A stock exchange for smaller companies has been granted permission to launch.

Catalist​ was designed to fill a “huge gap” in New Zealand’s capital markets, said chief executive Colin Magee.
For while New Zealand already had a share market, the NZX was only economic for larger companies, not the high-potential smaller companies Catalist would be trying to attract with an initial value of $6million to $60m, he said.

Of particular note for me, is the idea of having the occaisional auction instead of 'continuous' trading.