New Zealand's NZX partners with Nasdaq

(Adds context on NZX attracting new business, details of cooperation)

Sept 12 (Reuters) - New Zealand's bourse operator NZX Ltd said on Wednesday it had agreed to cooperate with U.S. stock exchange Nasdaq Inc, as the company vies to generate new offerings and targets overseas businesses amidst a dearth of listings.

The company said it had signed a memorandum of understanding with Nasdaq and that they would explore opportunities in dual listings, depository receipts and other areas.

NZX also approved Nasdaq as a recognized stock exchange for equity listings, which enables issuers listed on the Nasdaq’s global select market to apply for a secondary listing on the NZX. Under this arrangement, issuers comply with the primary rules of their home exchange, and are exempt from almost all NZX listing rules.

NZX lost a star player early this year when accounting software developer Xero Ltd shed its New Zealand listing in favor of Australia. NZX formed a specialist team to attract more business following Xero's decision.

NZX said it would host Nasdaq executives in New Zealand to advance discussions.

A Nasdaq representative could not be reached for comment. (Reporting by Ambar Warrick in Bengaluru Editing by James Dalgleish)

First Published: 2018-09-11 23:07:08
Updated 2018-09-11 23:16:37

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