New Zealand's NZX partners with Nasdaq
(Adds context on NZX attracting new business, details of
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
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
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
© 2018 Thomson Reuters. All rights reserved. Reuters content is the intellectual property of Thomson Reuters or its third party content providers. Any copying, republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. Thomson Reuters shall not be liable for any errors or delays in content, or for any actions taken in reliance thereon. "Reuters" and the Reuters Logo are trademarks of Thomson Reuters and its affiliated companies.