The market is changing significantly and the NZX will/should be worried - not that some of their employees seemed concerned last year when I talked to them about it. The FNZ have the breadth of the market now ~ 50% market share (retail, advisory, wealth, insto). FNZ are now a market themselves really. The market that you see displayed by the NZX now is a very opaque looking market. Craigs will hold orders to fill inhouse, For Barrs will do the same as they're both obviously competing with FNZC for flow and so the only broker now showing orders to market in any real fashion is ASB Sec. Also, the NZX looked to install some new broker rules last year around the restriction of crossings. After lobbying from brokers the NZX implemented a watered down version which restricts crossings under $50k in value - this in effect stopped ANZ securities and ASB securities doing crossings as most of their flow is smaller than $50k but FNZC, Craigs and For Barrs just bundle the orders up over time and cross when larger than $50k - hence the slow time to market.