Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Bank becomes an accredited NZX participant

8 December 2004

Westpac Institutional Bank becomes an accredited NZX participant

Westpac is the first bank to be accredited as a distribution and underwriting participant by New Zealand Exchange Limited (NZX).

The new arrangement allows Westpac Institutional Bank (WIB) not only to assist its customers to list or quote securities directly on NZX markets but also to distribute and underwrite issues.

David McLean, Head of WIB, says, “This creates an opportunity for WIB to post directly onto NZX markets, which offers a wealth of benefits to our top companies. It’s a natural progression for us, following our decision a year ago to become a sponsor of New Zealand Alternative Exchange (NZAX). We can now offer our customers a full listing, distribution and underwriting service.”

”Both NZX and WIB are delighted to enter into this new alignment. Historically, we have used third party brokers to list debt securities on NZDX even though we had Arranger and Lead Manager status. This made the process complicated and expensive. Now we can provide a one-stop, fully transparent and convenient service at a reduced cost for our customers, whilst still providing our customers with the choice of using a broker if it meets their specific needs.” he said.

NZX Market Developments Manager, Geoff Brown, says, "NZX has created this new participation structure to offer interested parties a modular entry level to New Zealand markets with a view to broadening participation and increasing market liquidity. The accreditation process is rigorous, with stringent compliance requirements."
McLean says, “We are currently No1 Transactional and Institutional Bank (Peter Lee Associates) and Bank of the Year (Infinz) for the last two years, and we are continually looking for new ways to innovate in order to maintain our lead position.”

Westpac will now be able to bring new issues of debt securities to the NZDX, both for customers and for its own issues.

As an NZX participant, WIB proposes to offer customers the following opportunities:

Bring new issues to the NZDX only Distribute and underwrite primary issues brought to NZDX
WIB is not intending to participate in the NZX equity market in the context of this arrangement.

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Onetai Station: Overseas Investment Office Puts Ceol & Muir On Notice

The Overseas Investment Office (OIO) has issued a formal warning to Ceol & Muir and its owners, Argentinian brothers Rafael and Federico Grozovsky, for failing to provide complete and accurate information when they applied to buy Onetai Station in 2013. More>>

ALSO:

Tomorrow, The UN: Feds President Takes Reins At World Farming Body

Federated Farmers president Dr William Rolleston has been appointed acting president of the World Farmers’ Organisation (WFO) at a meeting in Geneva overnight. More>>

ALSO:

I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>

ALSO:

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news