Thursday, 21 June 2018


GENERAL: NZX: ASX Overseas and Dual Listed securities - Pricing Change

01 Aug 2008 10:03NZX
ASX Overseas and Dual Listed securities - Revised Pricing Structure on
three-month trial

01 August 2008 - NZX has today commenced a three-month trial pricing
structure change for trades on NZX in ASX Overseas and Dual Listed

In the trial pricing structure only one side of a trade in any ASX Overseas
and Dual Listed security will be charged. In this structure, passive
executions will be paid a 0.05 basis points rebate per trade. Charges for
aggressive executions are unchanged.

The pricing structure trial period will end on 31 October, at which time NZX
will evaluate its effectiveness in encouraging more New Zealand-based trades.

Currently, most of the trading by New Zealand investors in ASX Overseas and
Dual Listed securities is taking place through orders entered into Australia,
not placed locally on NZX Markets.

NZX Head of Strategy, Heather Kirkham said, "This pricing structure
incentivises participants to retain order flow in New Zealand. Many of these
NZX Dual Listed Issuers have a large number of  New Zealand-based
shareholders. To date, trading activity has been largely directed to
Australia. The aim of this pricing change is retain activity and grow
liquidity on NZX Markets, offering a cost-effective model for those trading
in these stocks."

There are 37 Dual and Overseas Listed securities on the NZX Markets and just
under half are listed on the ASX. The Dual Listed Issuers are APN News &
Media Limited and Goodman Fielder Limited. There are 16 ASX Overseas Listed
Issuers including Lion Nathan Limited, Westpac Banking Corporation, Telstra
Corporation Limited and L & M Petroleum Limited.

An announcement will be released by NZX at the conclusion of this three-month
trial period.


For more information or a copy of the full NZX Market Participant update
please contact:
Lucy McFadden
NZX Communications
+64 4 496-2890
+64 27 512-7832
End CA:00168122 For:NZX    Type:GENERAL    Time:2008-08-01:10:03:46
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New Zealand Exchange Limited
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