goes off target. That's why teams of lawyers get paid on both sides of an issue. However the MOST important thing here is recognizing the importance of having The Exchange here and involving and employing locals in many cases. Nothing is perfect but Tim is right..we should get in and support it.

You are of course sprouting Mother Earth and Motherhood sentiments.

Who would not want a NZX or ASX? Just as who would not want a police force or a national health service?

But would we want a police force which uses thuggery to extort the general population to provide essential services principally for the benefit of its officials and staff? Or a national health service with a primary focus on making money for its executives and Board?

If Tim is really serious about his 'patriotic' call to arms, let him and the NZX show that the NZX itself is patriotic and start putting NZ Inc and NZ first, and profits second. Start by reducing charges and increase services to market participants and investors.

Otherwise, Tim and the Board of the NZX are but hypocrites - appealing to patriotism, which as was famously observed 'is the last refuge for scoundrels'.

PS. The Ralec - NZX court case is a very very revealing and disturbing commentary on why the NZX has gone backwards while other exchanges have gone forward.

The case serves to confirm what NZX critics and observers have stated for a long time - that the NZX was (and still is) a one trick monopolistic pony ra/run by vested short term self-interests with no checks and balances. Focus of the NZX was/is on maximising profits by relentlessly increasing its charges while providing minimal services. Staff were treated as dispensable units to be discarded and changed (with all the flow on implications of gross mismanagement) while the CEO and its Board feasted on the monopoly profits.

Has the NZX changed its way under Tim? Look at the NXT market and how NZX attempted to bully companies listed in the NZAX with horrendous increase in charges to force them to relist in the NXT or NZX.

Like the previous CEO, Tim backed down only after the companies threatened in turn to take the NZX to the Commerce Commission.

[Balance]

https://www.nzx.com/companies/NZX/announcements/287329

Going nowhere.

[blackcap]

https://www.nzx.com/companies/NZX/announcements/287329

Going nowhere.

The 5 year chart says it all really. Going nowhere indeed.

[Balance]

It is indeed Mark Weldon envy.

By any measure (save monopoly profits at the expense of a vibrant and growing stock market), the NZX has gone backwards and downhill but Mark gets a big share of that monopoly profit - so very very envious.

NZ is already paying the price and future generations will continue to pay the price as all the rewarding and well-paying jobs and opportunities in the financial sector disappear overseas.

Think about it.

http://www.nbr.co.nz/article/weldon-leave-geoop-board-end-month-b-193240

Rich irony - Wunderkid (praised to high heavens by many when he was cranking up NZX fees and charges while cutting back on services, with no heed to the long term consequences of what it means for the NZX as a business) now being revealed for one dimensional loser he really is - disaster at Media Works, and now having to admit his GeoP listing on the NZX is going no way and need to try and list on ASX for 'better access to capital and liquidity'!

Does not auger well for the NZX which cannot now increase charges and fees as other market participants are threatening to take it to the Commerce Commission for abuse of monopoly position and which is seen as a second choice for listing behind ASX.

No wonder Bennett had to use the patriotism angle to beg NZ companies not to forsake NZX.

[Hectorplains]

http://www.stuff.co.nz/business/84929276/nzx-chief-executive-to-depart-at-the-end-of-the-year

Bye bye Mr Bennett, apparently in his parallel universe the business has been rebuilt on 'a strong platform for growth' and NZX is an attractive means to access capital.

[Hectorplains]

http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11722174

3/10.

[Balance]

http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11722174

3/10.

So much for those who praised NZX under Mark Weldon as he and the useless Board pursued a profit only strategy. So typical of the short sightedness lack of vision of the so called business elite of NZ - bugger up the future for short term gains.

Notice how one of Mark's biggest cheerleaders and supporters, Brian Gaynor, has belatedly admitted NZX was too one-dimensional in its strategy? Disgraceful lack of judgement.

Well, enjoy the knackered entity which is NZX - cannot increase charges without incurring complaints to the Commerce Commission (note how quickly NZX backed down re NZAX fees?) which could really then cripple its fee structure and after all the partial privatisations in 2014/5, nothing left in the kitty.

Credit to Tim for sticking it out for 5 years - not solely his fault he took over a buggered up NZX.

[Balance]

http://www.stuff.co.nz/business/84929276/nzx-chief-executive-to-depart-at-the-end-of-the-year

Bye bye Mr Bennett, apparently in his parallel universe the business has been rebuilt on 'a strong platform for growth' and NZX is an attractive means to access capital.


And he is such a generous soul that having built said 'strong platform' for growth, he will now leave it to someone else to take credit?

Almost as laughable as Mark Weldon's comments when he resigned : "The organisation is in such good shape, with momentum building that will provide a positive working environment for the next CEO."

Good shape? Demoralized staff from the revolving door staff policy, profit momentum sucked dry by overcharging market participants and best of all, a stinking mess and scandal in Clear Grain/Ralec litigation which revealed for all the dysfunctional organization NZX was under Mark Weldon.

And here's the clueless Chairman praising Weldon to stinking high heavens :

“Mark has effectively been founder, as well as leader, of NZX, as we now know it, since 2002. Under his stewardship, NZX has grown from a small and threatened mutual exchange to a thriving information, markets and infrastructure business, with a range of integrated business lines, a healthy balance sheet and a valuable set of options for future growth,” said NZX Chairman Andrew Harmos.

“Following the successful execution of NZX’s second five-year strategic plan, Mark has indicated that the time is now right for him to leave the company. The Board respects his decision. We have been privileged to have someone with that amount of talent, energy and commitment as the driving force behind NZX’s first critical decade," Harmos said.

[RTM]

What's going on ?

https://www.nzx.com/companies/NZX/announcements/292715

[Schrodinger]

What's going on ?

https://www.nzx.com/companies/NZX/announcements/292715

I hope its a takeover by the Aussies....

[Lola]

What's going on ?

https://www.nzx.com/companies/NZX/announcements/292715


Might be the Ralec Decision and its NOT good? Has anyone seen Mark?

[RTM]

I hope its a takeover by the Aussies....
Not yet....that's what I am hoping for to.
https://www.nzx.com/companies/NZX/announcements/292747

[Balance]

I hope its a takeover by the Aussies....

Nothing to attract an ASX takeover - the world and ASX have moved on while NZX has been going back to the future.

[peat]

Might be the Ralec Decision and its NOT good? Has anyone seen Mark?

Its not bad either!

[Balance]

Its not bad either!

Eh - NZX initiated the litigation, spent $10m, got its name and governance dragged through a pigsty and won nothing.

One very very good thing however is that the case revealed and confirmed how the NZX was so badly managed for the short term benefit of one individual and a few at the expense of the long term future of the NZX and NZ.

[GTM 3442]

Eh - NZX initiated the litigation, spent $10m, got its name and governance dragged through a pigsty and won nothing.

Ah, a stunning victory the. Totally vindicated. Excellent news. Looking forward to the next salary review. . .

[Balance]

Estimated total loss of $25m (plus unaccounted for loss of management time, energy etc etc etc) for NZX courtesy of Mark Weldon.

http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11750914

Mr Brian Gaynor acknowledges at long last that Weldon is no wunderkid - after blowing hot air up Wunderkid's arse when Mark was systematically looting NZX's future through gross mismanagement of the exchange. As long as the sp was going up, wunderkid could do no wrong.

WRONG!

As noted by one columnist :

"Weldon has the perfect background for Mediaworks. Ratings focused, driven, one way people management skills and effortlessly capable of building strong teams to enhance the shareholder value of an organisation.

Weldon has no background in media and the appointment suggests that TV producer director Julie Christie will continue to provide intelligence on the sector.

Such a comment by keyboard grump John Drinnan is particularly unfair.

NZX was the greatest reality soap opera in town under Weldon’s leadership, the casting couch of characters was enormous as disgruntled staff left and new bright eyed disciples were employed. Indeed Mediaworks currently does not employ anyone on your television or radio with a larger ego than Weldon, even Willie Jackson, Sean Plunket and Duncan Garner combined can’t compete. The clashes will continue to be ginormous and fill Drinnan’s column with rumours and innuendo for months on end."

[Balance]

And BTW, Brian Gaynor still does not get why NZX is not performing today :

"Hopefully, the NZX will now focus on improving the performance of the domestic sharemarket. The market needs a major revamp because its rules and regulations best serve the interests of brokers, rather than the investors who use the market as a trading platform."

No, Mr Gaynor - the rules and regulations serve the interest of the NZX which, courtesy of Wunderkid, persuaded the government to allow NZX to continue to self-regulate.

Mr Gaynor had no complaints when Wunderkid was increasing NZX charges and fees relentlessly, paring back services and information to market participants especially retail investors, getting rid of management depth and experience in NZX via his one dimensional egoistic dictatorial management style - all in the name of a rising sp.

[Balance]

So much for NZX setting an example for disclosures - this came after market close and we know why companies issue statements after market close.

So running from the battle with tails between its legs after blowing $25m, NZX blames the sorry saga on previous management - meaning Wunderkid Weldon who no doubt will be crying into his champagne bought from the bonus shares issued for his wonderful (as recognized by the sleeping Board of Directors at that time) management of NZX.

https://www.nzx.com/companies/NZX/announcements/293651

"NZX today announces it has settled all outstanding matters regarding the NZX Ralec litigation following the High Court’s decision released 16 November 2016. As a result, there will be no appeal by either party of the High Court’s decision. The litigation related to the acquisition of the Clear Grain Exchange (Clear) from Ralec Commodities Pty Ltd (Ralec) made by the previous management of NZX in 2009. NZX CEO Tim Bennett commented: “Today’s announcement means that NZX can finally move on and put this matter behind us once and for all, and direct our valuable resources to growing our business.”

[peat]

how has it settled? in other words if i may be so bold , what is the consideration for this settlement? :p

[Balance]

how has it settled? in other words if i may be so bold , what is the consideration for this settlement? :p

Weldon settlement in his 'vineyard' reservation?

So much bull from the NZX and Wunderkid that there will be enough shxt to fertilize his vineyard for the next century.

http://www.findata.co.nz/Markets/NZX/23005/ASSET_NZX_NZX_announces_the_acquisition_of_CLEAR_G rain_Exchange.htm

[bull....]

http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11794238

nice article by gaynor.

diffenately nzx does nothing to encourage listings and liquidity is a joke most of the time as well. get a real exchange

[Balance]

http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11794238

nice article by gaynor.

diffenately nzx does nothing to encourage listings and liquidity is a joke most of the time as well. get a real exchange

Extremely rich coming from Brian Gaynor - he was effusive in his support and praise of the NZX under the 'leadership' of Mark Weldon.

Weldon was the architect of the NZX as it is today - a fee gouging and service minimization entity with no consideration whatsoever of its wider role as a facilitator of capital flows through the NZ economy.

As long as the NZX sp was going up, the likes of Brian Gaynor could not be happier - and happy to be blind and oblivious to the problems and flaws already clear to objective observers. Even Weldon's dictatorial staff management style (his way, right or wrong, or the highway) was considered to be completely acceptable.

Now that the NZX sp has gone nowhere and the NZX looks bereft of any ideas, and the goose has come home to roost, without the ability to lay any more golden eggs, Mr Gaynor is bringing out the violin to cry out a soulful tune.

All too late. The harm has been done and it is going to take a long long time for the NZX to regain credibility as an exchange worthy of support.

The anguish cry of Mr Bennett for New Zealand companies to support the NZX as it was patriotic to do so - that was the cry of surrender.

[Balance]

Insightful comments from NBR readers :

Reminds one of Telecom - abuse of its monopoly to milk profits from NZers in favour of its American masters. Took Helen Clark to break that disgraceful monopoly - and NZ is still years behind countries like Korea and Vietnam.

NZX needs the same sort of surgical strike by the government.

Hit the nail on the head here.

Monopoly pricing, to drive up short term profit, during Weldon's tenure only served his interests. The board were more than asleep at the wheel, ignorant or short focused themselves.

How could you possibly grow a business, where the entry and ongoing costs are too high. This is the main reason the only companies that go public these days tend to be overpriced, with former owners using the listing as an exit hatch.

[bull....]

Insightful comments from NBR readers :

Reminds one of Telecom - abuse of its monopoly to milk profits from NZers in favour of its American masters. Took Helen Clark to break that disgraceful monopoly - and NZ is still years behind countries like Korea and Vietnam.

NZX needs the same sort of surgical strike by the government.

Hit the nail on the head here.

Monopoly pricing, to drive up short term profit, during Weldon's tenure only served his interests. The board were more than asleep at the wheel, ignorant or short focused themselves.

How could you possibly grow a business, where the entry and ongoing costs are too high. This is the main reason the only companies that go public these days tend to be overpriced, with former owners using the listing as an exit hatch.

here here spot on short term profits before long term welfare of the markets, the make up of the exchange is against the basic principles of how an exchange should work.
http://www.stuff.co.nz/business/89457422/market-shows-signs-of-life-but-trends-are-disappointing

keep this up and we will have to rename the index maybe nzx30?

[drcjp]

Indeed, a number of commentators anticipate a rather large NZEXIT if something is not done soon.

[Balance]

here here spot on short term profits before long term welfare of the markets, the make up of the exchange is against the basic principles of how an exchange should work. corrupt practices range right thru the supply chain.

http://www.stuff.co.nz/business/89457422/market-shows-signs-of-life-but-trends-are-disappointing

keep this up and we will have to rename the index maybe nzx30?

Bunch of self-serving directors on the board, pre-occupied with their fees, share gains and own positions than with the greater good and health of the market - which ultimately will be good for the NZX.

Time for NZX (and government) to boot out the self-serving directors - especially the ONE who supported Weldon through his rampage of HR disasters, leaving the NZX bereft of experience, talent and continuity.

[Hectorplains]

Bunch of self-serving directors on the board, pre-occupied with their fees, share gains and own positions than with the greater good and health of the market - which ultimately will be good for the NZX.

Time for NZX (and government) to boot out the self-serving directors - especially the ONE who supported Weldon through his rampage of HR disasters, leaving the NZX bereft of experience, talent and continuity.

http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11819561

$3m salary plus a bonus payout... this on an NZX ebitda of $22.5m. Disgusting.

[bull....]

The NZX is a docile organisation that has been asleep at the wheel for a number of decades. It makes little effort to promote itself to business owners and investors, particularly compared with the ASX and other global exchanges :eek2:

Funny had to laugh when I read this from brian gaynor article below

http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11863859

[JoeGrogan]

The NZX is a docile organisation that has been asleep at the wheel for a number of decades. It makes little effort to promote itself to business owners and investors, particularly compared with the ASX and other global exchanges :eek2:

Funny had to laugh when I read this from brian gaynor article below

http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11863859

Shots fired :laugh:

"The other negative consequence of our low level of IPOs is that there is a shortage of domestic investment opportunities, particularly as far as KiwiSaver funds are concerned. As a consequence, KiwiSaver funds will have to invest more and more of their money offshore unless they start purchasing residential property."

Thats the sad reality unfortunately.

Is the lack of IPO's also because there are not many "good" emerging businesses in NZ or because market participation is pretty poor? I mean ASX has a value of about 1.9 trillion, which is almost double our property market, from a quick google search i see the Australian residential property market was around 6.5 trillion in 2016. So their property market is just over 3 times more than the value of the ASX. Comparatively that is a hell of a lot closer than the 32 times Brian mentioned in the article. Again is that because we actually don't have a high number of valuable companies? Or a perception by kiwis that the stock market is not a viable place to invest?

[Balance]

The NZX is a docile organisation that has been asleep at the wheel for a number of decades. It makes little effort to promote itself to business owners and investors, particularly compared with the ASX and other global exchanges :eek2:

Funny had to laugh when I read this from brian gaynor article below

http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11863859

Brian Gaynor - the very same individual who thought the sun shone out of Mark Weldon's backside while Mark gutted the NZX with ever increasing monopolistic charges but ever decreasing services and hired and fired executives with impunity and with zero consideration for continuity & experience (such was his insecurity that someone else will show him for what he really is).

Milford's stake in NZX was going up in price, see? So nothing else mattered.

No point crying crocodile tears now, Mr Gaynor. You along with others (especially the sleeping Board led by Harmos) encouraged and praised Mr Weldon (breath of fresh air I think were the words you used to describe his shenanigans of plucking the goose which laid the golden eggs) to high heavens - until Clear Grain and Media Works revealed to all what was really happening.

Best thing to happen to NZX now is to become a subsidiary of ASX - if ASX doesn't die of derision first! BHP alone is bigger than the whole NZX!

[bull....]

here here balance , reckon the funds management industry really need to stand up and pressure the nzx to make the exchange a more viable pathway for businesses to follow.
I see the ASX is now actively courting international companies to list on there exchange.

[bull....]

"The board is of the view that the supported candidates would bring greater diversity and a wider range of skills to the board, particularly in the areas of funds management and clearing, where Mr Falkenstein has limited experience," Miller said.

http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11868168

Sounds like NZX is more concerned about being a fund manager than an exchange.

[bull....]

A clear solution to the NZX's poor performance is that it should be broken up into two separate companies, one operating the stock exchange and the other holding its funds management business. Brain Gaynor states


http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11873388

NZX is entering the fund management business becuase of the kiwisaver gravy train you know that Brain.

[Balance]

A clear solution to the NZX's poor performance is that it should be broken up into two separate companies, one operating the stock exchange and the other holding its funds management business. Brain Gaynor states


http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11873388

NZX is entering the fund management business becuase of the kiwisaver gravy train you know that Brain.

All bull**** of the smelliest degree from Brian Gaynor - the man who praised Weldon as a 'breath of fresh air' and now, he cannot stand the stench of stagnation left behind by the blue-eyed wunderkind with his 'my way or the highway' money grabbing gross mis-management of the NZX.

And the best example of Brian's complete hypocrisy is these two paragraphs in the article :

" As a company, the NZX has also delivered very poor investment returns. Over the past five years it has had a total gross return of only 17.6 per cent compared with 112.7 per cent for the benchmark NZX50 Gross Index. Over those five years the NZX was the worst performing company of the 38 that have been included in the NZX50 Index for the full period. Falkenstein's Just Water International achieved a 185.0 per cent return over the same five years, although his company is much smaller than the NZX and has been the subject of an unsuccessful takeover offer"

Go back 10 years, Brian (the man who preaches about long term investing horizon), and the NZX delivered over 300% return while JWI LOST 62%.

So typical of Brian and Milford - Milford has been selling (or has already sold) out of NZX so Brian is now bad-mouthing the stock (well-deserved but should have been done so when Weldon was there feathering his nest-egg while buggering up the exchange) to justify their decision. One word for that kind of behavior from Milford and Brian Gaynor - DILIGENT.

[bull....]

Brian not happy another competitor in his space? I can understand the NZX getting into this space cause there bloody hopeless at running an exchange as a business ( poor liquidity, lack of interest by business to list on the NZX issues they have for years failed to address) - shareholders can hope they do better with there fund management business, shouldnt be hard if they grow kiwisaver such an easy gravy train with high fees all they need is scale.

[Balance]

Brian not happy another competitor in his space? I can understand the NZX getting into this space cause there bloody hopeless at running an exchange as a business ( poor liquidity, lack of interest by business to list on the NZX issues they have for years failed to address) - shareholders can hope they do better with there fund management business, shouldnt be hard if they grow kiwisaver such an easy gravy train with high fees all they need is scale.

Brian is attempting to blame the current NZX malaise on current board and management when just about all the faults lie with the previous board and Weldon (wunderkid who ran the exchange single handed, hiring and firing at will*). Brian was profusive at the time in his praises of the previous board and Weldon - until the debacles at Clear Grain and Media Works shone a very very bright light on the gross mismanagement at the NZX leading to the current malaise.

[bull....]

Brian is attempting to blame the current NZX malaise on current board and management when just about all the faults lie with the previous board and Weldon (wunderkid who ran the exchange single handed, hiring and firing at will*). Brian was profusive at the time in his praises of the previous board and Weldon - until the debacles at Clear Grain and Media Works shone a very very bright light on the gross mismanagement at the NZX leading to the current malaise.

Tim Bennett came after Mark Weldon and still nothing changed? One has too wonder who really is running the NZX? the brokers or the board of brokers lol.

I dont really see anything changing under a new CEO as they have to answer and get approval from the board of brokers.

NBR newspaper is currently doing an opinion piece on this very thing.

[Balance]

Tim Bennett came after Mark Weldon and still nothing changed? One has too wonder who really is running the NZX? the brokers or the board of brokers lol.

I dont really see anything changing under a new CEO as they have to answer and get approval from the board of brokers.

NBR newspaper is currently doing an opinion piece on this very thing.

Tim Bennett spent his time there 'rebuilding' the NZX - Weldon left it devoid of management depth and experience, devoid of ability to increase fees and charges (NZX is under threat from Commerce Commission investigation into monopolistic price gouging after fee increases went completely out of control under Weldon) but with a requirement to increase expenses to make NZX work. Then, there's the mess with Clear Grain.

Tim's parting words in the parallel universe he lives in when he resigned : "the business has been rebuilt on 'a strong platform for growth and NZX is an attractive means to access capital!"

Not as delusional however as exChairman Andrew Harmos's praise of Weldon when he resigned - describing NZX as 'a thriving information, markets and infrastructure business, with a range of integrated business lines, a healthy balance sheet and a valuable set of options for future growth'.

Poor old Tim found that Harmos meant the 'thriving' to be actually 'diving' and the 'valuable' had already gone with the $$$ in share options extracted by Weldon, courtesy of the sleeping board of directors. :D

[bull....]

Tim's parting words in the parallel universe he lives in when he resigned : "the business has been rebuilt on 'a strong platform for growth and NZX is an attractive means to access capital!"
:D

not exactly reality obviously didnt read the ASX business model

The main objective of the Australian Securities Exchange (ASX) is to maintain its dominance of the listings market in Australasia while encouraging more listings from Southeast Asia. Low listing costs and strong performance are the ASX’s competitive advantages. Two-thirds of ASX constituents are small and mediumsized enterprises (SMEs) with market capitalization under AU$100 million.
from EY

think even chapman trip were saying NZX is on a slippery slope?
http://www.nzherald.co.nz/stock-takes/news/article.cfm?c_id=1501027&objectid=11801612

must explain why they are so hell bent on finding other businesses to run they have given up on the NZX?

[peat]

here is a link to Tony Falkensteins statement regarding his bid to be on the board.

https://www.nzx.com/files/attachments/259840.pdf


The board size could easily grow and so its not even as if Tony Falkenstein threatens one of the existing directors. Simply another voice !! Why not?

[Balance]

here is a link to Tony Falkensteins statement regarding his bid to be on the board.

https://www.nzx.com/files/attachments/259840.pdf


The board size could easily grow and so its not even as if Tony Falkenstein threatens one of the existing directors. Simply another voice !! Why not?

Leopards do not change their spots - that's why. Falkenstein is a class 'A' hypocrite who revealed his true colours during his attempt to privatize Just Water.

[peat]

I'm sure someone has commented in the past that you are very balanced, Balance. I would guess this is from having a chip on both of your shoulders, as you seem to be bagging both the incumbents and the outsider.

I have read the JWI thread, but tbh havent really taken your assertions there on board.

[Balance]

I'm sure someone has commented in the past that you are very balanced, Balance. I would guess this is from having a chip on both of your shoulders, as you seem to be bagging both the incumbents and the outsider.

I have read the JWI thread, but tbh havent really taken your assertions there on board.

Happy to put my track record against anyone anywhere anyhow of proactively commenting on underlying issues before others jump on the bandwagon.

Refer back to the early postings on this thread and read how many were very happy to support the short-sightedness of the NZX to profiteer from its monopolistic position in the short term, at the long term expense of NZ Inc.

Refer my comments re Falkenstein despicable behavior towards minorities during his attempted takeover:

https://www.nbr.co.nz/article/nzx-board-doesnt-support-election-falkenstein-director-miller-says-b-203734

Re NZX - I have spoken in hope that the current incumbents will do a better job (now that the last of the old board is leaving at the end of June) than the first CEO, Weldon and the sleeping board at that time. While others were praising Weldon to high heavens, I pointed out how he was feathering his own nest by plucking the goose which laid the golden eggs - took Clear Grain, Media Works and the inability of the NZX to make much headways (Tim Bennett saw the light and got out of the way with a payout for non-performance!) for the likes of Brian Gaynor to start taking notice.

Realistically, to ignite growth, the NZX has to reassert its relevancy as a cost effective, efficient and protective capital market vehicle. It has to take a very very close look at its cost structure, fees, support services and interactions with stakeholders like the listed companies, brokers and investors to plot a way forward.

First and foremost is to bring its services to be on par with, if not better, than the other exchanges in the Asia Pacific region. Then, it has to reduce its fees structure and not use the irrelevant argument that its fees and charging regime is comparable with that of the ASX and other exchanges - the NZX is not in the same league as the other exchanges. Bit like comparing a honey bee with a beehive!

And contrary to the view that the Board is that of brokers, Weldon and his Board were very anti-brokers - a fact you can confirm yourself by talking to any broker (except Mr Credit Sails & Feltex who is leaving on 30 June).

[Balance]

It is indeed Mark Weldon envy.

By any measure (save monopoly profits at the expense of a vibrant and growing stock market), the NZX has gone backwards and downhill but Mark gets a big share of that monopoly profit - so very very envious.

NZ is already paying the price and future generations will continue to pay the price as all the rewarding and well-paying jobs and opportunities in the financial sector disappear overseas.

Think about it.

Written Sept 2011.

Now the Brian Gaynors of this world and various commentators are waking up to the scorched earth left behind and wailing for water.

[golden city]

It is easy say than do. I believe nzx this year will start to improve with all the trouble costs gone

[Balance]

It is easy say than do. I believe nzx this year will start to improve with all the trouble costs gone

Trouble costs gone ...

.... but bonanza from government listing the power companies and the last few years of listings of the likes of TGH, OHE, WYN, ERD etc etc are also gone.

Net net - square zero.

Where is the growth going to come from? Especially now that NZX cannot increase charges and fees further without incurring scrutiny of Commerce Commission.

I think that is the most pressing issue facing the NZX.

The multiple options (points of light) for growth as articulated by exChairman Harmos have proven to be a single candle flickering in the dark!

[golden city]

The fund management business should improving

[bull....]

annual meeting coming up, wonder if brian will be there to ask the board some hard questions?

[kiora]

Hmmm
It needs a shakeup but really,is he the best to offer?
Thinking about Just Water !
http://www.sharechat.co.nz/article/521d7698/why-i-am-backing-tony-falkenstein-for-the-nzx-board-by-brent-king.html?utm_source=ST&utm_medium=email&utm_campaign=ShareTrader+AM+Update+for+Monday+26+J une+2017

[Balance]

Hmmm
It needs a shakeup but really,is he the best to offer?
Thinking about Just Water !
http://www.sharechat.co.nz/article/521d7698/why-i-am-backing-tony-falkenstein-for-the-nzx-board-by-brent-king.html?utm_source=ST&utm_medium=email&utm_campaign=ShareTrader+AM+Update+for+Monday+26+J une+2017

A flea-bitten dog barking in favour of a dog-eared one.

NEXT.

[bull....]

https://www.nzx.com/companies/NZX/announcements/303149

NZX reviewing equity market structure, bit of a no brainer closing all those exchanges with no listings lol still need to deal with the problems

[peat]

funny how their flurry of reviews and announcements is timed this week.................

[peat]

also re the new appointment today to the 'Conflicts Committee' is also engaged by Craigs in a similar type role.

Jayshree is currently Craigs Investment Partners’ Process Excellence & Governance Advisor.

astounding.

[Lola]

also re the new appointment today to the 'Conflicts Committee' is also engaged by Craigs in a similar type role.

Jayshree is currently Craigs Investment Partners’ Process Excellence & Governance Advisor.

astounding.


must be a joke surely or maybe the guy has resigned from Craigs

if its true then the dark days of Harmos live on

[peat]

you're right , it could well be that both positions wont be held at once (which is how I had read it)
but still.... allegiances ....

[Balance]

must be a joke surely or maybe the guy has resigned from Craigs

if its true then the dark days of Harmos live on

https://www.nzx.com/regulators/DISP/announcements/303336

Gets even more incestuous - now, Shane Edmond from Forsyth Barr retires from Disciplinary Tribunal and Nick Hegan from same Forsyth Barr (which brought to the market FELTEX, CREDIT SAILS & SCF Bonds) replaces Shane!

Remember the infamous 'catch flies (clients and suckers) with honey than vinegar' from Forsyth Barr to suck clients in Credit Sails? Disciplinary Tribunal did not even make one mention of the whole disgraceful saga of deceitful behaviour. Nothing to do with Forsyth Barr's shareholding, board seat at NZX and of course, its executive position at the Disciplinary Tribunal.

Neil Smith of Foryth Barr retires tomorrow from the Board but Bodman of Forsyth Barr already appointed to the Board to replace him earlier!

Chance to make a clean break from the past and what happens? More entrenchment of vested interests. NZX can forget about restoring the confidence of the market - too engrossed with protecting vested interests.

Harmos infamous 'multiple options for growth' praise at Weldon's resignation obviously lives on at the NZX as they pleasure one another with fantasies of how great the NZX already is.

Clear Grain debacle obviously was nobody's fault.

[Balance]

https://www.nzx.com/companies/GEO/announcements/303337

The richest irony of all times at the NZX - Mark Weldon's IPO baby decamping to the ASX!

So much for Harmos' multiple options for growth! His blue eyed boy just gave his credibility a black eye.

[bull....]

cant wait to see what there strategy is going forward lol hopefully better than in the past.

[Lola]

https://www.nzx.com/regulators/DISP/announcements/303336

Gets even more incestuous - now, Shane Edmond from Forsyth Barr retires from Disciplinary Tribunal and Nick Hegan from same Forsyth Barr (which brought to the market FELTEX, CREDIT SAILS & SCF Bonds) replaces Shane!

Remember the infamous 'catch flies (clients and suckers) with honey than vinegar' from Forsyth Barr to suck clients in Credit Sails? Disciplinary Tribunal did not even make one mention of the whole disgraceful saga of deceitful behaviour. Nothing to do with Forsyth Barr's shareholding, board seat at NZX and of course, its executive position at the Disciplinary Tribunal.

Neil Smith of Foryth Barr retires tomorrow from the Board but Bodman of Forsyth Barr already appointed to the Board to replace him earlier!

Chance to make a clean break from the past and what happens? More entrenchment of vested interests. NZX can forget about restoring the confidence of the market - too engrossed with protecting vested interests.

Harmos infamous 'multiple options for growth' praise at Weldon's resignation obviously lives on at the NZX as they pleasure one another with fantasies of how great the NZX already is.

Clear Grain debacle obviously was nobody's fault.

Actually Bodman was First NZ Not F Barr
But principal is right

This NZX outfit behaves pretty much like the CHCH Stock Exchange used to way back except worse when it comes to protectionism and feather bedding

[Balance]

Actually Bodman was First NZ Not F Barr
But principal is right

This NZX outfit behaves pretty much like the CHCH Stock Exchange used to way back except worse when it comes to protectionism and feather bedding

https://www.nbr.co.nz/article/forsyth-barr-appoints-richard-bodman-190586

With ForBar now and obviously, part of the old boys' club now.

[Balance]

Should be an interesting AGM today for NZX.

Will there be a real strategic plan articulated to the exchange forward or will it be more of the same (as the past) served up in different guises?

There is actually a real opportunity with the exit of the final member of the sleeping Board under Harmos - ForBar's Smith - to redirect the NZX towards its real role of facilitating capital market activities (raising capital, liquidity etc) and grow itself and the NZ economy.

Or is it all too late with ForBar entrenching itself via its plant, Bodman, who will dance to his master Vinegar Smith's tune?

Will Brian Gaynor, so outspoken in recent times about the inadequacies of the NZX but noticeably quiet about what brought about the current pathetic state of the NZX, front up?

[airedale]

One of my small grumbles with the NZX is that they still don't appear to care much for the retail investor. As an example take today's announcement from Spark. On my Stockness watchlist for the NZX there is an announcement that SPK have made an announcement. And that is it.If I want to see the announcement I have to go looking somewhere else.
Contrast that with the same announcement on the ASX platform at Stockness. The announcment posted by the ASX actually contains the whole press release all 40 pages of it with just one click.
If the ASX stipulate that showing the details of an announcement is necessary, that should also be the case on the NZX. Is there anyone at the NZX who cares?

[bull....]

http://www.sharechat.co.nz/article/da1de2f9/first-nz-lifts-nzx-target-price-after-agm-waiting-for-outcome-of-strategy-review.html

guess we will all be waiting with baited breath till november to see what there strategy is.

[Under Surveillance]

http://www.sharechat.co.nz/article/da1de2f9/first-nz-lifts-nzx-target-price-after-agm-waiting-for-outcome-of-strategy-review.html

guess we will all be waiting with baited breath till november to see what there strategy is.

I'll be waiting with bated breath, but feel free to use bait if you wish. And I''ll be hoping to see their strategy, but expect they're going to disappoint there.

[Balance]

Save your breath.

Comments from the AGM show that the company is still in the grip of the hands of those who believe in self-gratification and mutual-gratification.

As Richard Branson once famously advertised in Australia of a certain monopolistic entity : 'What a bunch of *ankers!'

The praise heaped on the departing directors, like vomit from from a sick dog, is enough to fill several buckets and drown market participants.

No mention whatsoever of the huge damage done to the NZX and the capital markets (while under the watch of departing board members) by the gross mismanagement of staff, and abuse of its monopolistic position (now paralyzed due to close scrutiny by market participants who are ready to take monopoly abuse by NZX to Commerce Commission).

The sheer incompetence of the last of the original board(Smith) under Harmos, is best highlighted by his role as director overseeing HR & Remuneration Committee. We all know how well Weldon did remuneration wise even while he was gutting the NZX of its future and of personnel experience and depth.

The orgy of irresponsible and relentless fee and revenue grab (without any corresponding increase in service) by the NZX has been at huge multi-billion costs to investors and to NZ. This is best highlighted by the finance company listings (shares and bonds) and NZX's ready embrace of backdoor listings like Plus SMS. NZX conveniently racked up the short term fee gouging while failing to exercise any form of supervision or enforcement of disclosure obligations by said finance companies and the likes of Plus SMS.

Only when the NZX acknowledges its very severe past misdeeds and mistakes will it be able to critically evaluate itself, and move positively forward.

Meanwhile, don't waste your breath over this bunch of *ankers.

*He was referring to the bankers behind a certain Australian airport before anyone jumps to conclusion. :D

[Lola]

http://www.sharechat.co.nz/article/da1de2f9/first-nz-lifts-nzx-target-price-after-agm-waiting-for-outcome-of-strategy-review.html

guess we will all be waiting with baited breath till november to see what there strategy is.

Just another cop out. Why am I not surprised?
Here was a chance for a new CEO to take the initiative and shake the Sh.. t out of the organisation with his own vision but no we have another soft c...ck , just another clerk really.

At least being just a clerk he might not have the demands of a chosen one .

[bull....]

Just another cop out. Why am I not surprised?
Here was a chance for a new CEO to take the initiative and shake the Sh.. t out of the organisation with his own vision but no we have another soft c...ck , just another clerk really.

At least being just a clerk he might not have the demands of a chosen one .

hope this clerk is not a cop - out , I can count numerous companies to leave the board one way or another so without getting new listings it is a problem.
Anyway the fund management business if it keeps growing will become a big fat fee earner.

[Balance]

Just another cop out. Why am I not surprised?
Here was a chance for a new CEO to take the initiative and shake the Sh.. t out of the organisation with his own vision but no we have another soft c...ck , just another clerk really.

At least being just a clerk he might not have the demands of a chosen one .

Let's give him a chance and see if he can rise to the occasion.

Comes the time, comes the man.

The NZX is so bereft of growth options at the present and such a laughing stock among market participants that realistically, it has to do something - anything.

[bull....]

Let's give him a chance and see if he can rise to the occasion.

Comes the time, comes the man.

The NZX is so bereft of growth options at the present and such a laughing stock among market participants that realistically, it has to do something - anything.

Give the guy a chance agree then were rip into him after november if he fails to deliver.

https://www.nzx.com/companies/NZX/announcements/303658

metrics not to bad.

[bull....]

whats happening? someone loves nzx

[golden city]

Looking good. I got plenty

[bull....]

Looking good. I got plenty

you lucky person up another 3% today must be the funds management business taking off? those big fat fees rolling in even bigger when the fund hits say 5 billion one day the directors will be rolling in the gravy haha

[Schrodinger]

you lucky person up another 3% today must be the funds management business taking off? those big fat fees rolling in even bigger when the fund hits say 5 billion one day the directors will be rolling in the gravy haha

takeover? Very weird behaviour. Also noted the insider trading on SKO pre announcement..

[golden city]

Very firmly believe it is under valued. Got in position early. Well looking forward to it now

[Placemakers]

Very firmly believe it is under valued. Got in position early. Well looking forward to it now

by looking at the volume in the past days, some other big players agree with you...

[bull....]

takeover? Very weird behaviour. Also noted the insider trading on SKO pre announcement..

http://www.goodreturns.co.nz/article/976505622/more-than-75-of-advisers-using-etfs.html

might be reason?

[bull....]

CEO cleaning out underway?

https://www.nzx.com/companies/NZX/announcements/304510

[bull....]

looks like a good result too, wasnt to hard though i guess to improve on last dreadful performance.

funds management and derivatives look like clearly best areas for growth while a lot more work needs to be done on other areas for better performance.

they can easily afford a higher 4c div for second half if there numbers come in and growth outlook looks good - reward for long suffering s/h?

[peat]

yes it is slightly better than I expected but I remain dubious. anything other than the market operations business is likely to remain insignificant in my humble opinion

The improvement was largely provided by cost reductions.... which isnt a long term way to grow a business

I was more encouraged by the comments from the new CEO with his campaign to improve listings. But need to see evidence of this first to consider a worthwhile investment

Correct me if I'm wrong but I thought their dividend was more than their earnings. .....

[bull....]

yes it is slightly better than I expected but I remain dubious. anything other than the market operations business is likely to remain insignificant in my humble opinion

The improvement was largely provided by cost reductions.... which isnt a long term way to grow a business

I was more encouraged by the comments from the new CEO with his campaign to improve listings. But need to see evidence of this first to consider a worthwhile investment

Correct me if I'm wrong but I thought their dividend was more than their earnings. .....

they have not increased dividend for years , a signal to the market of a company turning the corner would be confidence to lift there dividend next report time.

[bull....]

yes it is slightly better than I expected but I remain dubious. anything other than the market operations business is likely to remain insignificant in my humble opinion

The improvement was largely provided by cost reductions.... which isnt a long term way to grow a business

I was more encouraged by the comments from the new CEO with his campaign to improve listings. But need to see evidence of this first to consider a worthwhile investment

Correct me if I'm wrong but I thought their dividend was more than their earnings. .....

dividends were higher in 2016 due to costs blow out, historically they have not been higher and should revert to the norm this year.

like i was saying they havent increased div since 2014 it will be 2018 next yr - guess they thought all there business buys they needed to fund the growth.lol
so i would think after 6 mths of reviewing there business and developing strategic strategy going forward ( be very interesting ) if they go for more of the same as last 3 yrs expect no increase if they go for improving what they got and doing it better the clue is to watch the dividend no increase or mention of increase would suggest a lack of faith in there new strategy and more than likely just a pr exercise.

anyway check out asx results stellar just released these people are really good at running an exchange

[bull....]

anyway i forgot say check out the relative performance of the nzx to the nzx50 index its dreadful which is of course a reflection of poor management of the business in the past. so guess you can argue theres value if the business is better run ya know close that value gap aapparent at the moment.

gotta go asx time

[bull....]

looking bullish, vodaph listing would be a + and 2 mths till new strategy update, hope they mention divs

[bull....]

https://www.nbr.co.nz/article/nzx-eyes-flatter-market-structure-b-208157

discussion paper out

[bull....]

heading back to highs?

[bull....]

new cfo announced and another company potentially leaving the nzx.

hope there strategy update next mth is worth it and not just pr exercise

[peat]

another company potentially leaving the nzx.


FLI tting the coop

[bull....]

on the verge of big breakout? 1.20 long term resistance

should get a market update this month , lets hope its substance and not fluff

[bull....]

big volumes this week compared to norm , is she gonna blow? hope so

[bull....]

xero leaving the nzx :confused: whats wrong with the nzx ? plenty obviously if one of your biggest companies ups and leaves. oh well guess vodaphone if it lists maintains the balance.

makes there strategy update even more important now i reckon

[bull....]

back to basics is the word , need to after there run the last few years and dismal shareholder returns

[Balance]

back to basics is the word , need to after there run the last few years and dismal shareholder returns

https://www.nzx.com/announcements/310461

Some good stuff there but where's the 1 thing NZX will do to maximise shareholders' returns via giving outstanding service to the investing public and market?

I look at the turnover in ATM - A2M on ASX is consistently 3 or 5 times bigger than that in NZ so matter of time before another multi-billion dollar company crosses the ditch.

[bull....]

https://www.nzx.com/announcements/310461

Some good stuff there but where's the 1 thing NZX will do to maximise shareholders' returns via giving outstanding service to the investing public and market?

I look at the turnover in ATM - A2M on ASX is consistently 3 or 5 times bigger than that in NZ so matter of time before another multi-billion dollar company crosses the ditch.

they reckon they are addressing liquidity concerns , daily turnover showing an increase. as gaynor was saying they need to address off market transactions more.

If i was a shareholder i would also be wanting to know when are they going to address the dividend hasnt increased for years , but they have managed to blow millions over the same time

[bull....]

dreadful stock performance since there strategy came out - does no one believe them?

they have tried to be a growth stock and failed now maybe they should try to be an income stock? safe and steady divs ? oh im not holding my breath for div increase they havent managed one for years.

[peat]

dreadful stock performance since there strategy came out - does no one believe them?


they need to show they can do it first.
currently there would appear to be nothing on the way apart from debt listings.

As far as the main board goes

9313

[bullfrog]

Their strategy shows a total lack of imagination and new ideas. This five month “process has resulted in a fundamental reset of NZX...”. Sounds promising, let’s see.

Refocus our core - support current and prospective customers, grow existing revenues.

• Grow opportunities aligned to New Zealand – continue building a vibrant debt market, accelerate dairy derivatives market to scale, explore opportunities to collaborate and grow environmental and energy markets
• Maximise options that will pay off continue growing Smartshares and SuperLife, deliver a financial services platform that empowers the wealth management industry.

Sounds a lot like continuing to grow existing revenues, hardly a fundamental reset of NZX. So much potential, so few ideas, NZX could do so much better.

[bull....]

Their strategy shows a total lack of imagination and new ideas. This five month “process has resulted in a fundamental reset of NZX...”. Sounds promising, let’s see.

Refocus our core - support current and prospective customers, grow existing revenues.

• Grow opportunities aligned to New Zealand – continue building a vibrant debt market, accelerate dairy derivatives market to scale, explore opportunities to collaborate and grow environmental and energy markets
• Maximise options that will pay off continue growing Smartshares and SuperLife, deliver a financial services platform that empowers the wealth management industry.

Sounds a lot like continuing to grow existing revenues, hardly a fundamental reset of NZX. So much potential, so few ideas, NZX could do so much better.

yes agree back to basics , do it well grow revenue from existing assets -- so they need to become a income stock

[Balance]

Their strategy shows a total lack of imagination and new ideas. This five month “process has resulted in a fundamental reset of NZX...”. Sounds promising, let’s see.

Refocus our core - support current and prospective customers, grow existing revenues.

• Grow opportunities aligned to New Zealand – continue building a vibrant debt market, accelerate dairy derivatives market to scale, explore opportunities to collaborate and grow environmental and energy markets
• Maximise options that will pay off continue growing Smartshares and SuperLife, deliver a financial services platform that empowers the wealth management industry.

Sounds a lot like continuing to grow existing revenues, hardly a fundamental reset of NZX. So much potential, so few ideas, NZX could do so much better.


Indeed, there is not one single inspirational action point which arose from the 'comprehensive' review.

Sad for NZX but even sadder for NZ as NZ needs and deserves a robust, thriving and growing capital market.

Blame? The useless board headed by Andrew Harmos - they were busy praising each other and the one dimensional CEO Weldon even while he gutted the NZX of its management depth and future by abusing its monopoly position, charging for every conceivable thing and reducing services to investors.

Took the debacles at Clear Grain and Media Works to reveal for all.

The review should have concluded : "Reverse everything which undermined the NZX that board and Weldon did - start again".

[Balance]

https://www.nzx.com/announcements/311488

This is the nonsense which is the NZX continuous disclosure and monitoring regime:

Veritas (in itself a disaster and already sanctioned once by the NZMDT & fined a total of $64,000) held its AGM at 10 am, issued a profit downgrade at the AGM but did not issue the AGM update and address to the market until the meeting was over.

New CEO should go and hang his head in shame.

[peat]

https://www.nzx.com/announcements/311488

This is the nonsense which is the NZX continuous disclosure and monitoring regime:

Veritas (in itself a disaster and already sanctioned once by the NZMDT & fined a total of $64,000) held its AGM at 10 am, issued a profit downgrade at the AGM but did not issue the AGM update and address to the market until the meeting was over.

New CEO should go and hang his head in shame.

As I mentioned before meetings are not the place to make price sensitive announcements
He created a meeting full of insiders !!

[Balance]

FLI tting the coop

Meanwhile, have a look at ATM - NZX's 4th largest market cap company, and consistently highest turnover on many days.

ATM NZX slavishly now follows the A2M ASX price movement (and volume) with stock being shunted across to ASX.

Matter of time before this company also move to ASX.

The new Board and CEO meanwhile are still running around in circles, looking at the wonderful legacy of plucked feathers left by wunderkid Weldon & Harmos.

[bull....]

Meanwhile, have a look at ATM - NZX's 4th largest market cap company, and consistently highest turnover on many days.

ATM NZX slavishly now follows the A2M ASX price movement (and volume) with stock being shunted across to ASX.

Matter of time before this company also move to ASX.

The new Board and CEO meanwhile are still running around in circles, looking at the wonderful legacy of plucked feathers left by wunderkid Weldon & Harmos.

Am i right balance to assume the board is made up of brokers? or ex brokers has been for years? there is a duopoly in broking? if xero is an insight into the future then the brokers will end up destroying there business in the longrun if everyone starts going asx

[Balance]

Am i right balance to assume the board is made up of brokers? or ex brokers has been for years? there is a duopoly in broking? if xero is an insight into the future then the brokers will end up destroying there business in the longrun if everyone starts going asx

Principally brokers or ex-brokers, and lawyers.

Bunch of self-interested and self congratulatory *ankers (refer Richard Bronson's description) ably supported by certain fund managers (Brian Gaynor of Milford comes to mind as one) as the NZX under Weldon and the sleeping Board systematically milked the industry participants dry.

The fact that NZX has underperformed the NZ50 index by 110% in the last 5 years since wunderkid Weldon left is testimony NOT to how wonderful he was at running the NZX but how successful he was at milking the NZX, and how the NZX was gutted of any management and operating depth and experience.

Proof : Disclosures at the Ralec/Clear Grain court case and the Media Works debacle.

Nothing illustrates the parallel world that Weldon and the Board under Harmos lived in than Andrew Harmos's praise of Weldon when he resigned - describing NZX as 'a thriving information, markets and infrastructure business, with a range of integrated business lines, a healthy balance sheet and a valuable set of options for future growth'.

Poor old Tim Bennett was well and truly sucked in - he found that Harmos's 'thriving' to be actually 'diving' and the 'valuable' had already gone with the $$$ in share options exercised by Weldon, courtesy of the sleeping board of directors.

But recall how Tim was paid handsomely despite the NZX not performing?

http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11819561

The stench of rotting plucked feathers at the NZX is overpowering.

[bull....]

yes nzx has been a total under performer during a stellar 10 yr period for the market in general - i always appreciate that good management and a good board usually lead to a good share price being the reflection of this.

i was hoping for a good strategy update but it looks like market is totally disappointed in it hence the very poor share price performance since.

lets hope the directors dont think they need a pay rise next year

[Balance]

lets hope the directors dont think they need a pay rise next year

Don't count on it.

They will reinvent the performance criteria as necessary to reward themselves (and the executives).

Shameless incompetent hypoocrites with no sense of honor or accountability.

[Lola]

Don't count on it.

They will reinvent the performance criteria as necessary to reward themselves (and the executives).

Shameless incompetent hypoocrites with no sense of honor or accountability.

This NZX outfit is actually not much different from the co op that ran things before the so called corporatism
Still 100 % self serving
Only thing that’s changed is the new profit centre that fines participants
The show might be broke without some of the truly entrepreneurial guys to slap a fine on from time to time.

[Balance]

This NZX outfit is actually not much different from the co op that ran things before the so called corporatism
Still 100 % self serving
Only thing that’s changed is the new profit centre that fines participants
The show might be broke without some of the truly entrepreneurial guys to slap a fine on from time to time.

The lack of any coherent strategy to lift the NZX under the intellectually deprived Board and CEO - that is where the NZX is at.

[bull....]

chairman and cfo must think there new strategy a winner been buying on market recently.

[macduffy]

The lack of any coherent strategy to lift the NZX under the intellectually deprived Board and CEO - that is where the NZX is at.

Like many other Sharetrader contributors I'm disappointed by the inability of the NZX to grow and offer more investment investment options for investors. What alternative strategy options would you - and others - suggest?

[peat]

The completely obvious way forward to grow NZX is to sell more listings because listings are what provides their main income, is their main reason to exist , and supposedly their area of expertise.
Apologies if this isnt very creative. but when I reviewed their accounts I concluded the other two income streams were very likely to remain negligible. And yet they have a pseudo monopoly on the NZ stock and debt markets so they should leverage that position and get company's listing.

[macduffy]

I agree. peat. Now, how to do that? Lower fees? Less stringent listing criteria? A "fee free" initial trial period? Better marketing to prospective client campanies? Suggestions?

:confused:

[percy]

I agree. peat. Now, how to do that? Lower fees? Less stringent listing criteria? A "fee free" initial trial period? Better marketing to prospective client campanies? Suggestions?

:confused:

Lower fees,lower fees,lower fees.
The fees are too high for smaller companies.

[bull....]

chairman buying more shares - must really believe in there new strategy a ? an increase in your dividend would send a stronger signal to the market of the believe in your new strategy

[Balance]

Lower fees,lower fees,lower fees.
The fees are too high for smaller companies.

Agree.

NZX as a monopoly has completely buggered up the listing and listed market through unadulterated fee gouging during the Weldon era, ably supported by a sleeping board intent on self-interest.

When you are stuck in a cul-de-sac, time to retrace the steps and go backwards - 5 steps backwards to be able to move 50 steps forward.

Is the NZX brave (and patriotic) enough to dramatically cut back fees to rejuvenate the primary purpose (listing) of the exchange?

I think the answer is pretty obvious unfortunately with the strategy review - in the land of the blind, the one eye man is king - that's the NZX.

Never mind that in the real world, the ASX and other exchanges are eating NZX's lunches while NZX is busy screwing its listed companies and market participants.

[peat]

http://www.sharechat.co.nz/article/f1c95d37/nzx-to-extend-trading-hours-for-dairy-derivatives-to-reach-more-traders-in-asia-europe.html (http://moneyonline.cmail19.com/t/r-l-jrirjuty-kjkjjulduy-y/)

innovative and groundbreaking.
a fundamental reset.

Open all Hours.
9352

[stoploss]

They should also extend the equity hours till 6 pm in line with Australia .
might stop people moving their listings over if the hours are better for Australian investors

[bull....]

NZX to implement changes to pricing structure in 2018
https://www.nzx.com/announcements/312176

trying to improve liquidity , sure need too its a joke for anyone trying to move reasonable volume.

One day when we have a crash or mini crash most people will never be able to sell quickly (will lose way to much money) under current market rules, due to lack of liquidity ---- big risk

[Balance]

NZX to implement changes to pricing structure in 2018
https://www.nzx.com/announcements/312176

trying to improve liquidity , sure need too its a joke for anyone trying to move reasonable volume.

One day when we have a crash or mini crash most people will never be able to sell quickly (will lose way to much money) under current market rules, due to lack of liquidity ---- big risk

So true.

I will give the NZX credit this time round if it actually reduce charges overall in an attempt to address the liquidity issues.

[bull....]

terrible write up by bloomberg on the big issues facing the nzx


The company has the lowest annual operating margin after BSE Ltd. among the 25 listed security and commodity exchanges across the world.

plagued by low liquidity and transparency.


On-market transactions account for less than 50% of traded value on NZX
.

https://www.bloomberg.com/news/articles/2017-12-20/tech-stock-up-3-000-explains-why-it-s-jumping-ship-to-sydney

[Food4Thought]

Did anyone say hi Nigel Babbage? Disclosure statement... a lazy 11700000 shares he and his wife own joining the NZX board. Great time to join in confidence when the NZX company has been performing so badly. I believe there is now an incoming tide for the NZX. If the news is are bagging the performance. I am buying, can't only let them line their own pockets

[RTM]

terrible write up by bloomberg on the big issues facing the nzx


The company has the lowest annual operating margin after BSE Ltd. among the 25 listed security and commodity exchanges across the world.

plagued by low liquidity and transparency.


On-market transactions account for less than 50% of traded value on NZX
.

https://www.bloomberg.com/news/articles/2017-12-20/tech-stock-up-3-000-explains-why-it-s-jumping-ship-to-sydney


Thanks for that Bull. Adding to concerns I have as to how good a market is really being established on the NZX. I am now wondering if we might all be better off if all the NZX Companies transferred to the Australian exchange. Will more follow Xero ? I note that there have been no sales of HBL since just before 13:00....Are we too small of a size to establish a proper market ? Are our business folk to closely connected. Not sure what the right answer is, or what the consequences might be if the NZX and ASX were to combine.
Sent from my iPad

[Baa_Baa]

I note that there have been no sales of HBL since just before 13:00....Are we too small of a size to establish a proper market ?

No chicken little here, it's "The NZX and ASX will be closing early on Friday 22 December 2017. The NZX will be closing at 1:00pm, ASX will be closing at 4:00pm (NZST)"

[RTM]

No chicken little here, it's "The NZX and ASX will be closing early on Friday 22 December 2017. The NZX will be closing at 1:00pm, ASX will be closing at 4:00pm (NZST)"

Ah..that’ll be why then Baa Baa. Drifting around out here had forgotten it was Friday. Nice way to end week. Portfolio at all time high, HBL 208. Hard to go wrong at the moment, isn’t it.
Merry Xmas all.

[airedale]

Lower fees,lower fees,lower fees.
The fees are too high for smaller companies.

Lower fees for market data would help liquidity. Colin Twiggs of Incredible Charts tried recently to get NZX data but the price from the Exchange was prohibitive. He can get data from other exchanges at a reasonable cost but not NZX. That is the sort of niggling thing that turns investors away from buying in to NZ companies.

[Balance]

http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11992952

One IPO and 8 delistings in 2017 - pretty much tells the sad tale of the buggered up NZX.

And 2018 has already started with a multi-billion dollar delisting, Xero, with ATM likely to follow if current trend of NZX trades on the stock consistently lowever in turnover (by a lot) slavishly following the ASX.

As for 2019 being a year of private equity sell-downs to give the NZX a boost, thanks but no thanks - Wynyard, Intueri, Veritas, Snakk, Plexxxure etc etc come to mind.

The thousand points of light left by ex-CEO Weldon referred to so effusively and glowingly by ex-Chairman Harmos has well and truly been revealed to be an illusion of smoke and mirrors using a single candle light, now flickering dangerously towards dark.

[Lola]

http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11992952

One IPO and 8 delistings in 2017 - pretty much tells the sad tale of the buggered up NZX.

And 2018 has already started with a multi-billion dollar delisting, Xero, with ATM likely to follow if current trend of NZX trades on the stock consistently lowever in turnover (by a lot) slavishly following the ASX.

As for 2019 being a year of private equity sell-downs to give the NZX a boost, thanks but no thanks - Wynyard, Intueri, Veritas, Snakk, Plexxxure etc etc come to mind.

The thousand points of light left by ex-CEO Weldon referred to so effusively and glowingly by ex-Chairman Harmos has well and truly been revealed to be an illusion of smoke and mirrors using a single candle light, now flickering dangerously towards dark.



I wonder what the MOU that the NZX signed with the HK Stock exchange says and what its really about...if anything.

But with Mr Babbage on the NZX Board it might be a serious intent to get very close together.

Another thing Id love the NZX to do to address the lack of liquidity issue is to allow participating firms to run books and be principals much like market makers in the UK and as NZ firms did in previous decades. I wont hold my breath though as this would be far to radical for regulators to get their pin heads around.

[peat]

who pays for that report from PWC?

[Food4Thought]

NZX
19/02/2018 08:32
FLLYR
PRICE SENSITIVE
REL: 0832 HRS NZX Limited

FLLYR: NZX: NZX Full Year 2017 Results & Annual Report Published

NZX today published its full year financial results and annual report for the
12 months ended 31 December 2017.

Please find the following materials attached:

o Announcement: NZX Full Year 2017 Financial Results
o Appendix 1
o Appendix 7
o NZX Annual Report 2017 (including audited financial statements and
management commentary on financial results)
o NZX Full Year 2017 Investor Presentation
o Shareholder Letter

Financial highlights include:

o Net profit after tax increased to $14.8 million, up 61.6%;
o Operating earnings up 31.3% to $29.0 million on a like-for-like basis;
o Revenue up 1.1% on a like-for-like basis to $75.3 million;
o Operating expenses decreased 11.6% on a like-for-like basis as cost control
initiatives continued; and
o Full year 2018 operating earnings expected to be within a range of $28.0
million to $31.0 million. This guidance assumes no material adverse events,
significant one-off expenses or major accounting adjustments.

For further information please contact:
Hannah Lynch
Head of Communications
T: 09 308 3710
M: 021 252 8990
E: hannah.lynch@nzx.com
End CA:00314360 For:NZX Type:FLLYR Time:2018-02-19 08:32:46

[Balance]

Quick analysis:

NPBT increased by $6.5m or 29% - impressive at first glance until you consider what the company wrote last year to justify its huge drop in operating profits in 2016 vs 2015.

1. - Much was made of the one-off type costs increases last year (2016) - Wages and salaries costs increased by $4.8m.

Excerpt : "Of this amount, $1.7m related to NZX Wealth Technologies with a full 12 months of expense in 2016 compared to six months in 2015, as well as additional staff recruited to service major new clients won during 2016. The remainder of the increase was due to costs associated with the CEO transition, additional staff recruited on a fixed term basis to support major project(the clearing system upgrade, the energy systems upgrade and the FMCA compliance project) and additional leave accruals".

2. - $3.0m related to Ralec litigation which was completed in 2016.

So 1 & 2 account for $7.8m drop in expenses alone - more than the increase in operating profit!

SO MUCH FOR COSTS CONTROL INITIATIVES!

No wonder sp is down after the results - this company does not know how NOT to spin.

[bull....]

dividend policy is being changed to 80% to 110% of NPAT.

I not sure if its my adding or lack of sleep recently but on a 15m profit next year say and 268m shares on issue doesnt that mean the dividend will decrease next year if npat stays the same as this year? If thats the case isnt the .01c increase a illusion for shareholders? of confidence in there strategy

[peat]

1. - Much was made of the one-off type costs increases last year (2016) - Wages and salaries costs increased by $4.8m.

Excerpt : "Of this amount, $1.7m related to NZX Wealth Technologies with a full 12 months of expense in 2016 compared to six months in 2015, as well as additional staff recruited to service major new clients won during 2016. The remainder of the increase was due to costs associated with the CEO transition, additional staff recruited on a fixed term basis to support major project(the clearing system upgrade, the energy systems upgrade and the FMCA compliance project) and additional leave accruals".

2. - $3.0m related to Ralec litigation which was completed in 2016.

So 1 & 2 account for $7.8m drop in expenses alone
exactly
I reviewed this stock some months back when there was a murmur of change and growth
I couldnt see it myself. There was no ability to substantially move revenue without growing the stock exchange either by listings or transactions. It is patently clear from their monthly stats that this is not happening
Cost cutting is a one off sometimes two but its growing a business that reaps rewards.
9516

[Balance]

exactly
I reviewed this stock some months back when there was a murmur of change and growth
I couldnt see it myself. There was no ability to substantially move revenue without growing the stock exchange either by listings or transactions. It is patently clear from their monthly stats that this is not happening
Cost cutting is a one off sometimes two but its growing a business that reaps rewards.
9516

Forecast profit puts NZX on a PE of 20 times vs ASX on 23 times.

One has static profit profile with no real strategy to stimulate growth while the other is a truly international exchange with proven growth track record.

Not hard to figure out which is the better one (if one wants stock exchange exposure) to invest.

Not hard to figure

[Balance]

Ironical that ATM is now NZ's biggest listed company but 70% to 80% of the daily trading volume of this stock is consistently done on the ASX.

Matter of time I think before ATM decamps as well to ASX as the liquidity here dries up as more and more of ATM stock is shunted to ASX.

Question : What is on the horizon to replace the billions of dollars of market cap lost if ATM decamps?

Answer : NZX is like a possum caught in the headlights - so far there has been nothing to replace Xero.

Only one way for NZX to go - the single candle of light is flickering

[bull....]

Ironical that ATM is now NZ's biggest listed company but 70% to 80% of the daily trading volume of this stock is consistently done on the ASX.

Matter of time I think before ATM decamps as well to ASX as the liquidity here dries up as more and more of ATM stock is shunted to ASX.

Question : What is on the horizon to replace the billions of dollars of market cap lost if ATM decamps?

Answer : NZX is like a possum caught in the headlights - so far there has been nothing to replace Xero.

Only one way for NZX to go - the single candle of light is flickering

your right the liquidity on nzx is bad if your a trader and there silly orderly conduct rule doesnt make for good trading thats why a majority of my trading has departed the nzx now for better exchanges which encourage trading.

[Balance]

your right the liquidity on nzx is bad if your a trader and there silly orderly conduct rule doesnt make for good trading thats why a majority of my trading has departed the nzx now for better exchanges which encourage trading.

The NZX still has the cheek to want to charge for information (eg.attachments to announcements > 6 months) when other exchanges provide that kind of information for free!

Why would anyone bother to pay for that kind of information from an exchange (ie. NZX) which is grinding its way downwards?

Those clowns in charge have no idea how to encourage investments and trading - simplistically, the more information they provide, the greater the encouragement.

[bull....]

The NZX still has the cheek to want to charge for information (eg.attachments to announcements > 6 months) when other exchanges provide that kind of information for free!

Why would anyone bother to pay for that kind of information from an exchange (ie. NZX) which is grinding its way downwards?

Those clowns in charge have no idea how to encourage investments and trading - simplistically, the more information they provide, the greater the encouragement.

dead right again , most exchanges provide stuff for free even delayed charts , nzx is one off the only exchanges that doesnt do that that i know off .... no idea on encouraging punters

[Balance]

Look at ATM today - 25m shares traded so far and 21m done on ASX!

Plus some of the volume done on NZX relate to stock shunted to ASX.

[bull....]

did ya know you can do 24hr trading in the US now on etf and some stocks .... sign of things to come the old boys in wellington will have work longer if they want to keep up

[bull....]

Look at ATM today - 25m shares traded so far and 21m done on ASX!

Plus some of the volume done on NZX relate to stock shunted to ASX.

yea the asx is the best place if your trading atm ..... its wicked

[bull....]

did you know under there orderly conduct rule if the spread is say 2.40 buy 2.45 sell you cant sell at 2.40 straight away ( dur how dumb) brokers have to put a sell in at prices in increments towards 2.40 leaving them on market for acceptable time to find price discovery so as not to cause a dis ordly market. so as your sell gets moved gradually down to 2.40 maybe when it gets to 2.41 your be able to sell at 2.40 next ,, but heres the catch as your price gets moved down some sneeky broker will pinch your sell at 2.40 because your the patsy thats closed the spread lol and if the next buy is at 2.35 you can go thru the same process again.

of course if you had decent liquidity this wouldnt bt a problem but is is.

[simla]

Well, the NZX is two questions, of course. 1. Can they keep the NZ Exchange operating long term? 2. Can they keep making a profit?

The question of the exchange is interesting and time will tell. But as to the company itself, they appear to be constantly creating alternate sources of profit anyway.

[peat]

they appear to be constantly creating alternate sources of profit anyway.

such as? ?

[simla]

Funds Management, Dairy Derivatives, Agri, Wealth Technologies, and now talk of environmental and energy markets. Sure, these are presented as being related the core business but it would not be hard to transition them elsewhere too.

I don't remember any of that stuff being part of the NZX 20 years ago. The ETFs alone are a pretty proactive development.

I'm not trying to comment on the history of the NZX. Merely pointing out that they are also pursing an active strategy for the future.

[Balance]

Funds Management, Dairy Derivatives, Agri, Wealth Technologies, and now talk of environmental and energy markets. Sure, these are presented as being related the core business but it would not be hard to transition them elsewhere too.

I don't remember any of that stuff being part of the NZX 20 years ago. The ETFs alone are a pretty proactive development.

I'm not trying to comment on the history of the NZX. Merely pointing out that they are also pursing an active strategy for the future.

You mean like Clear Grain?

Beauty of the NZX reward structure for management is that there is zero penalty for bad strategic investments and initiatives - only ever upside. Weldon was rewarded with a whole pile of options for screwing up NZX's core business through gross mismanagement & costing the NZX big $$$ (est $25m) for Clear Grain, and Tim Bennett was rewarded despite NZX's sp going backwards during his tenure.

Meanwhile, the core business of NZX is going backwards and all the peripheral businesses being developed are not going to replace and offset the backward slide of the core business.

Wait for the reaction to ATM decamping like Xero to ASX.

Anyone see any multi-billion dollar listings anytime soon in the next 3 years wanting to list on this miserable exchange of low liquidity and minimal analysts and brokers support of existing listed stocks?

I have already commented but it is worthwhile highlighting again that for all of NZX's talk of cost control and business growth, all of its so called profit growth in the last year came from one-offs.

[peat]

Funds Management, Dairy Derivatives, Agri, Wealth Technologies, and now talk of environmental and energy markets.
But they are all so trivial financially, and yes some of them might develop, but they will have to - a lot - to become meaningful.
Thats my view in any case.

[bull....]

once a ponna time you used to get companies falling over them selves to list when in midst of a bull market , dont know why its not happening this time ? something very wrong ?

anyway the market doesnt think much of there strategy share price has been down ever since they announced it and i see a big share holder has been selling too , not surprised being top of the cycle with minimal growth ahead if that .

[simla]

Thanks for the feedback. I agree that the market itself is in a challenging situation but I am trying to figure whether the share price itself is oversold because of sentiment about the market and the history rather than the company itself, given that the company is not lacking in energy and is constantly looking for new ideas. It certainly is a somewhat unique company and very hard (for me anyway) to know what a good share price could be for it. So thanks for the feedback.

[Balance]

Thanks for the feedback. I agree that the market itself is in a challenging situation but I am trying to figure whether the share price itself is oversold because of sentiment about the market and the history rather than the company itself, given that the company is not lacking in energy and is constantly looking for new ideas. It certainly is a somewhat unique company and very hard (for me anyway) to know what a good share price could be for it. So thanks for the feedback.

Not trying to tell you how to suck eggs but first step would be by evaluating its investment fundamentals - enterprise multiple vs other stock exchanges?

NZX has been looking for new ideas for a long long time - that's different from actually being able to find one which can go anywhere towards supplementing the non-growth in its core operations.

Remember NXT? Years of consultations and analysis and NZX came out with a dead duck! And it tried to kill off the NZAX by increasing charges several fold - then backed down.

You really have to laugh at these idiots running the exchange.

I was actually hoping the exchange would come up with some radical ideas to turn around market sentiment and have New Zealanders embrace our stock market.

Alas, so far it's the same old platitudes with the clowns running around in circles without addressing the elephant in the room - NZX charges too much for the rapidly deteriorating services it provides and puts bugger all back into the market.

[bull....]

Alas, so far it's the same old platitudes with the clowns running around in circles without addressing the elephant in the room - NZX charges too much for the rapidly deteriorating services it provides and puts bugger all back into the market.

doesnt sky tv run the same model lol

[Balance]

doesnt sky tv run the same model lol

Best analogy possible!

[Balance]

See NBR headline : "Restive NZX shareholders are talking merger again'?

Now isn't that rich?

The very same shareholders (like I assume, Brian Gaynor and Forsyth Barr) who believed it was the right thing to reject the overtures from the ASX re a merger or takeover when NZX was demutualised (and praised Weldon as the messiah whose backside farted sunshine) are now wanting a merger?

All too late really - NZX is now irrelevant as companies are choosing to list on ASX or decamp to ASX on their own accord.

Only listings via backdoor vehicles and private equity sell downs (Wynyard, Intueri, Tegel, Veritas, Orion Healthcare woof woof etc etc etc) to look forward to with NZX.

[simla]

To be fair, I'm not convinced that any decisions by the NZX would have changed the reducing volumes. Rogernomics / Reagonomics/ Thatcherism basically meant that any country with money (eg US, UK) could buy out the best assets in any country and then demand ongoing rent. Just look at how much money flows out of NZ to the Aussie banks alone. This has meant NZ has become a poorer and poorer country over the years despite the headline claims by politicians. Nobody even reports the balance of payments any more because it is never good, now we only talk of the balance of trade. How does a local exchange do well when everyone in the country is getting poorer?

And I'm just trying to figure out whether the company can itself make profit anyway if they remain keen and alert. A merger may well be logical and still profitable for shareholders in the circumstances, for example.

[bull....]

To be fair, I'm not convinced that any decisions by the NZX would have changed the reducing volumes. Rogernomics / Reagonomics/ Thatcherism basically meant that any country with money (eg US, UK) could buy out the best assets in any country and then demand ongoing rent. Just look at how much money flows out of NZ to the Aussie banks alone. This has meant NZ has become a poorer and poorer country over the years despite the headline claims by politicians. Nobody even reports the balance of payments any more because it is never good, now we only talk of the balance of trade. How does a local exchange do well when everyone in the country is getting poorer?

And I'm just trying to figure out whether the company can itself make profit anyway if they remain keen and alert. A merger may well be logical and still profitable for shareholders in the circumstances, for example.

the day when sentiment turns in the stock market ( bear market ) is when nzx will suffer big time thru reduced traded volumes , fees etc for associated products flow on of funds leaving smart shares etc

[Balance]

To be fair, I'm not convinced that any decisions by the NZX would have changed the reducing volumes. Rogernomics / Reagonomics/ Thatcherism basically meant that any country with money (eg US, UK) could buy out the best assets in any country and then demand ongoing rent. Just look at how much money flows out of NZ to the Aussie banks alone. This has meant NZ has become a poorer and poorer country over the years despite the headline claims by politicians. Nobody even reports the balance of payments any more because it is never good, now we only talk of the balance of trade. How does a local exchange do well when everyone in the country is getting poorer?

And I'm just trying to figure out whether the company can itself make profit anyway if they remain keen and alert. A merger may well be logical and still profitable for shareholders in the circumstances, for example.

Who is gonna want to merge with NZX?

There was a time way back in the early 2000s when NZX was attractive to a player like ASX or Singapore Exchange. Now both have grown exponentially while NZX has gone backwards.

It is a small regional exchange ($101 billion) with bugger all growth, bugger prospects of growth and a horrendously expensive cost structure if it is to meet best practices of providing information and services to the market at fair price.

Each of the top 4 biggest stocks (CBA, BHP, WBC & ANZ) alone on the ASX is bigger than the whole of the NZX!

Total market cap of ASX is A$1.7 trillion so NZX is but 6% of ASX!

Heck, even the Philippines Exchange is bigger than NZX!

NZX under Weldon and the board of self-interested sleeping directors was a grossly mismanaged exchange with profits coming principally from the relentless increase in fees and charges - it stopped when the listed companies had enough and threatened to take NZX to the Commerce Commission for monopoly abuse. The goose was well and truly plucked by then by Weldon & the directors.

[frostyboy]

When businesses with membership type customers change their prices, revenue (P x Q) is immediately impacted but quantity (memberships) have a lag. Weldon exploited peoples short term evaluations on profits, if he didn't do it someone else probably would have.

NZX are paying consultants to look for lucrative add-on revenue streams to their core service whilst their core service is in decline, the consultants are likely to agree that is a good strategy.

NZX should play the strategic long game of improving process and reducing cost of their core service.

[Balance]

When businesses with membership type customers change their prices, revenue (P x Q) is immediately impacted but quantity (memberships) have a lag. Weldon exploited peoples short term evaluations on profits, if he didn't do it someone else probably would have.

NZX are paying consultants to look for lucrative add-on revenue streams to their core service whilst their core service is in decline, the consultants are likely to agree that is a good strategy.

NZX should play the strategic long game of improving process and reducing cost of their core service.

Precisely why NZX is buggered as the goose has had its feathers plucked clean by Weldon - ably assisted by the sleeping board of directors and some of the profile shareholders.

ASX was not operated on that short term basis when it was demutualised - the goose was fed well and grew new feathers and flew higher.

Likewise, London SE and Singapore SX.

[Balance]

For the record, this is indicative of what the sleeping board was like:

Exhibit A. October 2011 when commenting on Weldon's resignation -

"Under his stewardship, NZX has grown from a small and threatened mutual exchange to a
thriving information, markets and infrastructure business, with a range of integrated business
lines, a healthy balance sheet and a valuable set of options for future growth,” said NZX
Chairman Andrew Harmos.

Absolute garbage written by Harmos.

1. NZX threatened? Hardly - shareholders would have been much much better off as part of a huge Australasian exchange and received ASX shares.

ASX has gone from $10.85 in 2003 to $58 today.

2. Valuable set of options for future growth?

Tim Bennett found no growth and no options for growth - smart enough though to leave and appeared to pick up a generous severance pay (2016 total pay - $2.89m vs 2015 - $1.1m).

Why would a resigning CEO be awarded a severance pay? Smelly?

Exhibit B. February 2012 when announcing appointment of new CEO Tim Bennett:

"It is a credit to departing CEO Mark Weldon, and to NZX's
management team, that both the company and the role are seen as providing highly
desirable opportunities to local and international candidates." wrote Andrew Harmos, Chairman.

Garbage again by Harmos.

Tim Bennett found an NZX bereft of management depth and experience, and a stinking mess & very revealing revelations from the Clear Grain litigation of how dysfunctional the NZX was under thec 'my way or highway' management of Weldon.

He could not leave fast enough.

May 2012 - NZX sp was $1.25. Now - $1.06

ASX was $29.36, now $58.00.

[RGR367]

...................

May 2012 - NZX sp was $1.25. Now - $1.06

ASX was $29.36, now $58.00.

Wasn't there a share split in June '12? So your NZX price could not be just $1.25. Maybe $2.25 would be a better one. But even then, yeah, NZX when compared to ASX sucks.

[Balance]

Wasn't there a share split in June '12? So your NZX price could not be just $1.25. Maybe $2.25 would be a better one. But even then, yeah, NZX when compared to ASX sucks.

Price adjusted for share split.

[Balance]

Another $750m gone from NZX - and absolutely no signs whatsoever that there will be a replenishment any time soon for CBL as well as Xero.

Adding to the toll of duds on NZX - Wynyard, Intueri etc.

There is no excuse whatsoever for another Feltex but in CBL, NZX has showed that it has learnt nothing from the Feltex disaster.

[Bazingaboy]

So I got my first dividend cheque and note that I was taxed 33% (109.20 gross minus 36.04 tax) - is the tax rate normal? Any way to reduce?

[Balance]

So I got my first dividend cheque and note that I was taxed 33% (109.20 gross minus 36.04 tax) - is the tax rate normal? Any way to reduce?

You are not taxed 33% - that is the default resident withholding tax (RWT) which will comprise imputation credit of 28% and RWT of 5%.

You have to elect RWT rate at 0%, 10.5%, 17.5%, 28%, 30% or 33% - otherwise it is automatically 33%.

If your year end marginal tax rate is less than 33%, you will get some or all of the RWT back.

Hope that helps.

[777]

You can't elect a tax rate for dividends. You simply file a return at year end to get a refund if your tax rate is below 33%.

[Balance]

You can't elect a tax rate for dividends. You simply file a return at year end to get a refund if your tax rate is below 33%.

You do have to file a RWT certificate - which will determine the amount of RWT (if any) a company needs to deduct after taking into account the level of imputation credits attached.

[bullfrog]

Pretty pessimistic posts, but I wonder if the nzx may be a little less susceptible to the dramatic swings experienced on other exchanges?

[peat]

Pretty pessimistic posts, but I wonder if the nzx may be a little less susceptible to the dramatic swings experienced on other exchanges?

well maybe but 'aim low, avoid disappointment' isnt the sort of motto I want hear from my investments

[Balance]

well maybe but 'aim low, avoid disappointment' isnt the sort of motto I want hear from my investments

Agreed - bit like the ABs taking the field and playing not to lose.

[Balance]

https://www.nbr.co.nz/subscribe/213132

If you ever want proof that the NZX is a completely useless organisation, the CBL debacle is the ultimate proof.

It took the NBR to hunt down the liquidator who advised that CBL will NOT be releasing its results - not the NZX.

No announcement from NZX.

NZX is asleep at the wheels (as per normal).

An exchange which does nothing to protect the interests of its investors - where is the vision and strategy?

[bull....]

the terrible thing about the cbl saga if it turns out to be the worst case is how did they suck in all the brokers and exchange and investment bankers to get this thing floated? or have all the original investors floaters got there money and run? I dont know .... but its not a good look for the exchange

[Balance]

the terrible thing about the cbl saga if it turns out to be the worst case is how did they suck in all the brokers and exchange and investment bankers to get this thing floated? or have all the original investors floaters got there money and run? I dont know .... but its not a good look for the exchange


An exchange which abdicates its responsibility to look after the interests of investors (as one of its key interest group) has little scope to grow.

[Balance]

https://www.nzx.com/announcements/315024

Wow!

NZX's notice that CBL will be suspended if it does not furnish their results on time!

Bit like kicking a dog very very very hard when it is already dead.

Let that be a warning to all.

[Balance]

Oh wow!

NZX and FMA charging to the scene of the crime - after the victim is already dead and the culprits have been granted immunity!

https://www.stuff.co.nz/business/101916056/peter-harris-withdraws-from-entrepreneur-of-the-year-awards-amid-company-troubles

Excerpt : "Meanwhile, the Financial Markets Authority and stock exchange operator NZX have confirmed there is a joint investigation underway into whether CBL properly disclosed the issues it has been facing.

"Given the circumstances surrounding CBL, the FMA and NZX are concerned that CBL may have been in breach of various obligations, including its continuous disclosure obligations," the two organisations said in a statement."

Guess the NZX and FMA will levy a huge gigantic fine on CBL and serve the notice of censure on the liquidators?

[Balance]

It is indeed Mark Weldon envy.

By any measure (save monopoly profits at the expense of a vibrant and growing stock market), the NZX has gone backwards and downhill but Mark gets a big share of that monopoly profit - so very very envious.

NZ is already paying the price and future generations will continue to pay the price as all the rewarding and well-paying jobs and opportunities in the financial sector disappear overseas.

Think about it.

Prophetic words?

The legions of Weldon supporters should reflect on how short-sighted they were to support a short term 'profiteer by all means' regime and ttack those who drew attention to what was happening.

"My way or the highway" Weldon = NZX stuffed.

[JoeGrogan]

https://www.nzx.com/announcements/315046

Numbers for equities don't look too bad, but i'm sure you'll have a reason to hate on them LOL.

[Sideshow Bob]

https://www.nzx.com/announcements/315046

Numbers for equities don't look too bad, but i'm sure you'll have a reason to hate on them LOL.

When the economy has been performing strongly over the past few years, solid economic growth, markets well ahead, increasing amounts of KiwiSaver for investment - the number of equities being down 6.5% is hardly positive. Also with nothing in the pipeline.

That's a net loss of 10 companies off the NZX in the last 12 months!!

Would be interesting to compare with the ASX.....

[bull....]

i find the use of yoy figures can paint a misleading picture after a good year , fund managers do the same. think a better way for nzx and fund managers etc is to provide a ytd figure

[Balance]

https://www.nzx.com/announcements/315046

Numbers for equities don't look too bad, but i'm sure you'll have a reason to hate on them LOL.

What is the standout positive from this report?

I cannot find one unless you call not going anywhere a positive?

[Balance]

https://www.nzx.com/announcements/315212

Oh wow!

MOU with SGX!

Then there was the MOU with HKG.

Just as there is the NXT and before that, the NZAX.

[RGR367]

https://www.nzx.com/announcements/315212

Oh wow!

MOU with SGX!

Then there was the MOU with HKG.

Just as there is the NXT and before that, the NZAX.

And another MoU as in "This information was provided to the FMA under the FMA/RBNZ Memorandum of Understanding.” re CBL that you posted earlier. We might as well call it DoU, as in Death on Understanding anything about NZX. Wat da pak eh.

[bull....]

And another MoU as in "This information was provided to the FMA under the FMA/RBNZ Memorandum of Understanding.” re CBL that you posted earlier. We might as well call it DoU, as in Death on Understanding anything about NZX. Wat da pak eh.


https://www.interest.co.nz/opinion/92501/david-hargreaves-says-cbl-disaster-appears-have-revealed-massive-loopholes-our

another knife for the nzx , slow declining death for sure eventually at this rate like the article says there wont be a market

[bull....]

http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=12009742

agree with gaynor about nz poor governance , but he did fail to mention that fund managers are the one that can apply the most pressure to boards on this matter

[Balance]

http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=12009742

agree with gaynor about nz poor governance , but he did fail to mention that fund managers are the one that can apply the most pressure to boards on this matter

Haha - notice how Brian did not mention NZX itself as well at all?

NZX was a most dysfunctional company (and by consequence, the whole stock market) under a sleeping board with vested interests who allowed Weldon to pluck the NZX clean of future growth and opportunity.

Everything that Brian criticised in the article, from poor governance to destruction of internal talents, happened with the NZX. And Milford along with quite a few fund managers, and Forsyth Barr and GPG, were big shareholders. So what happened under their watch?

What happened was that the big shareholders like Milford were in full support of a regime where the NZX could do no wrong (as long as the sp was going up) - even as market participants were being milked dry by:

1. excessive monopoly charges,

2. poor service,

3. questionable and selective application of NZX rules & regulations (never seems to apply to NZX itself),

4. NZX management ranks and experience were decimated by gross mismanagement (Weldon's 'my way or the highway'),

5. little investment back into the industry even while the NZX profiteered through ever higher charges.

WELL, THE CHICKEN HAS RETURNED TO THE ROOST WITH LITTLE OR NO FEATHERS!

https://milfordasset.com/insights/weldons-critics-aiming-at-the-wrong-target

https://milfordasset.com/insights/its-up-to-bennett-to-take-nzx-to-higher-level

We all know it took the revelations of Clear Grain and Media Works to shut off the self-justification rants of the likes of Brian defending Weldon and NZX.

Really really rich criticism of NZ market now coming from Brian but then, Milford has sold out of NZX so it's ok to write such articles as the one today?

Funny but never saw Brian Gaynor criticising Weldon once during Weldon's gross mismanagement of the NZX before he resigned.

[Balance]

[QUOTE=Balance;707426]

5. little investment back into the industry even while the NZX profiteered through ever higher charges.

/QUOTE]

Prime example of above point:

https://www.asx.com.au/asxpdf/20130821/pdf/42hsmkwp62s5n4.pdf

https://www.nzx.com/announcements/239962

ASX provides (FREE) all announcements and attachments going back as far as can be - to assist all investors, big or small, to obtain information to make investment decisions.

NZX will only provide attachments for last 6 months, after which you have to pay!

And this NZX says it is changing its way (big hoopla about strategy reset etc etc etc in Nov 2017) to encourage more market participation !!!!!!

[bull....]

article in nbr saying another ipo is by passing the nzx ,, gee wiz no luv lost for the nzx

[Balance]

article in nbr saying another ipo is by passing the nzx ,, gee wiz no luv lost for the nzx

NZX reminds one of an old hag peddling her well-past-used-by wares on the street corner but still thinking that she is one hot chick!

[see weed]

NZX reminds one of an old hag peddling her well-past-used-by wares on the street corner but still thinking that she is one hot chick!

Love it. LOL:D

[Balance]

Love it. LOL:D

Only the likes of Wynyard, Metro Glass, CBL and the backdoor boys would 'list' with the old hag.

[bull....]

the old hag does get lucky now and then and gets one with a bit more life

[Sideshow Bob]

Another by-passing NZX:

http://www.scoop.co.nz/stories/BU1803/S00512/update-nz-dairy-manufacturer-plans-to-list-on-asx.htm

[Balance]

Another by-passing NZX:

http://www.scoop.co.nz/stories/BU1803/S00512/update-nz-dairy-manufacturer-plans-to-list-on-asx.htm

NZX - fit only for backdoor jobs which NZX wholesomely embrace despite clear evidence that it brings the NZX into disrepute. You have to wonder why the NZX persists and the answer points to the old hag being desperate enough to perform any trick to obtain every coin thrown its way.

Pathetic and shameless.

[Balance]

NZX - fit only for backdoor jobs which NZX wholesomely embrace despite clear evidence that it brings the NZX into disrepute. You have to wonder why the NZX persists and the answer points to the old hag being desperate enough to perform any trick to obtain every coin thrown its way.

Pathetic and shameless.

http://www.sharechat.co.nz/article/a6fe2569/energy-mad-proffers-itself-to-saas-firm-paysauce-for-reverse-listing.html

Yet another disastrous listing (Energy Mad) a few years ago will now be given a backdoor entry for yet another opportunity for investors to lose out big.

Roll up .... roll up! NZX is showing it haggard wares!

Energy Mad, Mad Butcher and soon, NZX Madder?

[peat]

SuperLife, the funds management business owned by NZX, has a 45 percent stake in Energy Mad
:laugh:

[Balance]

SuperLife, the funds management business owned by NZX, has a 45 percent stake in Energy Mad
:laugh:

Other people's money - NZX could not give a stuff.

But touch the NZX's fee gouging revenue stream (like charging for information provided by other exchanges free to assist and encourage investors to participate ion the market) and watch the clowns react! The squealing will be worse than the old hag in the street corner exhorting her back door wares!

[Balance]

http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=10494028

http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11715672

Warnings after warnings about the fallacy of backdoor listings - yet the NZX persists in encouraging them, and now with Energy Mad, even directly participating in one!

Why?

The fact that investors lose tens of millions of dollars year after year from back door listings is not a problem for the NZX - as long as the NZX makes a few hundred miserable thousand dollars via fees from them.

There is a word for such behavior - 'mercenary'.

[Jay]

I have a couple of apps across my phone/tablet that are not updating with NZX data, ASX data is updating

This is since Thursday- (last price was Thursday)
The apps are Yahoo finance 7, Apple app Stocks and Stockmaster real time

Alternatively, what apps do others use to monitor your shares mores especially NZ ones?

[macduffy]

http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=10494028

http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11715672

Warnings after warnings about the fallacy of backdoor listings - yet the NZX persists in encouraging them, and now with Energy Mad, even directly participating in one!

Why?

The fact that investors lose tens of millions of dollars year after year from back door listings is not a problem for the NZX - as long as the NZX makes a few hundred miserable thousand dollars via fees from them.

There is a word for such behavior - 'mercenary'.

It seems that the NYSE has a different - but similar? - slant on this matter. Spotify has recently listed without disclosing via anything such as a prospectus; without any particular spread of shareholdings; purely to provide a market for "founder" shareholders. Perhaps we hope for too much from the NZX?

[bull....]

article in nbr suggesting its about time the nzx stood up and clamped down on off market trades , would improve there liquidity issues pretty quick .... but can you really see it happening?

[Balance]

article in nbr suggesting its about time the nzx stood up and clamped down on off market trades , would improve there liquidity issues pretty quick .... but can you really see it happening?

NZX has stated it will implement in second half of this year but don't wait with baited breath.

Trouble is that the NZX is not about to go backwards 2 steps so that it can move forward 5 steps - it must be prepared to give some major concessions to market participants to get their co-operation. Otherwise, the brokers will shift more and more of their business to ASX. Ironical, isn't it that NZX thought it held the industry to ransom with its monopoly status but did not count on ASX emerging as a very very strong alternative!

The feathers on this goose have been well and truly plucked clean by Weldon and the previous board.

[bull....]

NZX has stated it will implement in second half of this year but don't wait with baited breath.

Trouble is that the NZX is not about to go backwards 2 steps so that it can move forward 5 steps - it must be prepared to give some major concessions to market participants to get their co-operation. Otherwise, the brokers will shift more and more of their business to ASX. Ironical, isn't it that NZX thought it held the industry to ransom with its monopoly status but did not count on ASX emerging as a very very strong alternative!

The feathers on this goose have been well and truly plucked clean by Weldon and the previous board.

problem for the brokers is if more business goes to the ASX then the brokers based in NZ themselves will become less relevant as well

[Balance]

problem for the brokers is if more business goes to the ASX then the brokers based in NZ themselves will become less relevant as well

Brokers have been reinventing themselves into fund managers in the last 10 years - Craigs ($25 billion) and Forbar ($11 billion) have led the charge and their brokers are heavily incentivized to only have portfolio clients.

As you can see, 1.5% on $25 billion pays a lot of bills and a lot of fees for Craigs - $37.5m. Much more lucrative than mucking around with talking to clients!

[Balance]

http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=12028941

The good ones get sold - forget about listing on the NZX with all of the baggage and inconvenience.

Meanwhile, NZX is busy wanting investors to back the latest backdoor job - Energy Mad.

Not sure who is mad - mad enough to see a stock go from 85c to 1c (as in MAD) or NZX trying to backdoor MAD!

[Hectorplains]

http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=12028941

The good ones get sold - forget about listing on the NZX with all of the baggage and inconvenience.

Meanwhile, NZX is busy wanting investors to back the latest backdoor job - Energy Mad.

Not sure who is mad - mad enough to see a stock go from 85c to 1c (as in MAD) or NZX trying to backdoor MAD!

What odds are there on this http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=12029155 listing?

TBF - It's hard to see where the next-leg-up growth is coming from?

[stoploss]

What odds are there on this http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=12029155 listing?

TBF - It's hard to see where the next-leg-up growth is coming from?
There are plenty of areas they are not delivering to . In addition to this there are plenty of add ons these guys can do and different “ bags” they can put out ... whatever the latest fad is , GF, Atkins, Vegan, Paleo.
currently NZ”s 3rd biggest food retailer behind Foodstuffs and Countdown .

[Balance]

https://www.nzx.com/announcements/316551

A start but why such a long consultation process?

[bull....]

https://www.nzx.com/announcements/316551

A start but why such a long consultation process?

all the self interested back an forth haggling i presume

Wonder if they get it about the lack of liquidity causes traders not to trade as the cost of business is to high but also that businesses may not to list as well , mainly as liquidity can affect the optimal capital structure a business can use to price a business.

[bull....]

http://www.sharechat.co.nz/article/83ca0ebd/nzx-considers-minimum-size-for-off-market-trading.html

The Wellington-based company is considering introducing a $50,000 threshold for investors to trade stocks outside the formal secondary market

lol so they will increase liquidity by bringing all the odd lot orders to market , golly gosh wish i was a s/h going to the s/h meeting friday i would be asking serious questions.

[Balance]

Extremely sobering to note NZX track record of listings in recent times :

CBL,

Wynyard

Intueri

Snakk

Veritas

Plexxxure

Orion

Tegel

Metro Glass

Mostly useless companies in conjunction with a few equally useless brokers and promoters (Forsyth Barr deserves special mention) who are very good at hoodwinking the investing public - seem to list on NZX.

Be careful out there, folks.

The NZX as is where is - not an entity dedicated to protecting and safeguarding the interests of shareholders and investing public. Just a pure unadulterated profit and greed driven organisation devoid of ideas and direction.

Cases in point:

NBR headlines about NZX showing how useless NZX really is :

1. NZX dairy company, Keytone chooses ASX for listing (legacy of wunderkid Weldon and his sleeping board of directors who priced NZX fees out of the stratosphere for the miserable services it provides)

2. NZX wooing Paul Hyslop's Zoono group to list on NZX (refer Paul's past activities with Wislon Neill and with Fletcher Paper shares - http://www.nzherald.co.nz/business/n...bjectid=161850)

3. ExCEO Tim Bennett tipped for role with Kazakhstan (ironical, isn't it? He was promised multi-growth options bequeath by wunderkid Weldon and Chairman Harmos and found a pile of dog poo instead at NZX!)

If it is not so sad for NZ and NZX, NZX would actually be so funny as one huge comedy show!

[Balance]

http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=12032112

All valid points from Brian Gaynor but credibility wise, it's all crocodile tears from him and his kind who supported the 'fee-grab-less-services' and 'highway or my way' strategy of Weldon and his sleeping board plundering the NZX of a future.

"Can the NZX survive as a standalone entity while other small stock exchanges are being bought up by large global companies?"

"But one of the NZX's major problems is its two-market structure. The largest market, in dollar terms, is where brokers facilitate trades off-market without offering these deals to on-market participants."

Rich for Gaynor now to talk about NZX being taken over when he was so effusive of Weldon 'successfully' fending off an ASX takeover. Turned out that would have been the best thing to happen to NZX and NZ Inc.

Two market structure? Nothing new there as NZX operated on the basis of one rule for itself and the big boys, and another rule for other market participants.

NZX could have been so much more but day by month, is becoming lesser and lesser even though it is already a miserable little exchange compared to ASX and other exchanges in Asia.

[bull....]

more grim news ... comvita , fbu potentially on the T/O radar maybe

[steveb]

Seem NZX main board has a problem with NTL,showing the price as .016.My ASB price is at .015 with 347382 shares sold.Anyone noticed any other errors?

[Investor]

Seem NZX main board has a problem with NTL,showing the price as .016.My ASB price is at .015 with 347382 shares sold.Anyone noticed any other errors?

Keep in mind your ASB account will show the price at the most recent trade (if you have traded in the last 30 days and you refresh the pricing info) whereas the NZX website information is delayed by twenty minutes.

[steveb]

Keep in mind your ASB account will show the price at the most recent trade (if you have traded in the last 30 days and you refresh the pricing info) whereas the NZX website information is delayed by twenty minutes.
yes aware of that,they were more than an hour behind.I was wondering if anyone else noticed any other stocks that were not updating,and if NZX had a problem!

[Balance]

https://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=12045285

More than $3.2 billion of listings left NZX in last 2 years - takeovers, delistings or companies going belly up.

And huge crocodile tears again from Brian Gaynor lamenting the state of the NZX.

Well, NZX is reaping what it sowed under Mark Weldon - profits above all else, 'my way or the highway' obnoxious management & HR practices and a board sleeping after getting drunk from encouraging and abetting short term price gouging to obtain monopoly profits.

Poor NZX - no feathers left for the plucked goose to fly.

[Ahgong]

Have everyone received their Entitlement Number for the new NZX Bonds? Thanks

[RGR367]

Entitlement Number? I received the offer today via my ASB ML account and they're wanting to know by 7 June '18 the amount I'll subscribe to, if I want to proceed.

[Ahgong]

For those applying online. They need CSN and Entitlement Nos. Should be in the Shareholder letter. They said they've emailed me but I did not receive it. Anyway, I rang them and got it over the phone.

[Grimy]

We got our letter with relevant numbers yesterday.
The entitlement number is only sent to people with NZX shares for a priority pool.
If you aren't a shareholder and you want some of the notes you'll have to go through a broker.

[bull....]

https://www.nzx.com/announcements/321873

new pricing structure for nzx

Am i reading this right?

The new pricing structure will remove the current $1.31 per trade fixed fee and move to a fully variable or value based fee structure. This pricing structure now aligns with broker business models and will enable them to price for their services with more certainty

cant be $1.31 per trade i must be reading it wrong , discount brokers charge a minimum $30 sh.. that amazing profit if i read right. wonder if they will drop there rates for us poor buggers on the street?

[Lola]

Extremely sobering to note NZX track record of listings in recent times :

CBL,

Wynyard

Intueri

Snakk

Veritas

Plexxxure

Orion

Tegel

Metro Glass

Mostly useless companies in conjunction with a few equally useless brokers and promoters (Forsyth Barr deserves special mention) who are very good at hoodwinking the investing public - seem to list on NZX.

Be careful out there, folks.

The NZX as is where is - not an entity dedicated to protecting and safeguarding the interests of shareholders and investing public. Just a pure unadulterated profit and greed driven organisation devoid of ideas and direction.

Cases in point:

NBR headlines about NZX showing how useless NZX really is :

1. NZX dairy company, Keytone chooses ASX for listing (legacy of wunderkid Weldon and his sleeping board of directors who priced NZX fees out of the stratosphere for the miserable services it provides)

2. NZX wooing Paul Hyslop's Zoono group to list on NZX (refer Paul's past activities with Wislon Neill and with Fletcher Paper shares - http://www.nzherald.co.nz/business/n...bjectid=161850)

3. ExCEO Tim Bennett tipped for role with Kazakhstan (ironical, isn't it? He was promised multi-growth options bequeath by wunderkid Weldon and Chairman Harmos and found a pile of dog poo instead at NZX!)

If it is not so sad for NZ and NZX, NZX would actually be so funny as one huge comedy show!


Just noticed the above post which was on the button. What hope is there for this outfit if this is important : ...a recent post by them under Continuous Disclosure announced that they were closing the FEILDING office for Gs sake. ?

[Leftfield]

https://www.nzx.com/announcements/321873

new pricing structure for nzx

Am i reading this right?

The new pricing structure will remove the current $1.31 per trade fixed fee and move to a fully variable or value based fee structure. This pricing structure now aligns with broker business models and will enable them to price for their services with more certainty

cant be $1.31 per trade i must be reading it wrong , discount brokers charge a minimum $30 sh.. that amazing profit if i read right. wonder if they will drop there rates for us poor buggers on the street?

Bit scary if you are right........ might be better for NZX to increase the $ per trade if anyone wants to reduce the unfair 'bot trading.'

[Balance]

Bit scary if you are right........ might be better for NZX to increase the $ per trade if anyone wants to reduce the unfair 'bot trading.'

To be fair, $30 a trade minimum barely covers the fees that accredited brokers and broking houses have to pay the NZX, and then there's the operating expenses these days - especially the regulatory and compliance costs!

One of the brokers I deal charged minimum trade $100 per trade and even then, he left the industry due to the stifling compliance cost to be a fund manager.

$10 a trade is actually very very expensive if you get bad service while $250 a trade is very cheap if you get a good broker who helps you to make good money.

[bull....]

To be fair, $30 a trade minimum barely covers the fees that accredited brokers and broking houses have to pay the NZX, and then there's the operating expenses these days - especially the regulatory and compliance costs!

One of the brokers I deal charged minimum trade $100 per trade and even then, he left the industry due to the stifling compliance cost to be a fund manager.

$10 a trade is actually very very expensive if you get bad service while $250 a trade is very cheap if you get a good broker who helps you to make good money.

$30 is gouging the customer $250 is robbery even with service , if the nzx wants to encourage more trading retail pricing needs to fall in price as well.

By the way i see ig markets has recently dropped commissions to .08% for asx stock trades whats the cheapest in nz .30% ..... robbery

[Jay]

Is it just NZX is dearer, otherwise how do these other brokers - some in Aus for example only charge around $10??

[kiwico]

Is it just NZX is dearer, otherwise how do these other brokers - some in Aus for example only charge around $10??

With the likes of Interactive Brokers a trade on the NYSE or Nasdaq is typically only US$1, and A$6 on the ASX. They don't do the NZSE unfortunately.

[Jay]

With the likes of Interactive Brokers a trade on the NYSE or Nasdaq is typically only US$1, and A$6 on the ASX. They don't do the NZSE unfortunately. And that is part of the problem

Is there a minimum number or amount you have to trade for these cheaper prices????

[bull....]

most brokers in aus charge .10% for trades on the asx

[Patient Panda]

Is it just NZX is dearer, otherwise how do these other brokers - some in Aus for example only charge around $10??


I would surmise the high transaction cost is due to a lack of competition. Theres only 2 ‘discount’ brokers to choose from. We need more competition.

[kiwico]

And that is part of the problem

Is there a minimum number or amount you have to trade for these cheaper prices????

No. The costs tends to be an amount per share with trades I've done in the US$10k to $20k range normally being US$1 (as this is the minimum charged). Costs have reached as high as US$1.60 for some trades (so can easily increase by 60%!). For Aussie trades they all appear to be A$6 but I've not made as many of these.

There is a monthly charge of US10 if you do not have at least US$100,000 with them (which can include cash on hand).

[Patient Panda]

There is an american broker called Robin Hood that has no brokerage fees. I have not used them but have heard they’re a bit onf a disrupter.

[bull....]

There is an american broker called Robin Hood that has no brokerage fees. I have not used them but have heard they’re a bit onf a disrupter.

i use td ameritrade $6.95 per trade

[bull....]

https://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=12104854

i found this funny

The NZX pricing structure announcement this week shows the stock exchange is finally travelling down the right road.
After decades of going down blind alleys and cul-de-sacs, chief executive Mark Peterson has steered the exchange in the right direction, although the bourse has a long way to go before it achieves its full potential.
The main problem with the domestic sharemarket is that it has been run for the benefit of brokers, rather than investors and companies wishing to raise equity

isnt the nzx changes announced this week only for the benefit even more now for brokers if they dont pass on the savings to retail clients?

[minimoke]

Howabout connecting us to NZ today. Dont worry about the rest of the world

https://www.youtube.com/watch?v=vyZIDpjnJfI

[bull....]

piss poor outage

[minimoke]

This on Stuff: https://www.stuff.co.nz/business/106640882/stock-exchange-operator-nzx-hit-by-lengthy-outage-during-reporting-season

And I call Bvll**** - the communication has been piss poor to non-existent.

[Dust]

What a pathetic joke of an exchange, I reckon the old pals over at Mongolia run a better exchange on paper...

[sb9]

https://www.nzx.com/announcements/322956

Looks like NZX fixed the today’s glitch, back to normal trading tomorrow.

[Sideshow Bob]

#shoddy

I was trying to sell some shares today.

[Sideshow Bob]

What a pathetic joke of an exchange, I reckon the old pals over at Mongolia run a better exchange on paper...

Isn't it Kazakhstan that Tim went to??

[RTM]

Maybe it could just open one day a week ?

That would save us all a lot of angst. We could prepare our shopping lists, all do our shopping on say Thursday, and get on with our fulsome lives during the rest if the week.

Would work for me.

[Grimy]

Nice dividend and special today.

[Jim]

Nice dividend and special today.

And the share price went up !!