NZX - NZ Exchange

[Balance]

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

Principally brokers or ex-brokers, and lawyers.

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

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

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

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

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

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

http://www.nzherald.co.nz/business/n...ectid=11819561

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