Today the Unlisted Securities Exchange (USX) celebrates its 15-year anniversary. USX, or Unlisted as it was originally known, was set up as a cost-efficient and simple share trading platform for small to medium sized companies.

USX initially operated as an unregistered securities trading facility under the Securities Markets Act and after one year of operation was subject to regulatory review. USX sustained scrutiny and further engaged with officials, regulators and the Capital Markets Task Force in development of the Financial Markets Conduct Act. USX achieved formal recognition and regulatory certainty as New Zealand’s first and only prescribed exempt financial product market when the Financial Markets Conduct (Unlisted Market) Regulations 2015 came into force in December 2015.

USX saw its first trade completed in February 2004, having launched in December 2003 with two registered Brokers and three Issuers. From there USX gained momentum; within 12-months, the market had seen 1,000 trades, and over $20m worth of shares traded. Over the ensuing 15 years USX has gone on to facilitate over 16,000 trades, of 300 million shares worth over $360m. USX issuers have also raised over $366m in new capital. The total market capitalisation now sits at over $3bn with 17 Issuers and 6 registered Brokers. This year saw the largest single trade of $31m in Skyline Enterprises.

USX is proud to have been a partner to some of New Zealand’s most iconic companies, including Zespri Group, Skyline Enterprises, Rangatira and Silver Fern Farms. Others, such as Pharmazen and Syft Technologies are leaders in their fields and rapidly growing.

USX continues to welcome new Issuers, and anticipates an exciting future ahead.

David Wallace

Manager

Efficient Market Services