NZX - NZ Exchange

[Balance]

https://www.stuff.co.nz/business/107545963/attacks-on-the-nzx-raise-valid-questions-about-the-future-of-new-zealands-financial-markets

NZX is a monopoly and almost all unregulated and unchallenged monopolies slide into inefficiencies and price gouging profiteering behavior.

Mark Weldon's reign as CEO is perhaps the best example of how to milk a monopoly with the co-operation and full-support of all the vested interests.

Start from an assessment of what happened then, reverse course and NZX can be saved for the betterment of all concerned.

[Balance]

https://www.stuff.co.nz/business/107545963/attacks-on-the-nzx-raise-valid-questions-about-the-future-of-new-zealands-financial-markets

NZX is a monopoly and almost all unregulated and unchallenged monopolies slide into inefficiencies and price gouging profiteering behavior.

Mark Weldon's reign as CEO is perhaps the best example of how to milk a monopoly with the co-operation and full-support of all the vested interests.

Start from an assessment of what happened then, reverse course and NZX can be saved for the betterment of all concerned.

NZX needs to start by looking after the companies already listed on the exchange. It also needs to start by also looking after NZ investors, especially the retail investors.

As things stand, the NZX sees listed companies and NZ investors as cash cows to be milked with impunity - charging excessively for everything and anything but providing little if any real service.

Look at ATM - should be seen as one of the most OUTSTANDING stories which NZX has but increasingly, ATM is going the same way as Xero - 75% of trades each day is now done on the ASX. Question of time before it also decamps and go over to the ASX.

[bull....]

NZX needs to start by looking after the companies already listed on the exchange. It also needs to start by also looking after NZ investors, especially the retail investors.

As things stand, the NZX sees listed companies and NZ investors as cash cows to be milked with impunity - charging excessively for everything and anything but providing little if any real service.

Look at ATM - should be seen as one of the most OUTSTANDING stories which NZX has but increasingly, ATM is going the same way as Xero - 75% of trades each day is now done on the ASX. Question of time before it also decamps and go over to the ASX.

growing trend of more volume on asx side of dual listed stocks another example being sky city , spark etc , like a2 a huge difference in volumes traded on the asx.

just need to look at the poor volumes going thru between 10am - 12 to realise its the asx that sets the price for many of our stocks now

[Balance]

growing trend of more volume on asx side of dual listed stocks another example being sky city , spark etc , like a2 a huge difference in volumes traded on the asx.

just need to look at the poor volumes going thru between 10am - 12 to realise its the asx that sets the price for many of our stocks now

So it's but one step for ASX to set up shop here - let's hope.

Only an external threat like this will get the NZX to up its game.

Meanwhile, notice the freaking board and management will not even comment on the 11 (yes, eleven) executives and board members who went on the junket to NY?

[bull....]

http://www.scoop.co.nz/stories/BU1810/S00096/elevation-urges-nzx-to-shrink-exec-team-and-rethink-strategy.htm

another article.

be interesting when the bull ends everyone running for the exits and no liquidity on market.

[Balance]

http://www.scoop.co.nz/stories/BU1810/S00096/elevation-urges-nzx-to-shrink-exec-team-and-rethink-strategy.htm

another article.

be interesting when the bull ends everyone running for the exits and no liquidity on market.

Looks like Swasbrook has enough shareholders support to call a special meeting.

Game on!

Really hope he rolls this absolutely useless bunch of self-vested interested directors and management.

Next step - scheme of arrangement to become part of ASX.

[winner69]

Guilt ridden letter from a worried Chairman

Love it when Chairmans grovel

http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/NZX/324817/288012.pdf

[bull....]

nice way of telling anyone whos unhappy to get stuffed lol

http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/NZX/324817/288012.pdf

[Balance]

nice way of telling anyone whos unhappy to get stuffed lol

http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/NZX/324817/288012.pdf

I think the Board has just delivered more ammo to Swasbrook to fire at them!

Took them a whole day and night (with numerous amendments no doubt) to reply.

Basically a wishy washy PR (written no doubt by some highly paid PR consultants as the language used is all typical platitudes with no concrete substance) confirming that the NZX is yet another old boys' club dedicated to the pursuit of self-gratification (mission statement as set out by Weldon and previous boards) and the spending of monopolistic fee gouging.

Comments by the board akin to exChairman Harmos famous comment about poor old Bennett being given reign by the departing Weldon of a NZX with solid platform and multiple-options for growth! There were much tears shed by Harmos over Weldon's resignation - so great was his contribution, remember?

The real tears were shed by Bennett as he battled several years of gross mismanagement left behind by Weldon and the previous board (refer Clear Grain and Media Works revelations).

The board basically confirmed that yes, 11 members of the NZX (including all board members) went on a junket to NY (all expenses paid) on a 'feel good but achieve nothing' trip. How else can the board explain Dr Strange's presence - he had already announced his desire to retire in August!

Looking forward to the Special Meeting!

[Balance]

nice way of telling anyone whos unhappy to get stuffed lol

http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/NZX/324817/288012.pdf

Don't you just love the 'We are working hard, and remain on track to deliver on our clear strategy'?

Most would take the comment to read :

"We are playing hard as you can see by our junket to NY and the number of staff we have, and remain on track to hoodwink you all with our clear as Rotorua mud strategy'. No clarity, no accountability required!

[bull....]

Don't you just love the 'We are working hard, and remain on track to deliver on our clear strategy'?

Most would take the comment to read :

"We are playing hard as you can see by our junket to NY and the number of staff we have, and remain on track to hoodwink you all with our clear as Rotorua mud strategy'. No clarity, no accountability required!

funny alright. i get why they want to hang onto the funds business its the only thing growing , but gee wizz if you dont look after your core you end up with nothing anyway.

i listened to grant robinson talk about infrastructure and how kiwisaver funds will be used to facilitate this by the way of SPV vehicles etc so i would suggest chairman and directors camp out at the beehive for there next trip and not leave until they have clear commitments to list these vehicles on the nzx.

[steveb]

https://www.nzx.com/announcements/324860

Does this latest MOU mean they have all been on another snouts in the trough trip to Shanghai?

[Baa_Baa]

nice way of telling anyone whos unhappy to get stuffed lol

http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/NZX/324817/288012.pdf

Particularly the "small group of shareholders" who are activists.

[Balance]

https://www.nzx.com/announcements/324860

Does this latest MOU mean they have all been on another snouts in the trough trip to Shanghai?

Bet you that there will be no photos of the signing of the MOU and the NZX entourage on this junket ...oops, I mean negotiating trip. :D

[Balance]

funny alright. i get why they want to hang onto the funds business its the only thing growing , but gee wizz if you dont look after your core you end up with nothing anyway.

i listened to grant robinson talk about infrastructure and how kiwisaver funds will be used to facilitate this by the way of SPV vehicles etc so i would suggest chairman and directors camp out at the beehive for there next trip and not leave until they have clear commitments to list these vehicles on the nzx.

And start thinking hard on how to attract NZ retail investors to invest in the market. If the stupid retail investors can lose $7 billion in finance companies, they can bloody well lose several billions on the NZX!

[peat]

now Shanghai!
photos please!
trying to hook into Belt and Road.
could it get any more ludicrous.

[Balance]

now Shanghai!
photos please!
trying to hook into Belt and Road.
could it get any more ludicrous.

Yup - as the Christchurch City Council just found out, you can have a lot of MOUs with the Chinese but no action unless the Chinese get a win-lose deal.

https://www.stuff.co.nz/business/107551005/international-consortiums-900m-development-plan-backed-by-chinese-investment-collapses

And guess what? Does not even rate a single one line mention by the SSX! Was yet another junket for sure.

[Balance]

Particularly the "small group of shareholders" who are activists.

http://www.sharechat.co.nz/article/09d5fc9b/nzx-says-funds-management-a-priority-to-deliver-earnings.html

Interesting and actually rather influential shareholders :

"Elevation Capital owns 2.3 percent of NZX on behalf of its own clients. Managing director Chris Swasbrook is a member of NZX's markets disciplinary tribunal and listing sub-committee. Chair Craig Stobo is a veteran of the local markets and headed the government-appointed group to look at the viability of setting up a financial services back-office in New Zealand, while director Andrew Harmos is a founding partner of Harmos Horton Lusk and a former NZX chair."

Let's see how many other shareholders they have lined up to roll the existing board (and management).

[steveb]

Yup - as the Christchurch City Council just found out, you can have a lot of MOUs with the Chinese but no action unless the Chinese get a win-lose deal.

https://www.stuff.co.nz/business/107551005/international-consortiums-900m-development-plan-backed-by-chinese-investment-collapses

And guess what? Does not even rate a single one line mention by the SSX! Was yet another junket for sure.

I did find this on the Shanghai stock exchange website:-


2009.4
NZX Ltd. (http://www.nzx.com/)
MOU
Wellington
Zhang Yujun


Mark Weldon


This was an MOU signed way back in april 2009 (in wellington) So you have to wonder why if they had an MOU in place why are they signing another one?

[Balance]

I did find this on the Shanghai stock exchange website:-


2009.4
NZX Ltd. (http://www.nzx.com/)
MOU
Wellington
Zhang Yujun


Mark Weldon


This was an MOU signed way back in april 2009 (in wellington) So you have to wonder why if they had an MOU in place why are they signing another one?

Good catch, steveb!

[bull....]

I did find this on the Shanghai stock exchange website:-


2009.4
NZX Ltd. (http://www.nzx.com/)
MOU
Wellington
Zhang Yujun


Mark Weldon


This was an MOU signed way back in april 2009 (in wellington) So you have to wonder why if they had an MOU in place why are they signing another one?

lol a mou to understand the mou

[Jaa]

I did find this on the Shanghai stock exchange website:-


2009.4
NZX Ltd. (http://www.nzx.com/)
MOU
Wellington
Zhang Yujun


Mark Weldon


This was an MOU signed way back in april 2009 (in wellington) So you have to wonder why if they had an MOU in place why are they signing another one?

Number 34 of 46 stock exchanges SSE has cooperation agreements with! At least we were in front of Kazakhstan :p

http://english.sse.com.cn/aboutsse/cooperation/

[Jaa]

The NZX's strategy of expanding via alliances with international international really is terrible. They are NZX's competitors or in the NASDAQ's case I bet wildly over charging technology provider.

The NZX should try a strategy of increasing liquidity from the general public and via alliances with international brokers and ETF providers. Get them to offer online, instant NZ share and bond trading. e.g. eTrade, TD Ameritrade and all the rest. Even with Commsec you can only trade NZX stocks over the phone and its $USD40 minimum.

Make more data free (live prices, depth etc), lower fees across the board and develop more of its own technology. Once all the linkages are in place, market the NZX in Asia-Pacific as a transparent, well governed, affordable and high liquidity exchange to list on.

I would even try removing the listing fees and offer it as a loss leader for a while. You can't clip the ticket on companies you don't have listed.

[bull....]

The NZX's strategy of expanding via alliances with international international really is terrible. They are NZX's competitors or in the NASDAQ's case I bet wildly over charging technology provider.

The NZX should try a strategy of increasing liquidity from the general public and via alliances with international brokers and ETF providers. Get them to offer online, instant NZ share and bond trading. e.g. eTrade, TD Ameritrade and all the rest. Even with Commsec you can only trade NZX stocks over the phone and its $USD40 minimum.

Make more data free (live prices, depth etc), lower fees across the board and develop more of its own technology. Once all the linkages are in place, market the NZX in Asia-Pacific as a transparent, well governed, affordable and high liquidity exchange to list on.

I would even try removing the listing fees and offer it as a loss leader for a while. You can't clip the ticket on companies you don't have listed.

exellent points nzx via brokers is just to dam expensive to trade

[Balance]

exellent points nzx via brokers is just to dam expensive to trade

That's because NZX charges them (brokers) exorbitantly.

Forvexample, do you know that brokers have to pay NZX to get depth if they provide depth to their clients? So one is reduced to asking a broker to read the depth unless you are a preferential premium client.

Lucky the low cost brokers like ASB provide depth.

[bull....]

That's because NZX charges them (brokers) exorbitantly.

Forvexample, do you know that brokers have to pay NZX to get depth if they provide depth to their clients? So one is reduced to asking a broker to read the depth unless you are a preferential premium client.

Lucky the low cost brokers like ASB provide depth.

nzx has cut rates to brokers recently , all that has happened is the brokers are pocketing the extra margin. nzx and brokers need to work to together to improve retail volumes and that means incoraging traders into the nzx by reducing brokerage costs. simple 101 maths lower brokerage more trading more liquidity. as is happening traders are moving to exchanges and brokers overseas with cheaper costs and technology is speeding this up.

[Balance]

https://www.stuff.co.nz/business/107609428/activist-shareholder-seriously-considering-calling-special-meeting-to-change-nzx-board

[Balance]

According to RNZ report yesterday ( 4th Oct ), Millar's statement was issued from Athens, where he was attending a meeting, and was unable
to be interviewed. :t_up:


MOU being negotiated with ISX.

[steveb]

Be a damn site cheaper if they negotiated via email and video.Then swapped signed MOU's via DHL.

I bet the Inland Revenue is aware of these little shindigs!

[Balance]

Be a damn site cheaper if they negotiated via email and video.Then swapped signed MOU's via DHL.

I bet the Inland Revenue is aware of these little shindigs!

Key issue is that the NZX is a pip-squeak micky-mouse exchange which has nothing to offer the other exchanges.

So all these negotiations and trips are simply junkets and attempts to hoodwink shareholders and markets that the management and board are doing something.

The giveaway is the 11 who attended the Nasdaq signing of MOU.

Give them heaps, Swasbrook.

Will buy 10 shares so I can be there to support your desire to make these clowns perform - for NZ and for NZX.

[Snow Leopard]

...Will buy 10 shares so I can be there to support your desire to make these clowns perform - for NZ and for NZX.

The NZX minimum holding (and thus initial buy size) for a share with a value greater than $1 and less than or equal to $2 is 200 shares.

and you would not want to be in breach of the rules would you now ? ;)

[Balance]

The NZX minimum holding (and thus initial buy size) for a share with a value greater than $1 and less than or equal to $2 is 200 shares.

and you would not want to be in breach of the rules would you now ? ;)

Thanks, consider 200 shares bought then (ouch!).

Would prefer to buy a bottle of Dom Perigon to celebrate how Serko is going but what the heck, we all need to sacrifice at times!

[Balance]

https://www.stuff.co.nz/business/107547852/activist-says-nzx-directors-should-consider-repaying-cost-of-trip-to-new-york

" A senior figure in New Zealand's financial markets said the trip to New York may not be a good look, but appeared to be of better value than critics were claiming. As well as having a board meeting in New York, the NZX delegation was able to have extensive contact with senior figures at the technology focused Nasdaq, the figure said, something which would be valuable for management."

Yup - all for show. Nothing happens after that.

Come on, Swasbrook - call the Special Meeting. I have a few things I am happy to disclose at the Meeting about inappropriate behavour at NZX.

[Balance]

https://www.nzx.com/announcements/325000

Elevation Capital ratcheting up the pressure and demands on NZX. Totally expected that NZX would reject the demands so one assumes Elevation has its back up plans ready to fire.

NZX's response is rather pathetic which is to be expected especially the Nasdaq trip being 'high valued' !

Wonder if Elevation has more ammo on who traveled to Singapore, Hong Kong and Shanghai to get the MOUs signed there.

[peat]

sh*ts getting real

[Balance]

sh*ts getting real

A good line up of decent enough heavyweights to take on the NZX so should be some nice fireworks and action ahead.

I see Michael Daniels is in there so it means the Empire is striking back!

[bull....]

A good line up of decent enough heavyweights to take on the NZX so should be some nice fireworks and action ahead.

I see Michael Daniels is in there so it means the Empire is striking back!

nz doesnt really have many insto's that take a serious stand on matters such as poor performance , so its good to see someone rattling the cage.

[Balance]

nz doesnt really have many insto's that take a serious stand on matters such as poor performance , so its good to see someone rattling the cage.

How dare anybody (including a shareholder who actually bought and owns 1.5m NZX shares) try to get performance out of the junket-hooked board and management?

https://www.stuff.co.nz/business/107682251/activist-investor-demanded-nzx-give-board-seat-to-shareholder-who-lobbied-for-merger-with-asx

Excerpt : " Daniel revealed that in the past two years he had been trying to get the ASX and NZX boards to talk to each other, which included meeting senior management at ASX. They are really, really interested in a merger [but] there's no way they would be an aggressive bidder, they would need to have an approach from NZX. Daniel said he prompted the idea to the NZX board "and was quietly told to p... off."

Special Meeting coming up so the battle lines are getting drawn.

[Balance]

http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/NZX/325210/288487.pdf

So he told the NZX he was going to resign in August and now, he gives notice that he will be leaving in October!

Managed to sneak in a junket trip to NY in September, it seems.

Now time to distance himself asap from the brewing battle and scandalous waste of shareholders' funds.

[Filthy]

https://www.goodreturns.co.nz/article/976513828/fund-managers-what-next-for-nzx.html

[bull....]

https://www.goodreturns.co.nz/article/976513828/fund-managers-what-next-for-nzx.html

fund managers raise valid points , cause they and esp mum and dads are gonna get burnt bad thru lack of liquidity when the market has a decent fall. funds will have too sell because of redemptions into a liquidity crunch will make the market in nz crash more i believe.

[Balance]

https://www.goodreturns.co.nz/article/976513828/fund-managers-what-next-for-nzx.html

All the more reason why the NZX needs to be restructured transformatively - it's too important a part of NZ's economic infrastructure to be left to the current clowns in charge to continue to stuff up.

NZX and its shareholders at that time (especially Milford) were warned about Mark Weldon plucking the feathers off the NZX goose - alas, they not only did not listen, they actually encouraged him to pursue his 'my way or the highway' management style.

[simla]

When something is bad for society we usually find a way to make it harder to do. Yet nobody ever seems to question whether we should make it harder to snap up listed companies.

Yes, that might be difficult to do. But that is different from saying it cannot be done. After all, we just spent 10 years hearing that nobody could stop overseas ownership of our houses and then magically it turned out that it could be done if anybody actually bothered to try.

Where there's a will there's a way. Why is there no will?

[Balance]

When something is bad for society we usually find a way to make it harder to do. Yet nobody ever seems to question whether we should make it harder to snap up listed companies.

Yes, that might be difficult to do. But that is different from saying it cannot be done. After all, we just spent 10 years hearing that nobody could stop overseas ownership of our houses and then magically it turned out that it could be done if anybody actually bothered to try.

Where there's a will there's a way. Why is there no will?

Some points to note :

1. OIO is there and they have stopped some takeovers.

2. What you are suggesting is that NZ closes shop and stop overseas investments into NZ (means zero growth) and NZ companies stop expanding via acquisitions overseas.

3. Why are takeovers bad for society? It is bad for the NZX but that's because the NZX was buggered up by an excessive charging and profiteering regime and grossly mismanaged under Mark Weldon and the sleeping board of directors.

[simla]

No, I merely asked why we do not make it harder. I do not regard it as good that billions of dollars float offshore to the Australian banks every year because they basically own most of the houses in NZ in reality. I do not regard it as good that there are people sleeping on the streets while overseas owners prefer to own empty houses in the same city. Etc.

I merely ask why we have this sacred cow that access to ownership of assets should be a completely wide open and unimpeded to the people who have the biggest bank accounts. Why are we not even prepared to express doubt about that?

As an example, it is claimed that shareholders vote by selling their shares. But we all know that only very large shareholders feel that they will survive voting the wrong way. We could require a separate vote first on whether to sell the company rather than continue the current process whereby the weakest shareholders always get peeled off first because they cannot afford to resist and then pretend that the landslide of capitulation represents the will of the shareholders. In fact, has anyone EVER asked the shareholders what they want as an actual vote? I wouldn't know.

[Balance]

No, I merely asked why we do not make it harder. I do not regard it as good that billions of dollars float offshore to the Australian banks every year because they basically own most of the houses in NZ in reality. I do not regard it as good that there are people sleeping on the streets while overseas owners prefer to own empty houses in the same city. Etc.

I merely ask why we have this sacred cow that access to ownership of assets should be a completely wide open and unimpeded to the people who have the biggest bank accounts. Why are we not even prepared to express doubt about that?

As an example, it is claimed that shareholders vote by selling their shares. But we all know that only very large shareholders feel that they will survive voting the wrong way. We could require a separate vote first on whether to sell the company rather than continue the current process whereby the weakest shareholders always get peeled off first because they cannot afford to resist and then pretend that the landslide of capitulation represents the will of the shareholders. In fact, has anyone EVER asked the shareholders what they want as an actual vote? I wouldn't know.

The reason why NZ is in such a pickle - gross mismanagement, pure and simple.

Sort out the gross mismanagement and everything will be fine.

Notice that Australian companies also get into trouble? And big big trouble - BHP, NAB, WBC and News Corp to name 4.

How do they fix the problems? They bring in foreign expertise and they pay top $$$ to get those expertise.

NZ companies try to fix problems by hiring from within. The rest as they say is history.

[stoploss]

The reason why NZ is in such a pickle - gross mismanagement, pure and simple.

Sort out the gross mismanagement and everything will be fine.

Notice that Australian companies also get into trouble? And big big trouble - BHP, NAB, WBC and News Corp to name 4.

How do they fix the problems? They bring in foreign expertise and they pay top $$$ to get those expertise.

NZ companies try to fix problems by hiring from within. The rest as they say is history.

that "Fix" really worked with Fonterra over the years ......

[Balance]

And FBU. :eek2:

Remember Ralph Waters?

[Balance]

that "Fix" really worked with Fonterra over the years ......

No independently minded driven CEO will work for an entity like Fonterra. The farmers like it just the way it is, thank you very much.

[Balance]

Yes. An import, from the west island. Very good CEO for sure, but stayed on as a board member and dominated
Jonathan Ling's tenure to the detriment of the company. The beginning of the current decline.......that's a win/lose, from him.

Formica was his undoing. The Board approved it and the market loved it at that time - pushed the sp to a record high, remember?

Acquisitions and expansions overseas - Telecom, Fonterra, Air NZ, Warehouse, Pumpkin Patch, Michael Hill, Tower, Fisher & Paykel, Carter Holt and so on and so forth etc - like the lure of the sirens, the CEOs cannot help themselves.

Damage done to NZ inc? Telecom was $4.5 billion (Southern Cross & AAPT), Fonterra ($1 billion so far and counting), FBU (over $5 billion), Air NZ (over $2 billion) - imagine what could have been done in NZ if the money had been spent on upgrading NZ?

Telecom's debacle in Australia cost NZ the best and fastest UFB in the world. Took Helen Clark (acknowledge her vision for once) to force Telecom into upgrading NZ into UFB! We would still be on copper wires if Theresa Gattung & Rod Deane had their way. As it is , NZ is at least 10 years behind Korea, Japan and Singapore - even Vietnam has better UFB than NZ!

[Baa_Baa]

All the more reason why the NZX needs to be restructured transformatively - it's too important a part of NZ's economic infrastructure to be left to the current clowns in charge to continue to stuff up.

NZX and its shareholders at that time (especially Milford) were warned about Mark Weldon plucking the feathers off the NZX goose - alas, they not only did not listen, they actually encouraged him to pursue his 'my way or the highway' management style.

Will this make a difference?

https://www.nzx.com/regulation/nzx-rules-guidance/nzx-listing-rules-review NZX finalises market structure and listing rules

Bryan Gaynor https://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=12153612

[Balance]

Will this make a difference?

https://www.nzx.com/regulation/nzx-rules-guidance/nzx-listing-rules-review NZX finalises market structure and listing rules

Bryan Gaynor https://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=12153612

Brian Gaynor writing about the NZX is like the late Rob Muldoon writing about the NZ economy - both could not have got their subjects more wrong!

Brain praised Weldon to high heavens and supported his NZX strategy of milking the participants with excessive charges while gutting the NZX out of management depth and experience (my way or highway) and a future!

All okay while Brian and Milford were shareholders and the sp kept going higher, see?

"Some are still hesitant to publicly applaud Weldon for enlivening the stock exchange. One leading broker, who wouldn't put his name to his comments, said Weldon had done "a brilliant job" and was "pretty visionary". He gave the exchange seven-and-a-half out of ten for performance. Gaynor is more generous about Weldon. "He's really transformed it into a far more exciting place. He's gone out to encourage new listings, and that's the key. Most industries depend on new products. We went through more than ten years when we had virtually no new products, mainly because the stock exchange said that was the obligation of brokers."

Now Brian wants to critique NZX?

Simple solution for NZX before it disappears into irrelevancy - merge with ASX and offer ASX stocks in NZ. End of story.

[Jay]

...
Simple solution for NZX before it disappears into irrelevancy - merge with ASX and offer ASX stocks in NZ. End of story.

My thoughts as well

[100101]

Wait till there's negative2 equity in property and then see the Ozzy banks true colors as they start to foreclose.

[bull....]

NZX trading getting busier on lower value transactionshttp://www.scoop.co.nz/stories/BU1812/S00157/nzx-trading-getting-busier-on-lower-value-transactions.htm

all just a fudge really to make improved volume look like its happening.

[bull....]

wow starting a 10 yr working group lol dont know how many companies be left by then and of course the cgt depending on outcomes could kill off the exchange quicker still

https://www.nzx.com/announcements/329758

[Balance]

wow starting a 10 yr working group lol dont know how many companies be left by then

https://www.nzx.com/announcements/329758

Yet another study and report to give illusion of something happening while NZX goes backwards.

[winner69]

Mark Lister from Craig’s thinks great ...

@marklisternz
Great that @NZXGroup and @FMAmedia are doing something proactive for the benefit of our capital markets, which are crucial to the economy, for businesses to grow & create jobs, & our retirement savings. Let’s hope this attracts govt support …-website-ap-southeast-2.amazonaws.com/attachments/NZ…

[Balance]

Yup. Study conducted by an insider to insure vested interests are well looked after.

http://www.sharechat.co.nz/article/f3952e96/nzx-fma-launch-capital-markets-review.html

"The two organisations have appointed Martin Stearne, supported by accounting firm EY, to head the review. The results are expected to be published in the September quarter.
Stearne is a corporate consultant and a member of NZX’s listing sub-committee and was recently appointed to the Takeovers Panel. He was an investment banker with FNZC and its predecessors for 20 years, ending his tenure there as managing director."


NZX has been screwed up real good by Weldon and his bunch of self-interested misfits directors, eagerly supported by shareholders at that time like Milford (Brian Gaynor) and Forsyth Barr (Neil Paviour-Smith).

The only way to change NZX's fortunes is to acknowledge how badly screwed up it is, reverse many of the dumb decisions made by Weldon & his misfits and start afresh.

Otherwise, it's down down down .

[traineeinvestor]

While NZR has paid a good dividend for many years, I have to question the longer term sustainability in the face of four current and potential headwinds:

1. the ever present threat of a competing platform for trading shares (like Chi-X in Australia) taking a chunk of their market. Possibly the small size of the NZ market is the only reason this hasn't happened yet
2. declining pool of listed companies - defections to ASX and delistings seem to be exceeding new listings
3. rise of the low cost passive fund - if/when these take up a bigger slice of the investment market, I would expect it to adversely affect trading volumes
4. capital gains tax - investors will be less inclined to sell and get hit with additional tax (even more so when National has pledged to repeal any capital gains tax which comes in)

I just don't see how NZX can grow meaningfully.

[peat]

I dont think you'll find many here disagree, Traineeinvestor.

[bull....]

big reason to believe there wont be a stock exchange if CGT goes ahead

the apparent exclusion of Portfolio Investment Entities (PIEs);

https://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=12195525

why would you invest in the share market as an individual and pay up to 33% tax when you could invest in a pie for free?

no normal person would so 20 - 30% of trading participants disappear nzx revenue declines markely and becomes a going concern as kiwisavers etc are passive holders.

https://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=12195525

[silverblizzard888]

The solution and problem are all in one word: COST!

You make it cheaper to buy and sell shares, you will have more liquidity and more efficient markets. NZ has one of the least efficient markets I have seen, but I'm not complaining since it gives me plenty of time to find opportunities, but then when I do I just have to wait ages to have it recognized. Time is money and also risk of change in economic situation and missing out on other opportunities.

You make it cheaper for companies to list and comply with disclosures. Why go public when you can raise funds from venture capital and have less cost and compliance?


NZX itself must run a more lean set up. How does the NZX have more executives than the ASX? Yet many times small?

How is it a $5million company can list in the ASX, but the NZX board is reluctant to let this happen?

[Balance]

The solution and problem are all in one word: COST!

You make it cheaper to buy and sell shares, you will have more liquidity and more efficient markets. NZ has one of the least efficient markets I have seen, but I'm not complaining since it gives me plenty of time to find opportunities, but then when I do I just have to wait ages to have it recognized. Time is money and also risk of change in economic situation and missing out on other opportunities.

You make it cheaper for companies to list and comply with disclosures. Why go public when you can raise funds from venture capital and have less cost and compliance?


NZX itself must run a more lean set up. How does the NZX have more executives than the ASX? Yet many times small?

How is it a $5million company can list in the ASX, but the NZX board is reluctant to let this happen?

The state of the NZX is best described in one word - "Backdoors".

Backdoor listings (with a couple of exceptions) have been huge disasters - from a financial, wealth destructive and perception point of view.

After the shameful sham and total farce which was Plus SMS, NZX undertook to review backdoor listings - expectations were that they would be banned outright or tightened up considerably.

Instead, NZX tried to copy the backdoor listing model by introducing NXT market!

Next, we have the NZX paying its CEOs based upon unfathomable reward contracts so that even when they do not perform, they get rewarded generously - Weldon, Bennett and now, whatever his name is.

Cry, the beloved country NZ - there is only one way to go and it's down, down for our capital markets.

[Balance]

Mark Lister from Craig’s thinks great ...

@marklisternz
Great that @NZXGroup and @FMAmedia are doing something proactive for the benefit of our capital markets, which are crucial to the economy, for businesses to grow & create jobs, & our retirement savings. Let’s hope this attracts govt support …-website-ap-southeast-2.amazonaws.com/attachments/NZ…

In other words, NZX has screwed up (again) so looking for 'handouts' from the government. So much for the spirit of free enterprise!

Remember this:

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 Weldon resigned - describing NZX having developed under golden boy Weldon 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 golden boy Weldon, courtesy of the sleeping board of directors.

[Lola]

In other words, NZX has screwed up (again) so looking for 'handouts' from the government. So much for the spirit of free enterprise!

Remember this:

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 Weldon resigned - describing NZX having developed under golden boy Weldon 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 golden boy Weldon, courtesy of the sleeping board of directors.

You should write a book on those two...dunno which one was worse, but they sure teach them all the tricks at McKinseys.

[Lewylewylewy]

Sad to see companies in a monopolistic position not able to do as well as they should. The nzx should be doing amazing things for nz from angel investing to growing existing large companies. Other horror of exchanges. Loan and bond facilities to companies and private market, and an array of associated services. They are in a position to present a massive and diverse range of products, but instead they do what monopolies do best: nothing, and everything inefficiently at the cost of their customers. Dumb.

[Balance]

Sad to see companies in a monopolistic position not able to do as well as they should. The nzx should be doing amazing things for nz from angel investing to growing existing large companies. Other horror of exchanges. Loan and bond facilities to companies and private market, and an array of associated services. They are in a position to present a massive and diverse range of products, but instead they do what monopolies do best: nothing, and everything inefficiently at the cost of their customers. Dumb.

Weldon and the board of misfit directors milked the monopoly for everything that the NZX could extract, with little consideration for the future of NZ.

Now NZ Inc pays the price.

Dumb is what John Key and his government did.

Dumb is what the likes of Milford & Brian Gaynor did - praising and supporting Weldon in his single minded pursuit of milking NZX dry.

Dumb is what Weldon did next - exposing himself for the incompetent buffoon manager he is by taking on MediaWorks and showing to the world what a misfit he is.

[peat]

Weldon and the board of misfit directors milked the monopoly for everything that the NZX could extract, with little consideration for the future of NZ.

Now NZ Inc pays the price.

Dumb is what John Key and his government did.

Dumb is what the likes of Milford & Brian Gaynor did - praising and supporting Weldon in his single minded pursuit of milking NZX dry.

Dumb is what Weldon did next - exposing himself for the incompetent buffoon manager he is by taking on MediaWorks and showing to the world what a misfit he is.

Balance!
Time to send all these records to the shredder, its seven years since Weldon ran the NZX even the IRD doesnt expect you to hold the data any longer.

[Balance]

Balance!
Time to send all these records to the shredder, its seven years since Weldon ran the NZX even the IRD doesnt expect you to hold the data any longer.

Would agree with you but for the fact that the NZX itself has done NOTHING substantial to reverse the diabolical decisions and directions put in place under Welson & the misfit directors.

Until the NZX does, constant reminder required.

Fonterra is yet another great NZ example of what happens when monopolies are allowed to be run for the greater benefit of the executives. At least the government took note, changed the monopolistic settings and we have the likes of ATM & Synlait showing just how ineffectual Fonterra has been as a forward thinking MONOPOLY.

In the case of the NZX, John Key's government actually entrenched the monopoly settings! Folly upon folly.

[Balance]

http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/NZX/330050/294326.pdf

Going backwards on every front in underlying activities - $20m (yes, $20m) raised in new initial equity raisings in whole of 2018!

ASX was A$31m for 5 months to Nov 2018.

Only area of growth is funds services.

But wait! There's all that lovely JVs & co-operative growth to come from NZX's relationship with Nasdaq, SGX, HK etc etc etc etc. ONlY problem is that there is NOT a sausage to be had so far from all that money spent to date!

https://www.radionz.co.nz/news/business/367739/shareholder-takes-nzx-to-task-over-costs-and-strategic-plan

[Balance]

http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/NZX/330050/294326.pdf

Only real area of growth is funds under management - another area where NZX should be assisting fund managers to increase funds flow instead of competing with them.

Out of ideas, out of room for growth and desperate to justify their fees and salaries - that's the NZX.

[BlackCross]

Financial highlights include:

o Total operating earnings of $28.1 million (operating earnings from
continuing operations $27.3 million);
o Continuing operations revenues and expenses relatively flat at $67.5
million and $40.2 million respectively;
o Net profit after tax of $11.6 million is lower than 2017 due to the
strategic decision to focus on our core capital markets business, resulting
in the disposal of non-core businesses (and the related impairments of $3.0
million). Disposal proceeds were returned to shareholders through a special
dividend of 1.5 cents per share;
o Total fully imputed dividend of 7.6 cents per share, including the special
dividend paid in September 2018, up 24.6% on 2017; and
o Full year 2019 operating earnings expected to be within a range of $28.0
million to $31.0 million.

[peat]

... and it certainly isnt lack of confidence in the Securities laws (he said sarcastically)

10318
it would appear our markets are at least as clean as Australia's!



Such a great yardstick.

:scared:

Thanks for the link

[Balance]

Law firm Chapman Tripp have done their annual report on the NZX capital market.
The tone is generally positive.I was amused with the section on "myth busting", listing 5 "popular misconceptions"
for the lack of new listings.
Readers of Balance postings on this forum will be familiar with these misconceptions. :)

According to report, the real reason for a lack of growth in the NZX is; Err...dunno.
Download here;
https://www.chapmantripp.com/publications/new-zealand-equity-capital-markets-trends-and-insights-2019

Ivory tower self interested and self serving commentaries & analysis of the dire state of the NZX - as revealed in today's results* - no growth, no idea and no direction.

NZX is but a monopoly which has buggered itself up because it buggered up the whole NZ stockbroking and capital markets by :

- excessive charges & fees,

- excessive CEO & directors' benefits and remunerations,

- lousy service,

- attempts to charge for lousy services,

- horrendously bad management (revolving staff policy of 'my way or the highway' wholeheartedly endorsed and supported by NZX board and shareholders),

- cynical and hypocritical application of NZX rules and regulations (remember Plus SMS?) and

- total lack of vision and ideas.

Remember this?

'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' NZX Chairman Andrew Harmos in 2011.

A whole heap of Class 'A' BS - which probably helped Weldon to sell his shares at a great price though before he left NZX.

https://www.nzx.com/announcements/211972

There is only one trend for NZX - down, down, down.

* Nice enough dividend yield stock and nothing more.

[Balance]

https://www.nzx.com/announcements/330640

And here's another stock to exit the NZX soon - joining the 50 (net) which exited since 2015.

[Lola]

Law firm Chapman Tripp have done their annual report on the NZX capital market.
The tone is generally positive.I was amused with the section on "myth busting", listing 5 "popular misconceptions"
for the lack of new listings.
Readers of Balance postings on this forum will be familiar with these misconceptions. :)

According to report, the real reason for a lack of growth in the NZX is; Err...dunno.
Download here;
https://www.chapmantripp.com/publications/new-zealand-equity-capital-markets-trends-and-insights-2019

Yes, I noticed that conclusion too. What an appalling admission of ignorance. What arrogance to even think about publishing their rubbish without offering some solutions. Did they not speak to anyone of ability in the sector, such as the clients of the NZX and the Investment Community?

The answers they might find are pretty simple and would include: Over zealous compliance regs, listing fees and on going costs by the NZX on any investigations into mostly trivial matters. These in turn lead to promoters, and entrepreneurs seeking capital, to avoid the NZX with pleasure.

Its a dog.

[Balance]

https://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=12204230

And out comes the violin from one of Weldon's ex-cheerleaders, Brian Gaynor who praised Weldon's leadership to high heavens.

Even when Weldon was turfing out NZX executives, one after another because it was 'his way or the highway' - his highway being to gut the NZX to feather his own nest.

[Ggcc]

https://www.nzx.com/announcements/330640

And here's another stock to exit the NZX soon - joining the 50 (net) which exited since 2015.
Hey this one has been a disappointment for shareholders since the beginning. Big hopes and zero results. Never invested in this as I knew it would go nowhere. I feel for shareholders who paid for directors to fly around the globe at shareholders cost. This share won’t be missed

[Lola]

https://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=12204230

And out comes the violin from one of Weldon's ex-cheerleaders, Brian Gaynor who praised Weldon's leadership to high heavens.

Even when Weldon was turfing out NZX executives, one after another because it was 'his way or the highway' - his highway being to gut the NZX to feather his own nest.

If Gaynor wanted to do a really useful / informative bit of investigative journalism on NZX governance during Weldons reign , he could do no worse than spend a bit of time digging through the sweetheart allocations of the IPOs in the period that Harmos was the Chair.

[Balance]

If Gaynor wanted to do a really useful / informative bit of investigative journalism on NZX governance during Weldons reign , he could do no worse than spend a bit of time digging through the sweetheart allocations of the IPOs in the period that Harmos was the Chair.


What? And revealed for all to see how most of NZ mum and dad investors were shut out of the hot IPOs but were given everything they wanted in the lousy IPOs?

Not going to happen.

[Balance]

Hey this one has been a disappointment for shareholders since the beginning. Big hopes and zero results. Never invested in this as I knew it would go nowhere. I feel for shareholders who paid for directors to fly around the globe at shareholders cost. This share won’t be missed


Actually not true at all!

I guess if you call 255% gain at one stage a zero result, or building up scale and profitability as zero result, then you are sooooo verrrrry right.

BFW listed in 2007 during the GFC and we will all agree it was not a good listing at all. The company persevered however and anyone who held the shares would be sitting on 255% gain by 2014 - no mean feat.

Unfortunately, a few things have gone south for them in the last 2 years but as of today, they have built up the scale and profitability to take BFW to the next stage.

Alas, it is too difficult for them to raise more capital in NZ even when they have now reach critical mass - that's my reading so it's time for the principals to sell out.

The same way that 42 Below, Trilogy, Charlies etc etc depart from NZX.

[Ggcc]

Actually not true at all!

I guess if you call 255% gain at one stage a zero result, or building up scale and profitability as zero result, then you are sooooo verrrrry right.

BFW listed in 2007 during the GFC and we will all agree it was not a good listing at all. The company persevered however and anyone who held the shares would be sitting on 255% gain by 2014 - no mean feat.

Unfortunately, a few things have gone south for them in the last 2 years but as of today, they have built up the scale and profitability to take BFW to the next stage.

Alas, it is too difficult for them to raise more capital in NZ even when they have now reach critical mass - that's my reading so it's time for the principals to sell out.

The same way that 42 Below, Trilogy, Charlies etc etc depart from NZX.

At one stage peb had a similar gain......... I don’t rate either share that well. All promises that were not kept.

[Balance]

At one stage peb had a similar gain......... I don’t rate either share that well. All promises that were not kept.

Big difference - BIG BIG difference - between the two.

PEB has gone through $200m of capital raising, one after another, all the while promising the sun and the moon - with bugger all to show. Not even close being profitable after spending over $200m!

BFW had to make do with raising $5m of the $15m it wanted at the IPO, and did it hard with only one other capital raising ($2m placement) to get to where it is today - scale and profitable. What promises have you got BFW making? I am rather keen to know.

You should reference Plus SMS and Snakk and Veritas and SeaDragon with PEB in the same boat if you like but don't belittle those who actually get on with creating something with very little.

[Ggcc]

Big difference - BIG BIG difference - between the two.

PEB has gone through $200m of capital raising, one after another, all the while promising the sun and the moon - with bugger all to show. Not even close being profitable after spending over $200m!

BFW had to make do with raising $5m of the $15m it wanted at the IPO, and did it hard with only one other capital raising ($2m placement) to get to where it is today - scale and profitable. What promises have you got BFW making? I am rather keen to know.

You should reference Plus SMS and Snakk and Veritas and SeaDragon with PEB in the same boat if you like but don't belittle those who actually get on with creating something with very little.
Ok I hit a nerve referring BFW to PEB and I agree not very similar. I know you loath PEB and yes you are correct with how much PEB has lost and all the capital raised. I am more referring to the loss of share value. The promises not kept were told to me from a disgruntled shareholder I spoke to about 6 months. He felt let down. I am unfortunately still involved with PEB, luckily only a little

[Balance]

Ok I hit a nerve referring BFW to PEB and I agree not very similar. I know you loath PEB and yes you are correct with how much PEB has lost and all the capital raised. I am more referring to the loss of share value. The promises not kept were told to me from a disgruntled shareholder I spoke to about 6 months. He felt let down. I am unfortunately still involved with PEB, luckily only a little

If you hit a nerve, I would have responded with stronger language.

As you can see from my response, I actually tried to gently steer your attention to why PEB is a con-job of the highest order - gushing promises with no delivery.

[Balance]

https://www.nzx.com/announcements/330690

Another pig to the trough.

[Ggcc]

If you hit a nerve, I would have responded with stronger language.

As you can see from my response, I actually tried to gently steer your attention to why PEB is a con-job of the highest order - gushing promises with no delivery.

Always interested in your opinion, as I know I am not always correct, otherwise I would be a multimillionaire

[bull....]

yes she has good funds management experience , vitally important for nzx. as the whole of nz finance sector is only interested in milking the kiwisaver gravy train at the moment.

[Balance]

Always interested in your opinion, as I know I am not always correct, otherwise I would be a multimillionaire

Likewise.

Cheers!

[Lola]

https://www.nzx.com/announcements/330690

Another pig to the trough.

Oh oh , another lawyer

[peat]

Oh oh , another lawyer
and one already part of the elite crew
so unlikely to make any real difference otherwise she would have done it already in the six years from 2002-2008.

https://www.youtube.com/watch?v=fO1Z8ikSEPU
10323

[Balance]

and one already part of the elite crew
so unlikely to make any real difference otherwise she would have done it already in the six years from 2002-2008.



Anyone who lasted 6 years with Weldon is either a 'yes person' or useless.

It's that simple imo.

[Balance]

https://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=12207113

"Sharemarket operator NZX has been told to significantly cut costs or it will face another boardroom challenge from disgruntled shareholders."

101 staff paid over $100,000 a year. CEO paid over $800k a year.

For what? Taking the NZX backwards.

[bull....]

https://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=12207113

"Sharemarket operator NZX has been told to significantly cut costs or it will face another boardroom challenge from disgruntled shareholders."

101 staff paid over $100,000 a year. CEO paid over $800k a year.

For what? Taking the NZX backwards.

instead of cutting costs to feather ones own nest why dont they sack the board and look for people to grow the business. far better in the long run

[Sideshow Bob]

https://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=12207113

"Sharemarket operator NZX has been told to significantly cut costs or it will face another boardroom challenge from disgruntled shareholders."

101 staff paid over $100,000 a year. CEO paid over $800k a year.

For what? Taking the NZX backwards.

Incredible numbers for a company that size - over 100 staff on $100k+. Wowsers - what a gravy train.....

[Balance]

Incredible numbers for a company that size - over 100 staff on $100k+. Wowsers - what a gravy train.....

And for taking the company (a freaking monopoly at the end of the day) backwards in every way possible, the CEO gets $800k a year!

Wouldn't even pay him $350k for a job running a monopoly down!

[Food4Thought]

And for taking the company (a freaking monopoly at the end of the day) backwards in every way possible, the CEO gets $800k a year!

Wouldn't even pay him $350k for a job running a monopoly down!

Yup, deserve a serious review. I'm a little invested in NZX. Not done well at all. Wanted to own a part of a well run kiwi owned firm. Needs a refresh IMO.

A lot of room for growth and cost saving. It's normal part of business cycle. Adapt or be replaced. Some quick changes will show they are interested in long term success.

I don't want the NZX to be one of my share ex's...

[couta1]

Incredible numbers for a company that size - over 100 staff on $100k+. Wowsers - what a gravy train..... Top heavy with Troughers like Air NZ, compare this with the average retirement village managers salary of 80-90k for example to see who the real workers are.PS-No wonder we are paying so much for brokerage compared to overseas.

[Balance]

http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/NZX/331420/296159.pdf

And these are the 'bright' lights to steer NZ capital markets into a bright future.

Unfortunately, a few on the Committee are already blown bulbs (ex-NZX director eg who supported Weldon's gross mismanagement and pillage of NZX) so already is a clear waste of time.

Back to the future, folks!

[Lola]

http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/NZX/331420/296159.pdf

And these are the 'bright' lights to steer NZ capital markets into a bright future.

Unfortunately, a few on the Committee are already blown bulbs (ex-NZX director eg who supported Weldon's gross mismanagement and pillage of NZX) so already is a clear waste of time.

Back to the future, folks!

Interesting group. Im wondering why theyd appoint someone who helped write a report about the NZX/ NZ capital markets recently which had in the conclusion no answers to the malaise nor couldnt offer any solutions; also why have a socialist as chair of a Capital Markets think tank? It makes it look like just another government working group. On a +ve note though Im pleased to see the young Jimmy Lee in the mixture. His proud old man will be a constant source of worthy ideas to chuck in to the meetings...thats if they have more than one.

[peat]

Interesting group. Im wondering why theyd appoint someone who helped write a report about the NZX/ NZ capital markets recently which had in the conclusion no answers to the malaise nor couldnt offer any solutions;

A very good question!

Paying someone twice so they think harder?

[bull....]

terrible metrics again declining value and volume of on market trading.

[Balance]

terrible metrics again declining value and volume of on market trading.

Ah, but the highly paid executives (101 on over $100k a year & CEO on over $800k) & directors have it all figured out - another study to be commissioned which should stretch out their turn at the monopolistic money trough for at least another 5 years.

NZX is the classic case of a monopoly being screwed by a few for their own benefit at the expense of everybody else - in this case, NZ Inc.

[bull....]

Ah, but the highly paid executives (101 on over $100k a year & CEO on over $800k) & directors have it all figured out - another study to be commissioned which should stretch out their turn at the monopolistic money trough for at least another 5 years.

NZX is the classic case of a monopoly being screwed by a few for their own benefit at the expense of everybody else - in this case, NZ Inc.

lol and i see the nz s/h assoc saying they dont even have any retail input into there working grp

http://www.scoop.co.nz/stories/BU1903/S00106/nzsa-surprised-at-no-retail-reps-on-nzx-review-committee.htm

[Balance]

lol and i see the nz s/h assoc saying they dont even have any retail input into there working grp

http://www.scoop.co.nz/stories/BU1903/S00106/nzsa-surprised-at-no-retail-reps-on-nzx-review-committee.htm

How dare the peasant class investors think they can have a say (any say) in the destruction of NZ's capital markets and the NZX!

Don't they know by now that they are only good for being stuffees of IPOs like Feltex, Wynyard, CBL, Intueri, Credit Sails, Metro Glass, Evolve Education ...?

Good IPOs are strictly for the ruling class.

PS. Intentional mention - the stuffees IPOs were all from Forbar whose representative, one Paviour Smithy, sat on the NZX Board while Weldon & Board systematically mismanaged with his 'my way or highway' style, increase fees excessively and basically, looted NZX's future.

[bull....]

How dare the peasant class investors think they can have a say (any say) in the destruction of NZ's capital markets and the NZX!

Don't they know by now that they are only good for being stuffees of IPOs like Feltex, Wynyard, CBL, Intueri, Credit Sails, Metro Glass, Evolve Education ...?

Good IPOs are strictly for the ruling class.

PS. Intentional mention - the stuffees IPOs were all from Forbar whose representative, one Paviour Smithy, sat on the Board while Weldon & Board systematically looted NZX's future.

how true it is very difficult to get a decent amount of stock in a good priced ipo , not that its a problem at the moment cause there are not any lol

[Balance]

how true it is very difficult to get a decent amount of stock in a good priced ipo , not that its a problem at the moment cause there are not any lol

As one of ex-colleagues in the funds management industry used to say : "Retail investors are guaranteed all the stock they want in a bad IPO like Feltex and also guaranteed zero stock in hot IPOs like Trade Me or Z Energy".

Heads they win, tails you lose.

[Lola]

As one of ex-colleagues in the funds management industry used to say : "Retail investors are guaranteed all the stock they want in a bad IPO like Feltex and also guaranteed zero stock in hot IPOs like Trade Me or Z Energy".

Heads they win, tails you lose.

Damn good point .....and very true. I would hope (but wont hold my breath) that the newly appointed group of "experts" to the 2029 Capital Markets Brain storming think tank will address. On reflection no chance because of the self interests they will mostly all bend over to preserve.

[Balance]

https://www.finnewsnetwork.com.au/archives/finance_news_network222367.html

Orion Health, Methven, Trade Me, RBD - so far this year.

And what is NZX doing?

Nothing but NZX directors and management (101 on salaries of over $100k) hang in there with another report on how to revitalize the NZX!

[Lola]

https://www.finnewsnetwork.com.au/archives/finance_news_network222367.html

Orion Health, Methven, Trade Me, RBD - so far this year.

And what is NZX doing?

Nothing but NZX directors and management (101 on salaries of over $100k) hang in there with another report on how to revitalize the NZX!

Good riddence to this latest one. But dont loose the faith, NZX are very engrossed in adding up their income from fining their customers for all manner of trivial misdameanours. They need to fund the Fay Richwhite lectures remember. Sooner the FMA steps in and takes over ALL matter regulatory the sooner NZX will start being useful (perhaps).

[bull....]

activist buying more shares , not happy with the s/h assoc now too

https://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=12218838

[Balance]

activist buying more shares , not happy with the s/h assoc now too

https://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=12218838

Pay some attention to the S/H Association and they will be right as rain on a cold day.

Joke.

[Balance]

https://www.nzx.com/announcements/333025

Just watched part of the NZX AGM.

The most pathetic and uninspiring addresses & presentations from the 'pigs' snouts in the troughs' bunch of directors and executives I have seen in a long time.

The Chairman muttered and stuttered his way through the meeting and went through the same pathetic nonsensical excuses (exciting, platform laid for strong growth etc etc) as the NZX has been articulating for the last 5 years!

Napier Port partial listing is a highlight? Oh wow! :t_down:

What happened to the tie-up with Nasdaq, Singapore & HK stock exchanges? Were the visits by all the board members and executives the highlight of the year for them? :laugh:

How about the 101 executives on more than $100k a year?

[Balance]

https://www.stuff.co.nz/business/112179838/reviving-the-nzx-a-tough-but-worthy-task#comments

Answer : leave it to the NZX to continue to stuff the NZ stock market up.

Meanwhile, Kiwis are already using the power of the internet to access research, analysis, information and invest in overseas markets.

Seriously, who needs the declining NZX under its current guise - same old tired self-serving faces on the Board and management with the singular purpose of enriching themselves. :t_down:

No word on the great opportunity with the Nasdaq yet, I see, after the big expensive trip by all the directors and management last year. :t_down:

[Balance]

https://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=12225542

Brian Gaynor : "The NZX is caught in no man's land because activist shareholders want it to reduce costs while the exchange needs to take a more aggressive marketing approach towards new listing. That will require resources and capital with no immediate material payback."

Answer : Bring back McKinsey-bred-wunderkid Weldon, the blue eye CEO who cushioned his retirement nest with the plucked feathers of the goose which was laying golden eggs.

What a wasted and buggered cause NZX is now.

[GTM 3442]

The "X" part of NZX is something which a coding class at the Dargaville Institute of Technology (or similar) should be able to set up as a single-term project.

"Compliance" and regulation is a little more difficult, but a dozen modestly-paid anti-capitalist socialist activists with suitably chipped shoulders should be able to cope pretty d*mn well after a year or so's learning curve.

Both could be folded into the FMA or similar without too much organizational difficulty

Which leaves a small funds management company.

[Balance]

The "X" part of NZX is something which a coding class at the Dargaville Institute of Technology (or similar) should be able to set up as a single-term project.

"Compliance" and regulation is a little more difficult, but a dozen modestly-paid anti-capitalist socialist activists with suitably chipped shoulders should be able to cope pretty d*mn well after a year or so's learning curve.

Both could be folded into the FMA or similar without too much organizational difficulty

Which leaves a small funds management company.

Precisely the point, GTM3442.

NZX survives by virtue of its monopoly status - and proving year by year that it is one hell of an inefficient, ineffective, incompetent and fee gouging monopoly at that.

The harm and damage the useless directors and management are doing to NZ capital markets and in turn, economy are growing day by day as the NZX shows itself incapable of fulfilling one of its most basic roles - promoting IPOs and faciiltating the flow of risk capital into businesses.

[Balance]

http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/NZX/333750/298893.pdf

Takes NZX 74 pages to tell a simple story - they are a failure.

Trying to use big words and big numbers to bluff their way through.

Best examples :

Page 9 - $9.5 billion total capital raised in 2018. Real number - ZERO real IPO.

Page 11 - Using NZK to show benefits of listing. That was 2016!

[Jaa]

The "X" part of NZX is something which a coding class at the Dargaville Institute of Technology (or similar) should be able to set up as a single-term project.

"Compliance" and regulation is a little more difficult, but a dozen modestly-paid anti-capitalist socialist activists with suitably chipped shoulders should be able to cope pretty d*mn well after a year or so's learning curve.

Both could be folded into the FMA or similar without too much organizational difficulty

Which leaves a small funds management company.

Interesting, do you think allowing more markets with different models and lower costs would encourage more IPOs?

Punakaikai Fund run a secondary auction by email a few times a year to provide liquidity for their investors, which works well.

Maybe the crowdfunding companies like Snowball Effect could become exchanges?

[bull....]

ASX's 'Pacific Nasdaq' push
aiming to be the nasdaq of the pacific

https://www.afr.com/technology/technology-companies/israeli-assault-under-way-in-asx-s-pacific-nasdaq-push-20190524-p51r0p

[Food4Thought]

ASX's 'Pacific Nasdaq' push
aiming to be the nasdaq of the pacific

https://www.afr.com/technology/technology-companies/israeli-assault-under-way-in-asx-s-pacific-nasdaq-push-20190524-p51r0p

I hope NZ keeps their own exchange. I like NZ companies, managed and looked after by kiwis... Don't starve the "kiwi" that lays the golden eggs.

Ownership of NZ companies by NZers... that's one thing I value and see delivering long term options for New Zealand... not selling out everything to overseas owners.

Disc. Holding

[Hectorplains]

https://www.stuff.co.nz/business/113252875/shares-going-sideways-mounting-pressure-from-shareholders-where-next-for-the-nzx#comments

Even Stuff can see the problem...

[bull....]

good range of new etf ' released today

[Balance]

I hope NZ keeps their own exchange. I like NZ companies, managed and looked after by kiwis... Don't starve the "kiwi" that lays the golden eggs.

Ownership of NZ companies by NZers... that's one thing I value and see delivering long term options for New Zealand... not selling out everything to overseas owners.

Disc. Holding

And what do you call Xero decamping and soon, ATM?

To be replaced by this unadulterated rubbish - Cannasouth - https://cmpartners.co.nz/cannasouth-lodges-pds-for-public-listing/

Seems like the NZX executives and directors have taken to smoking something which is giving them 'highs' of how wonderful a job they are doing! I actually received an email from NZX inviting me to consider smoking the weed*!






* invest in the company!

[Balance]

To be replaced by this unadulterated rubbish - Cannasouth - https://cmpartners.co.nz/cannasouth-lodges-pds-for-public-listing/

Seems like the NZX executives and directors have taken to smoking something which is giving them 'highs' of how wonderful a job they are doing! I actually received an email from NZX inviting me to consider smoking the weed*!

* invest in the company!

And the unadulterated rubbish has listed!

https://www.newshub.co.nz/home/money...n-the-nzx.html

No wonder the NZX got so excited - the company aims to be a world leader.

Looking forward to the many congratulatory photos of the NZX welcoming its first IPO since forever.

Calling MARK PETERSON & JAMES MILLER! Where are you both????????

[SilverBack]

Went to a NZX function recently. They served MOA. NZX officer was quick to say that MOA is another successful NZX listing. I then pointed out that it has only declared losses since listing and sells well under its issue price. Said officer quickly moved on to another attendee.

[Balance]

Went to a NZX function recently. They served MOA. NZX officer was quick to say that MOA is another successful NZX listing. I then pointed out that it has only declared losses since listing and sells well under its issue price. Said officer quickly moved on to another attendee.

Delusional fools led by their great leader Peterson who must have used some of CannaSouth products : "We're in good shape," he said.

https://www.tvnz.co.nz/one-news/business/nz-based-medicinal-cannabis-company-cannasouth-has-soft-stock-exchange-debut

[whome]

A question. Should we as shareholders be considering the fate of companies listed solely on NZX if NZX goes bust. Can this actually happen or is NZX protected by some legal statute. How big a risk is this?

[777]

It's only a place to trade shares.

[peat]

It's only a place to trade shares.

We could use trade me ! (not serious, but making a point)

Its real sad its getting to this. Totally wondering how they'll get through a bear market.
LT investors don't care so much but yeh liquidity is a risk.

Actually we could use trade me, couldn't we.

[percy]

Piece of Cake.
Listed companies just transfer to Unlisted.

[Balance]

Cannasouth IPO - listing day.

NZX CEO living up to the Mark Weldon creed for survival (& making heaps of money for himself) - when there's bad news, dis-associate yourself as fast and as quickly as you can.

Exhibit one :

https://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=12241965

Publicity photo shows the cannabis-induced directors ringing the bell (& oops - down she went!).

Exhibit 2 :

http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/CBD/336688/302469.pdf

Page 17 shows the real PR publicity IPO listing photo - notice the difference?

Yes, CEO decided not to show his face (& million dollar salary) because CBD sank beneath the IPO price so PR firm must have edited the release to put in the 'appropriate' photo. :t_down:

[Balance]

https://www.stuff.co.nz/business/money/114007349/budget-buster-how-cannasouth-made-a-hash-of-its-ipo

Excerpt : "This is another sign that the NZX is in crisis. Any half-decent local company is listing over in Australia these days, or the US. The drought is over, sure. But we've replaced tumbleweeds with tumbling weed.

Shame on the NZX, so thirsty for new listings that it was willing to let this happen. Shame on the promoters, who made a profit on the back of inexperienced investors. And if you get fooled into investing in the next bum IPO, shame on you."

Big fat NZX cats - completely and utterly useless.

[Timesurfer]

Pretty fair summary.

[johndoe123]

Sharesies must be testing their individual stock trading. AIR.NZ this morning - 2 trades, 12 shares, $33 total value. At least will provide the NZX some more fee revenue from inexperienced investors!

10668

[Timesurfer]

Sharesies must be testing their individual stock trading. AIR.NZ this morning - 2 trades, 12 shares, $33 total value. At least will provide the NZX some more fee revenue from inexperienced investors!


The sp has to go to about $7 to break even on exit?
At least they get to feel the rush of being in the game without losing the house?

[peat]

Sharesies must be testing their individual stock trading. AIR.NZ this morning - 2 trades, 12 shares, $33 total value. At least will provide the NZX some more fee revenue from inexperienced investors!

10668

It could be Sharesies - i.e. its possible, but there are often small trades on the exchange, people say its 'the bots' . I don't know how anyone finds it economical to trade such low volumes if they are paying brokerage fees but maybe its just a broker accumulating for a much larger order.

[justakiwi]

It could well be Sharesies. They announced they would be testing over the next week or so prior to launching their new option to invest in individual companies. No brokerage fees. Just a transaction fee, which for purchases up to $3000 is only 0.5% so the fee on tiny trades like these is very small. Great opportunity for small investors like me to expand our investment options at a significantly lower price than using a broker.


It could be Sharesies - i.e. its possible, but there are often small trades on the exchange, people say its 'the bots' . I don't know how anyone finds it economical to trade such low volumes if they are paying brokerage fees but maybe its just a broker accumulating for a much larger order.

[RGR367]

It could well be Sharesies. They announced they would be testing over the next week or so prior to launching their new option to invest in individual companies. No brokerage fees. Just a transaction fee, which for purchases up to $3000 is only 0.5% so the fee on tiny trades like these is very small. Great opportunity for small investors like me to expand our investment options at a significantly lower price than using a broker.

How is that cheaper?

[mfd]

How is that cheaper?

A 100 dollar trade will only cost 50 cents rather than 15 bucks with ASB. Trades over 3000 will cost 0.1%, so a 5000 dollar trade will cost 5 dollars rather than 30 with ASB. Good to see some useful competition arriving.

Edit : data source https://www.interest.co.nz/personal-finance/100327/jen%C3%A9e-tibshraeny-compares-investment-platforms-sharesies-invest-now-and

[justakiwi]

It is cheaper for people who want to invest small amounts on a regular basis. I can invest $10 via Sharesies for $10.05. If I were to buy via ASB Securities for example, it would cost me $30 in brokerage fees. It’s not feasible to place small orders via a broker.

If I invested $3000 via Sharesies cost would only be $15 - half of what it would be via a broker.

It means that small investors like me can get get started on building a portfolio easily and much faster than I could if I had to wait to accumulate enough funds to make it worthwhile going through a broker and paying $30 a trade. I’m not suggesting it is cheaper for those of you investing millions ;)

NOTE: I assume it is still $30 - haven’t invested via a broker for years.


How is that cheaper?

[silverblizzard888]

A 100 dollar trade will only cost 50 cents rather than 15 bucks with ASB. Trades over 3000 will cost 0.1%, so a 5000 dollar trade will cost 5 dollars rather than 30 with ASB. Good to see some useful competition arriving.

Edit : data source https://www.interest.co.nz/personal-finance/100327/jen%C3%A9e-tibshraeny-compares-investment-platforms-sharesies-invest-now-and

Actually based on what the article says, 0.1% is for any amount over $3000, but that is after adding the 0.5% on the $3000 on top.

A $5000 trade would actually cost $17 ($15 for the first $3000+ $2 for the last $2000), but still cheaper than current brokerage that we all pay in nz.

There is also the subscription fee of $30 a year or $3 a month, so for anyone not considering more than at least three trades it might not be that cheap.

[mfd]

Actually based on what the article says, 0.1% is for any amount over $3000, but that is after adding the 0.5% on the $3000 on top.

A $5000 trade would actually cost $17 ($15 for the first $3000+ $2 for the last $2000), but still cheaper than current brokerage that we all pay in nz.

There is also the subscription fee of $30 a year or $3 a month, so for anyone not considering more than at least three trades it might not be that cheap.

Your absolutely right, not quite so good for medium sized parcels as I made out. Still, a step in the right direction, and I expect the subscription would be worth paying for many, although it will take a bit of case by case maths. For those making small regular contributions, auto transfer every payday or whatever, it will allow them to dribble into the market without having to wait around for workable sums of money, and allow more diversification.

[Timesurfer]

I suppose competition and options are good even if not a game changer.
More regular smaller trades might breathe some life into some stocks - alternately, smaller holders might be a lot more jumpy and add to the panic sellling and over cooked buying, which will please the circling bigger fish.

[bull....]

so asb is the most expensive of the discount brokers ie asb , direct , shareises?

[justakiwi]

I don’t think this will be the case. For me, and a few others I know who are using Sharesies, we are looking at building a long term investment with a focus on building a small portfolio, watching and monitoring, but with no intention of selling - at least not for the foreseeable future. The auto-invest option is also a positive. Those of us who can only drip feed in small amounts of money at regular intervals, can take advantage of some dollar cost averaging and resist any urge to try to time/beat the market.

Time will tell, but right now Sharesies is working for me and has got me back into the market,after many years of falsely believing I didn’t have enough money to start investing again. I am kicking myself for that ignorance.


... alternately, smaller holders might be a lot more jumpy and add to the panic sellling and over cooked buying, which will please the circling bigger fish.

[Timesurfer]

Time will tell, but right now Sharesies is working for me and has got me back into the market,after many years of falsely believing I didn’t have enough money to start investing again. I am kicking myself for that ignorance.

Having only relatively recently started investing myself after being burnt by a con artist some years earlier I hear what you are saying.

[Balance]

https://www.stuff.co.nz/business/114555844/eric-watson-named-in-fbi-search-warrant-documents-in-relation-to-insider-trading-case

A good read about the FBI after 'pump & dump' scheme - Excerpt : " FBI special agent Stephanie Schuld writes: "On November 3, 2017, Watson sent the following message, which based on my training and experience and other evidence obtained in this case, I believe refers to common aspects of a pump-and-dump campaign - specifically the "pump" which often includes the coordinated use (of) promotions, calls, rooms, and corporate news releases - surrounding LTEA (Long Island Iced Tea)."

Isn't it great to know that in NZ, the FMA & NZX are asleep at the wheels?

[Balance]

https://qz.com/1659246/the-fbi-wants-more-information-about-long-blockchain/

"Anytime there’s a new technology like blockchain, and there’s any kind of mania around it, this is what the fraudsters take advantage of.”

"a so-called “pump-and-dump” scheme, according to the search warrant document. The way these scams typically work is that promoters buy a cheap stock, start hyping it to investors with eye-catching claims, then sell their own holdings during the resulting mania, hopefully securing a profit before the stock comes crashing down.


Getting the picture, NZX & FMA?

[Tronald Dump]

Are you suggesting NZX and the FMA should be monitoring what happens to NASDAQ listed stocks and getting access to encrypted messages about them, just because Eric Watson is involved? What exactly does a US listed stock have to do with any NZ regulator or market operator??

[Balance]

"a so-called “pump-and-dump” scheme, according to the search warrant document. The way these scams typically work is that promoters buy a cheap stock, start hyping it to investors with eye-catching claims, then sell their own holdings during the resulting mania, hopefully securing a profit before the stock comes crashing down.

Getting the picture, NZX & FMA?

https://www.nzx.com/announcements/338291

Guess the FMA & NZX are still asleep at the wheels.

[Tronald Dump]

https://www.nzx.com/announcements/338291

Guess the FMA & NZX are still asleep at the wheels.

Companies go bust all the time, in all markets. That's capitalism. The NZX's job is to provide a marketplace where investors with a view on a given company can express that view by buying or selling. The FMA's job is to ensure issuers meet their regulatory requirements. It is not the job of a regulator or market operator to take a view on a company's future prospects, or to prevent companies failing.

[Balance]

Companies go bust all the time, in all markets. That's capitalism. The NZX's job is to provide a marketplace where investors with a view on a given company can express that view by buying or selling. The FMA's job is to ensure issuers meet their regulatory requirements. It is not the job of a regulator or market operator to take a view on a company's future prospects, or to prevent companies failing.

Bravo!

So says a supporter of the failing NZX.

Same sort of attitude which has seen NZX gone backwards while all other exchanges are going forward in leaps and bounds.

[Tronald Dump]

Bravo!

So says a supporter of the failing NZX.

Same sort of attitude which has seen NZX gone backwards while all other exchanges are going forward in leaps and bounds.

Gone backwards? The NZX share price is up 21.5% this year to date. Maybe some informed investors know a bit more than you?

Here's some stats for you:

Number of listed companies on the US stock market in 1996: 8060
Number of listed companies on the US stock market in 2018: 4397

Number of listed companies on the UK stock market in 2006: 2913
Number of listed companies on the UK stock market in 2018: 2483

Number of listed companies on the German stock market in 2007: 761
Number of listed companies on the German stock market in 2018: 465

Number of listed companies on the French stock market in 2000: 1185
Number of listed companies on the French stock market in 2018: 457

So clearly when you say "all other exchanges are going forward in leaps and bounds" you must have forgotten NYSE, LSE, Deutsche Bourse and Euronext. Only around 70% of global market cap. Easy mistake to make I guess.

[Balance]

Gone backwards? The NZX share price is up 21.5% this year to date. Maybe some informed investors know a bit more than you?


Don't even try using selective stats (like Mark 'loser' Weldon used to) on us, TD.

NZX has gone backwards 6.3% in the last 5 years while nearest neighbour ASX has risen 147.94%.

Telling, isn't it that you try using a pathetic YTD number to justify what a pathetic exchange the NZX is.

[Tronald Dump]

Try market cap, my dear NZX backwards for 5 years.

The market cap has risen a lot this year and the share price shows investors are taking a lot more interest in the stock. Who cares what happened 5 years ago? Different management, different strategy. It's about whether this company is going well today and is executing on its growth strategy. Clearly investors like ACC think so, since they recently became a substantial holder.

But you started all this claiming it's somehow the NZX and FMA's fault if a company fails and delists, by which measure almost all major stock markets are failing a lot worse. At the end of the day, you don't have to own the stock so why expend so much energy slagging the company off? Just go and find some companies you do like. And do try not to call people 'my dear'. It doesn't reflect well on you.

[Balance]

The market cap has risen a lot this year and the share price shows investors are taking a lot more interest in the stock. Who cares what happened 5 years ago? Different management, different strategy. It's about whether this company is going well today and is executing on its growth strategy. Clearly investors like ACC think so, since they recently became a substantial holder.

But you started all this claiming it's somehow the NZX and FMA's fault if a company fails and delists, by which measure almost all major stock markets are failing a lot worse. At the end of the day, you don't have to own the stock so why expend so much energy slagging the company off? Just go and find some companies you do like. And do try not to call people 'my dear'. It doesn't reflect well on you.

Same type of calibre (low) management, same tired and failed strategy.

NZX today is no different from the NZX under Mark Weldon - only the PR spin has changed as only one thing matters and that is the feather nesting for the directors & executives.

As for NZX putting on a rise, try 46.6% rise on ASX sp YTD if you want a real comparison. Go back a year and what has the NZX sp done?

NZX sp will fall back soon enough when reality hits - the likes of ATM will migrate soon enough just as XRO, Nufarm, Lion etc have over the years to a real market.

And do ask yourself - what has NZX been able to attract and replace XRO and TradeMe with? CannaSouth! :D

Yes, CannaSouth & a few more backdoor jobs - how more pathetic can that be!

NZX - depository of failures & losers. Be a big joke but for the fact that NZ as a country loses because of these pathetic losers.

[Balance]

There is nothing so pathetic and pitiful than to watch NZ's biggest listed stock, ATM trading 100% to the tune of the ASX.

Notice how nothing basically happens with ATM until the ASX starts trading?

Then, watch the one way flow of ATM stock from NZX to ASX - just as it did with XRO.

And there are some here who actually think that the directors and management of NZX are doing a great job! :t_down:

[Balance]

http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/NZX/338999/305179.pdf

Continuing to delude themselves and they actually think they can hoodwink the market!

"Key financial results:

•Total operating earnings from continuing operations of $14.4 million are 4.3% higher than 2018;

•Net profit after tax of $6.4 million** is 45.8% higher than 2018."

Actually, NPAT is down 7.2% as expenses continue to catch up on the years of the fat cats licking off all the monopolistic cream while mismanaging the exchange and company.

BRING BACK WELDON!

[Balance]

NBR coverage :

"NZX welcomes 'pleasing' half year results. Bottom line improves but income from share trading drags."

So much for the Authority - pathetic coverage of the results as bottom line actually went backwards.

[Blue Horseshoe]

Someone tripped on the power cord

[t.rexjr]

Someone tripped on the power cord

UPDATE FROM NZX:
Due to system issues, the opening of the NZX Main Board, NZX Debt Market, Fonterra Shareholders’ Market and NZX Derivatives Market has been delayed. Further information will be provided shortly.

[sb9]

UPDATE FROM NZX:
Due to system issues, the opening of the NZX Main Board, NZX Debt Market, Fonterra Shareholders’ Market and NZX Derivatives Market has been delayed. Further information will be provided shortly.

Update: NZX main board expected to open at 12.45pm.

[couta1]

Update: NZX main board expected to open at 12.45pm.
Haha do they get their pay docked for only working half a day?

[sb9]

Haha do they get their pay docked for only working half a day?

Lol, would've thought they extend trading bit further to make up lost time.

[Toulouse - Luzern]

Too much Melbourne Cup?

[Yoda]

What a load of muppets..... can you imagine if that happens to the New York Stock Exchange or even the ASX. It's a good job we don't reallymatter.
Emergency department dot-dot-dot
help I have broken my leg dot-dot-dot sorry you'll have to wait 4 hours dot-dot-dot
Haha...oops we already say that...��

[winner69]

Lol, would've thought they extend trading bit further to make up lost time.

Volume and activity so pathetic on NZX they only need to open for a few hours everyday in the first place,

11am to 3pm would suffice.

[Independent Observer AUNZ]

Volume and activity so pathetic on NZX they only need to open for a few hours everyday in the first place,

11am to 3pm would suffice.

It would be a shame for NZ, but a merger with ASX eventually seems inevitable.

[stoploss]

Volume and activity so pathetic on NZX they only need to open for a few hours everyday in the first place,

11am to 3pm would suffice.

With a couple of hours off for lunch of course :)

[44wishlists]

With a couple of hours off for lunch of course :)

And don't forget their afternoon tea break, as well as the time loading up Internet Explorer on their Window XP

[bull....]

no wonder sharesis is having a big impact on volumes on the nzx its brokerage is cheapest out there.

Sharesies charges significantly less than other DIY broking platforms, with no minimum charge and a 0.5 percent fee for orders up to $3,000, and 0.1 percent above that. On the average value traded, that would be a $1.10 broking fee compared to the $15 that the likes of ASB Securities would charge or direct broking

http://www.sharechat.co.nz/article/48d693c5/sharesies-adds-another-tailwind-to-surging-nzx-volumes.html

[dagdaniel1]

no wonder sharesis is having a big impact on volumes on the nzx its brokerage is cheapest out there.

Sharesies charges significantly less than other DIY broking platforms, with no minimum charge and a 0.5 percent fee for orders up to $3,000, and 0.1 percent above that. On the average value traded, that would be a $1.10 broking fee compared to the $15 that the likes of ASB Securities would charge or direct broking

http://www.sharechat.co.nz/article/48d693c5/sharesies-adds-another-tailwind-to-surging-nzx-volumes.html


Mmm, sounds like the other brokers could look at lowering their fees

[oldtech]

Mmm, sounds like the other brokers could look at lowering their fees

Occasionally I receive a survey from ASB who I use, and I suggest this every time ... trying my best ;)

[sb9]

Occasionally I receive a survey from ASB who I use, and I suggest this every time ... trying my best ;)

I tried to negotiate a better fee deal with them few weeks back (they do get a decent business out me annually), but they wouldn't corm to the party. Too bad have taken away my broking elsewhere.

[bull....]

i used to do all my aus stock trades thru nz brokers but now do all asx trades thru asx brokers at .1%. saves me a heap of money

[RTM]

Sharesie…..can't recall....do you actually hold the shares yourself like Direct Broking ? Or is it custodial ?
I'm still suffering from my ongoing experience with Halifax. Once bitten...….well....I'll just keep paying my $30 and change.
I'm not a trader so its not a train smash in the context of things.

[oldtech]

Sharesie…..can't recall....do you actually hold the shares yourself like Direct Broking ? Or is it custodial ?

From what I read it's custodial ... which doesn't appeal to me either.

https://www.sharesies.nz/how-it-works

"We use Sharesies Nominee Limited to hold your money and investments on bare trust for you. Sharesies Nominee is separate from the daily business operations of Sharesies Limited. This means your money is held separately to the money Sharesies Limited uses to pay staff, and buy office stuff, like stationery and coffee."

[bull....]

not a big fan of custodial either

[dagdaniel1]

I tried to negotiate a better fee deal with them few weeks back (they do get a decent business out me annually), but they wouldn't corm to the party. Too bad have taken away my broking elsewhere.

I tried the same thing, just got a notification that I've been with my new broker for a year today

[RTM]

From what I read it's custodial ... which doesn't appeal to me either.

https://www.sharesies.nz/how-it-works

"We use Sharesies Nominee Limited to hold your money and investments on bare trust for you. Sharesies Nominee is separate from the daily business operations of Sharesies Limited. This means your money is held separately to the money Sharesies Limited uses to pay staff, and buy office stuff, like stationery and coffee."

Thanks Oldtech & Bull.
I'll stay with DB for now.

[Drew95]

Not sure if this is the correct thread. Anyways. I invest directly in the market with my own funds. But I need to invest some money on behalf, and am wondering if anyone has some suggestions regarding Fund Managers. My preference ATM is Milford. But I see that MSL Capital Markets seem to do OK? (but I don't seem to be able to track down their website??? Which seems strange?) Any other suggestions and recommendations would be appreciated. This will be a longer term investment, so happy to be toward the riskier end. Thanks in advance for your assistance.

[RTM]

Not sure if this is the correct thread. Anyways. I invest directly in the market with my own funds. But I need to invest some money on behalf, and am wondering if anyone has some suggestions regarding Fund Managers. My preference ATM is Milford. But I see that MSL Capital Markets seem to do OK? (but I don't seem to be able to track down their website??? Which seems strange?) Any other suggestions and recommendations would be appreciated. This will be a longer term investment, so happy to be toward the riskier end. Thanks in advance for your assistance.

I’ve got friends and family with Milford. All happy.

[Balance]

Not sure if this is the correct thread. Anyways. I invest directly in the market with my own funds. But I need to invest some money on behalf, and am wondering if anyone has some suggestions regarding Fund Managers. My preference ATM is Milford. But I see that MSL Capital Markets seem to do OK? (but I don't seem to be able to track down their website??? Which seems strange?) Any other suggestions and recommendations would be appreciated. This will be a longer term investment, so happy to be toward the riskier end. Thanks in advance for your assistance.

Everything into PEB, Drew95.

It is going to be a 10 bagger this year, I heard. :p

[Balance]

Not sure if this is the correct thread. Anyways. I invest directly in the market with my own funds. But I need to invest some money on behalf, and am wondering if anyone has some suggestions regarding Fund Managers. My preference ATM is Milford. But I see that MSL Capital Markets seem to do OK? (but I don't seem to be able to track down their website??? Which seems strange?) Any other suggestions and recommendations would be appreciated. This will be a longer term investment, so happy to be toward the riskier end. Thanks in advance for your assistance.

Milford is a good option.

MSL? Who the hell are they?

[Ggcc]

Everything into PEB, Drew95.


It is going to be a 10 bagger this year, I heard. :p
You with your great advice!!!!

[Balance]

You with your great advice!!!!

Drew95 has been and is still a big believer of PEB so it’s not great advice from me!

[Timesurfer]

PEB could potentially be regarded as “toward the riskier end”

[Jaa]

Not sure if this is the correct thread. Anyways. I invest directly in the market with my own funds. But I need to invest some money on behalf, and am wondering if anyone has some suggestions regarding Fund Managers. My preference ATM is Milford. But I see that MSL Capital Markets seem to do OK? (but I don't seem to be able to track down their website??? Which seems strange?) Any other suggestions and recommendations would be appreciated. This will be a longer term investment, so happy to be toward the riskier end. Thanks in advance for your assistance.

Safest option would be NZ and international ETF funds on the NZX offered by NZX owned Smartshares.

For active management funds consider PIE Funds for small NZ/Aus companies and Punakaiki Fund for venture capital like exposure to a range of fast growing companies.

Regarding Milford, you might like to read this:
Milford Asset Management to pay $1.5 million following FMA investigation (https://www.fma.govt.nz/news-and-resources/media-releases/milford-asset-management-to-pay-1-5-million-following-fma-investigation/)

[stoploss]

Safest option would be NZ and international ETF funds on the NZX offered by NZX owned Smartshares.

For active management funds consider PIE Funds for small NZ/Aus companies and Punakaiki Fund for venture capital like exposure to a range of fast growing companies.

Regarding Milford, you might like to read this:
Milford Asset Management to pay $1.5 million following FMA investigation (https://www.fma.govt.nz/news-and-resources/media-releases/milford-asset-management-to-pay-1-5-million-following-fma-investigation/)
That’s a bit of a low blow Jaa imo .
Who do you bank with ? If you are part of the 90 odd % in NZ good chance the parent bank has paid 100’s of millions in fines over the past few years.

[Jaa]

That’s a bit of a low blow Jaa imo .

Really? Name another NZ fund manager that has paid a similar fine in recent years?

A reminder of the facts of the case:


The judge declared that Warminger breached the Securities Market Act "by manipulating the market for shares in FPH on 27 May 2014 by increasing the offer quote and price for FPH shares and maintaining them at a higher level than otherwise would have been the case and also by entering a crossing for the sale of FPH shares which created a misleading appearance as the price of the crossing was influenced by his earlier trades".


Justice Venning also declared that Warminger breached that same law "by manipulating the market for shares in ATM on 9 July 2014 by increasing the offer quote and price for ATM shares and maintaining them at a higher level than otherwise would have been the case and has also created a misleading appearance as to the demand and/or price for ATM shares on the day".

https://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11811452

This was enough for me to move my money elsewhere as did the NZ Super Fund (https://www.interest.co.nz/kiwisaver/81200/milford-and-super-fund-part-ways-year-after-fund-suspended-milfords-281m-mandate).

Mark Warminger remained a shareholder of Milford Asset Management (http://app.companiesoffice.govt.nz/companies/app/ui/pages/companies/1427168/27558774/entityFilingRequirement?backurl=%2Fcompanies%2Fapp %2Fui%2Fpages%2Fcompanies%2F1427168%2Fdocuments) until 29 April 2019.

[stoploss]

Really? Name another NZ fund manager that has paid a similar fine in recent years?

A reminder of the facts of the case:





https://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11811452

This was enough for me to move my money elsewhere as did the NZ Super Fund (https://www.interest.co.nz/kiwisaver/81200/milford-and-super-fund-part-ways-year-after-fund-suspended-milfords-281m-mandate).

Mark Warminger remained a shareholder of Milford Asset Management (http://app.companiesoffice.govt.nz/companies/app/ui/pages/companies/1427168/27558774/entityFilingRequirement?backurl=%2Fcompanies%2Fapp %2Fui%2Fpages%2Fcompanies%2F1427168%2Fdocuments) until 29 April 2019.

So an Employee did something wrong and went before the court . My point is how many individuals in the major banks in Australia have faced action -but the banks have paid massive fines .
If someone at Bunnings gets convicted for fraud , would you stop shopping there ?

[Drew95]

Everything into PEB, Drew95.

It is going to be a 10 bagger this year, I heard. :p


You are correct - I do have some speculative investment in PEB. My own money. And money I can afford to lose.

What I am enquiring about is where to place some funds, that aren't mine, for long term investment, income not required.

Suggestions welcome. :)

[Drew95]

Milford is a good option.

MSL? Who the hell are they?


https://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=12294223

10938

[Timesurfer]

Milford KiwiSaver funds are consistently listed as the top performers, so whatever creative methods they employ seems to be paying off for their clients. I am happy with their results as far as KiwiSaver goes, although they aren’t aggressive enough for my retirement ambitions so I do my own risky investments!

[Tronald Dump]

So an Employee did something wrong and went before the court . My point is how many individuals in the major banks in Australia have faced action -but the banks have paid massive fines .
If someone at Bunnings gets convicted for fraud , would you stop shopping there ?

Warminger wasn’t just an ‘employee’. He was a shareholder and one of the most senior members of the investment team.

[Independent Observer AUNZ]

If someone at Bunnings gets convicted for fraud , would you stop shopping there ?

I'm not OP but if one of the most senior staff at Bunnings was found to be removing safety apparatus from a retail customer product for a financial benefit for Bunnings, then yes I probably would seriously consider whether I'd continue shopping there when Mitre 10 is just next door and has no such track record. That's a better analogy.

Not to say that this might not have been a one-off for Milford, but it is a fair piece of information to consider from a due diligence perspective as it indicates a failure in the organisation's ability to prevent this activity (either through compliance transactional controls or cultural behavioural controls).

[Independent Observer AUNZ]

Milford KiwiSaver funds are consistently listed as the top performers, so whatever creative methods they employ seems to be paying off for their clients. I am happy with their results as far as KiwiSaver goes, although they aren’t aggressive enough for my retirement ambitions so I do my own risky investments!

When "Creative methods" is fraud, I don't think any of us should be encouraging it... remember when someone is playing that game for their benefit someone else is being unfairly ripped off.

[Timesurfer]

My short time observing the NZX tells me that games are going on all the time. Small pools like this are easy to cause ripples in if you are a big fish.
My otherworld business dealings have taught me that there is corruption and those who will step all over anyone else to get where they think they are going so I just learn from my experience and get better at playing the game to avoid being one of the ones getting burnt.

[Sideshow Bob]

https://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=12294223

10938

5 of the 9 under-performed the index - surprise! Including FB once again.....

I note that Craigs have rolled the dice and gone put minimal effort. Got 4 out of 5 companies the same (high conviction) but the office lady said FPH couldn't do that performance again, and to chuck in FRE.

[Dlownz]

Just a easy question for someone here. We are so quick getting updates on anything this days so why is the nzx so slow with updates these days. Why is it not by the minute updates on their webpage as well as asn securities. Is there anything out there alot faster.

[stoploss]

Just a easy question for someone here. We are so quick getting updates on anything this days so why is the nzx so slow with updates these days. Why is it not by the minute updates on their webpage as well as asn securities. Is there anything out there alot faster.

Bloomberg ....

[dagdaniel1]

Anyone got any views on the results?

[horus1]

It looked a good result to me.Buying more on any weakness. Do they own Shareease.

[peat]

It looked a good result to me.Buying more on any weakness. Do they own Shareease.

EPS grew from 4.3 to 5.3 cps. But essentially the business is flatlining.
Current Price 1.45 - yes it has increased during the last year so TSR isn't too bad I guess
But PE = 27.4 - wow

I don't think there is any affiliation between NZX and Sharesies.

[Sideshow Bob]

It looked a good result to me.Buying more on any weakness. Do they own Shareease.

Trade Me biggest shareholder in Sharsies, but only 15%. Privately held.

https://app.companiesoffice.govt.nz/companies/app/ui/pages/companies/6234088/shareholdings

Only connection to NZX is Tim Bennett is on the list of shareholders!

[Tronald Dump]

It looked a good result to me.Buying more on any weakness. Do they own Shareease.

NZX owns Smartshares (ETFs) and SuperLife (Kiwisaver, corporate super, managed funds). Pretty big year for the Smartshares business, funds under management rose $1 billion (+35%). Also NZX Wealth Technologies just announced Craigs is shifting $20 billion onto their admin platform.

[Food4Thought]

Wonder how the bad news from the CoronaVirus influences the number of trades made and then the NZX.

Will have a look into previous years when news was causing sudden market movements. Did NZX perform below or above expectations?

[Jerry]

Wonder how the bad news from the CoronaVirus influences the number of trades made and then the NZX.

Will have a look into previous years when news was causing sudden market movements. Did NZX perform below or above expectations?

Any decision made, Food4 ?

[Jerry]

Shareclarity take: "2 mths into FY20 & the strong optg stats bode well. Increased mkt volatility as a result of the coronavirus & impact on co profits is evident, trade volumes +133% & value +28%. Forecasts lifted "
March 4th So volatility is NZX friend... evidently...

[Food4Thought]

Any decision made, Food4 ?


Shareclarity take: "2 mths into FY20 & the strong optg stats bode well. Increased mkt volatility as a result of the coronavirus & impact on co profits is evident, trade volumes +133% & value +28%. Forecasts lifted "
March 4th So volatility is NZX friend... evidently...

Would staff get a performance bonus because the markets gone into over drive on the sales front?

https://www.nzx.com/announcements/349807

[peat]

volume might spike, but in a real recession trading vols will likely deteriorate over time and the more so the more prolonged it is.

[JohnnyTheHorse]

Big congratulations to NZX for being able to run a closing auction on time today. Was a pretty smooth day, apart from them messing up many early trades across the board, resulting in brokers refusing to provide contract notes for trades executed.

[moimoi]

ATTN:NZX :(

Under continuous disclosure requirements, and as ludicrous as it sounds, as a simple courtesy to your customers :ohmy: are you going to provide ANY information as to why your platform is so severely struggling to perform.?

Could maybe even mention what are you doing about it.!?!

[nztx]

ATTN:NZX :(

Under continuous disclosure requirements, and as ludicrous as it sounds, as a simple courtesy to your customers :ohmy: are you going to provide ANY information as to why your platform is so severely struggling to perform.?

Could maybe even mention what are you doing about it.!?!


No problem -- Just bury the NZX Board with copious volumes of NZX & Other Funds on every sort of offering possible
(junk or otherwise which should have their own board anyway) to hide the obvious - the declining trail of any Real Worthwhile
New Listings of any consequence and the underlying fact that many a respectable Company has seen the light & either looked at listing elsewhere instead or walked...

[black knat]

Good half year from NZX with the company reporting record trading activity. .http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/NZX/357873/328256.pdf

I bought some of these during the lock down on the basis the company would benefit from additional capital raisings and debt issuances - which has pleasingly been borne out.

Highlights;

• Operating earnings up 21.5% to $17.6m
• Net profit after tax (NPAT) was $9.1m, up 40.9%
• Nearly $6b of capital raised by companies to address COVID-19
• FY2020 operating earnings guidance range maintained at $30.0m to $33.5m

Interesting remark regarding volume of retail trading and participation;

The lift in on-market trades occurred in parallel with an increase in retail investor participation. MrPeterson said the popularity of online retail trading platforms is burgeoning and, over the COVID-19 AlertLevels 3 and Level 4 in New Zealand, helped spur retail participation to levels never seen before in oursharemarket.

[MarineSalvage]

I'm a happy holder, clipping ticket on investing mania been good for them. I do wonder what happens when the majority of Sharesies customers get USA access and start moving attention to that
Good half year from NZX with the company reporting record trading activity. .http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/NZX/357873/328256.pdf

I bought some of these during the lock down on the basis the company would benefit from additional capital raisings and debt issuances - which has pleasingly been borne out.

Highlights;

• Operating earnings up 21.5% to $17.6m
• Net profit after tax (NPAT) was $9.1m, up 40.9%
• Nearly $6b of capital raised by companies to address COVID-19
• FY2020 operating earnings guidance range maintained at $30.0m to $33.5m

Interesting remark regarding volume of retail trading and participation;

The lift in on-market trades occurred in parallel with an increase in retail investor participation. MrPeterson said the popularity of online retail trading platforms is burgeoning and, over the COVID-19 AlertLevels 3 and Level 4 in New Zealand, helped spur retail participation to levels never seen before in oursharemarket.

[moimoi]

Time for the cleansing light of transparency to be shined on this organisation....!!

The recent performance of the NZX platform is pathetic. imo.

[see weed]

Time for the cleansing light of transparency to be shined on this organisation....!!

The recent performance of the NZX platform is pathetic. imo.
I was watching the close of CEN depth. There was about 179,000 to buy at about $6.50 something. Would of pushed sp up even further on close, if they had gone through. They disappeared at about 5.10pm when the NZX was ment to be frozen, now sp will go back a bit on close. Market manipulation?

[Hello123]

I was watching the close of CEN depth. There was about 179,000 to buy at about $6.50 something. Would of pushed sp up even further on close, if they had gone through. They disappeared at about 5.10pm when the NZX was ment to be frozen, now sp will go back a bit on close. Market manipulation?

Market depths are still pretty trashed.

[nztx]

Time for the cleansing light of transparency to be shined on this organisation....!!

The recent performance of the NZX platform is pathetic. imo.

To be honest - NZX is a shadow of what it should be - needing a better range of better quality listings

The concocted large range of listed funds ETF's etc is a poor substitute for quality listings

Okay so quite a number have run away or been taken over etc, but really look at what's left

Add on performance issues when they do get volumes on old platform, as has happened

[Greekwatchdog]

It was a cyber attack. link attached https://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=12359520

[Getty]

Someone fired the firewall.
They'll get some ping for that..

[nztx]

I'm a happy holder, clipping ticket on investing mania been good for them. I do wonder what happens when the majority of Sharesies customers get USA access and start moving attention to that


I believe US is available shortly if not already.
The big problem is identifying, accessing & researching relevant resources for the offerings
At least with NZ - NZX & other local resources provide some assistance
But with US opening - same deal for some investors not being clued up (as with AIR investors)
How many will buy on name or brand ?
For starters with US - there is Currency differential NZ to US, then offerings are & can
be far more pricey (perhaps with increased risk in investing from afar down in NZ)

The same risks of investing online with little or no Adviser interaction (more like DIY Research required)
appear greater with US markets & share offerings IMO

Australian Markets access may well have been a better step up first to opening up access to markets
outside NZ to Retail DIY New Zealand investors on Sharesies platform ?

[nztx]

Someone fired the firewall.
They'll get some ping for that..


Do you think they saw you online buying some parcels earlier for that attack to happen ? ;)

[Getty]

Um, yes,
I was playing pass the parcel..

[nztx]

Um, yes,
I was playing pass the parcel..


I wondered why all of a sudden there was so much volatility, then things started crashing ..

[Getty]

Sirless Ron asked me to help liquidate his portfolio, b4 the authorities get their hands on it, hence the higher volumes.

[Getty]

He said he was somewhat con fined, but I had to tell him he was facing much more than a fine..

[nztx]

He said he was somewhat con fined, but I had to tell him he was facing much more than a fine..


So you missed out on a Fijian holiday as reward for assisting, as well ? ;)

[Getty]

Well he was playing the song "Island girl" by Elton John, but it may have just been a foil.
I'm yet to reap my harvest.

[nztx]

Well he was playing the song "Island girl" by Elton John, but it may have just been a foil.
I'm yet to reap my harvest.


A Long wait - you reckon or an 'early get out jail free card' on the cards ? ;)

Dodgy tickers & a whole wide range of factors can crop up to earn an early pass

[peat]

kinda spooky how they were attacked on an ATH :ohmy:

Its not necessarily their fault with a DDOS attack, but still, looks bad.
What if o'seas falls tonight. Conspiracy nuts will will go ping -t

[Getty]

A Long wait - you reckon or an 'early get out jail free card' on the cards ? ;)

Dodgy tickers & a whole wide range of factors can crop up to earn an early pass

I'll go Misere on that one.

[BigBob]

Has it gone bang again....?

I can't get to NZX.COM

[mcdongle]

Me neither

[850man]

Has it gone bang again....?

I can't get to NZX.COM

Looks that way. Pretty poor really, they should have protection from a DDOS attack. Just unacceptable for that to bring our markets to their knees

[Cyclical]

Has it gone bang again....?

I can't get to NZX.COM

Yeah, market depth on various stocks seems to stop at about 11:09 - 11:11.

[Cyclical]

You'd think they (NZX) could bring down the nzx.com website (which is probably the target of the attack) while still maintaining their VPN or WAN links or whatever the channel is to the brokers.

[DazRaz]

Market halted again.

[JSwan]

Must be going bazookas currently in the NZX office

[thegreatestben]

Probably a few sweaty blokes in the basement at NZX again today

[see weed]

Has it gone bang again....?

I can't get to NZX.COM
I just talked to ASB. NZX are out to lunch and will be back after lunch. So you might want to do some housework while you wait. Or have an early brunch:eek2::confused:.

[JSwan]

I blame the mass amount buyers trying to get into CBD :p

[Dotbond]

I'm doing online training for Microsoft and it ground to a non responsive halt yesterday and just recently too. Our internet provider is Kordia.

[jimdog31]

I honestly think its related

[Getty]

Its time to play a bit of "Communication Breakdown" by Roy Orbison,

"too much concern for money to burn"

[DazRaz]

It's back!

[Cyclical]

I'm doing online training for Microsoft and it ground to a non responsive halt yesterday and just recently too. Our internet provider is Kordia.

These DDoS attacks targeted at NZX are having flow on affects with Spark's gateway in and out of the country, which some other ISP's share...