New NZX chief executive Tim Bennett said yesterday a new phase for New Zealand markets called for investment in customer focus, operational excellence and broadening of the skill base at the NZX.
"I'm excited by the opportunities across the range of businesses we're in, and by what those opportunities mean for our people, our customers and our markets."
The time was right to build on the solid base that had been developed to ensure the NZX was structured, skilled and resourced to deliver for its markets in the new phase of development, he said.
The developments included:
• Technology, operations and regulatory infrastructure for Fonterra's Trading Among Farmers market.
• A broader suite of trading and risk management tools in equities and commodities markets.
• Expanding the agricultural information offering as more opportunities arose for investors in the sector.
• Extensive work on market quality and growth market initiatives.
Craigs Investment Partners broker Chris Timms said the coming year would be exciting for investors.
"When was the last time we were going into a new year on July 1 with at least one SOE listing which is massive in terms of what we have seen listed on the market recently. Also, the world's largest dairy co-operative will be traded and there could be one or possibly two more SOEs up for sale within the next 12 months.
"Things we have not been able to access will become available in the coming year."
There had been considerable growth in the NZX under the former chief executive, Mark Weldon, Mr Timms said.
Mr Bennett was there to push things along and maintain the impetus of the NZX. He would be tasked with creating more interest in the market, invigorating it and getting investors to access it and use it more, Mr Timms said.
Mr Bennett announced the creation of two new senior positions - a chief financial officer and a head of cash markets. The cash markets role would be based primarily in Auckland, alongside the head of derivatives.
Also established were a new markets services group, responsible for regulated market operations and customer service.
The group's functions included issue services, market surveillance, clearing operations and risk functions, derivative operations, indices and data operations.
Head of markets services Simon Smith said that in addition to having a strong customer focus, bringing together those critical functions in one team would enable the NZX to identify where it needed to make further investments in process improvement.
A more tightly focused regulation team would be led by current head of market supervision Robyn Dey. The team would be responsible for the critical roles of issuer regulation, participant compliance, enforcement and markets policy development, Mr Bennett said.
The NZX was also adding to its skill base in the analytics, technology, derivatives and energy market areas and, in co-operation with Fonterra, would soon recruit across a range of markets-related disciplines to serve TAF.
The feedback Mr Bennett had received in the past few weeks highlighted the need to improve the NZX's customer relationships and invest further in its operations and market regulation.
"Our new structure responds to this feedback and positions us to focus on the next phase of development of New Zealand's markets," he said.
