New Zealand’s first local stock exchange was established in Dunedin in 1866, with its initial shares trading in the gold mines during the gold rush of the 1870s. The exchange also facilitated and aided development of institutions important to the growth and prosperity of New Zealand, such as banks, insurance, shipping and freezing companies. Other local exchanges were established in the early 1870s in Auckland, Thames and Reefton, followed by Wellington in 1882, and Christchurch around 1900.
Each exchange operated independently until 1915 when the Stock Exchange Association of New Zealand was formed. Further changes implemented in 1983 led to the creation of the New Zealand Stock Exchange, with brokers’ member status within the regional exchanges widened to national member status. The exchange continued to operate as a cooperative as the regional exchanges had done, however, broker practice was granted to those with educational qualifications and activity was controlled by brokers.
In 2003, The New Zealand Stock Exchange formally changed its name to the NZX. They are a licensed market operator in New Zealand for securities and derivatives markets as well as a provider of trading, post-trade and data services for securities and derivatives.
Several smaller exchanges make up the NGX including the NGX Main Board (NZSX), NZX Alternative Market (NZAX), NZX Debt Market (NZDX), NZX Dairy Derivatives, NZX Equity Derivatives (NZCX) and the Fonterra Shareholders Market.
The NXT is a market for small and mid-sized businesses. It is part of the larger NZX.