Securities trading - New Zealand

Key market-tradable securities

Denomination currency	Maturity profile	Interest rate	Interest/Dividend payment frequency	Place of settlement	Form
NZX listed securities
Government bonds (including inflation-indexed bonds)
NZD	4 to 12 years (up to 21 years for inflation-indexed bonds)	Fixed	Semi-annual or quarterly (inflation indexed bonds)	NZCSD	Dematerialised
Corporate listed bonds and notes (including convertible notes)
NZD	Usually 3 to 10 years (some perpetuals)	Usually fixed	Semi-annual or quarterly	NZCSD	Dematerialised
Equities and equity products (including NZX listed trust units and fund units)
NZD ^a	-	-	Usually semi-annual	NZCSD	Dematerialised
Rights and warrants
NZD	Various	-	-	NZCSD	Dematerialised
Unlisted debt securities
Government Treasury bills
NZD	1 month to 1 year	Discount	-	NZCSD	Dematerialised
Corporate unlisted bonds
NZD	Usually 3 to 10 years	Usually fixed	Semi-annual or quarterly	NZCSD	Dematerialised

a. Some foreign company shares are denominated in other currencies.

Trading platforms

NZX launched the X-stream trading platform in October 2012 based on the NASDAQ OMX platform. The trading system is available to accredited NZX Market Participants or - through Direct Market Access (DMA) agreements - to their authorised clients within and outside of New Zealand. Electronic trading is fully automated and occurs during one continuous trading session.