Parliament

Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 

First step towards foreign-owned stock exchange

14 September

First step towards foreign-owned stock exchange

The Green Party is opposing the restructuring of the stock exchange because they are concerned it could be the first step towards the takeover of the exchange by a foreign exchange or exchanges.

Green Party co-leader Rod Donald said today he did not support demutualisation of the exchange, because it would not be in the best interests of the New Zealand investment community for sharebrokers to own the exchange which controls the sharemarket.

"Individualised ownership of the exchange increases the likelihood that a takeover offer by a foreign stock exchange will eventuate," he said.

Mr Donald sat on the select committee looking at the New Zealand Stock Exchange Restructuring Bill, and contributed a minority opinion for the committee report which was tabled in Parliament yesterday.

"We believe the wider investment community, including sharebrokers, advisers, shareholders and listed companies, are best served by the exchange remaining in a mutual structure rather than one interest group, sharebrokers, gaining ownership of the exchange.

"There will be a natural conflict of interest between the brokers desire as owners to see the exchange make as much profit as possible, and their desire as part of the financial network to see the exchange look after the interests of all parties - sharebrokers, advisers, shareholders and listed companies.

"This legislation is premature, as the members of the exchange have not even had an open discussion about whether want the stock exchange to become a publicly owned company with control in the hands of individual sharebrokers. This should have happened before the Bill came to Parliament.

"Our exchange is already unregulated with little accountability or independent scrutiny, and this Bill does little to improve that situation," said Mr Donald.

ENDS


© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Decision Day: Peters Chooses Labour

Winston Peters says he will form a Government in coalition with Labour and the Greens giving confidence and supply.

Peters said he had been offered the position of Deputy Prime Minister and a number of other ministerial posts would go to his colleagues

He said economic and monetary policy changes were needed to face a coming economic downturn.>>>More

Reaction

Labour on its agreement |Peters: Post-Election Announcement Speech | Greenpeace “cautiously hopeful” about new Government | ACT - Madman on the loose | E tū ecstatic | Chamber welcomes the outcome

 

Climate: Increasing Greenhouse Emissions Hit NZ

New Zealand is seeing impacts of excess greenhouse gas emissions in our climate and oceans, according to the latest national report from the Ministry for the Environment and Stats NZ about the state of the atmosphere and climate…More>>

ALSO:


Wellington.Scoop: Arrests At Blockade Of "Weapons Expo"

“We encourage people in Wellington to get down to the Westpac Stadium now for a day of awesome peace action. There will be plenty of food, music and activities to keep us sustained through the day.” More>>

ALSO:

Rorschach Restructuring: PSA Taking Inland Revenue To Court Over Psychometrics

The Public Service Association will be seeing Inland Revenue in Employment Court over its intention to psychometrically test employees reapplying for their roles at the department as part of its controversial Business Transformation restructuring plan. More>>

ALSO:

Nuclear Disarmament: Nobel Peace Prize 2017 Awarded To ICAN

Congratulations from iCAN Aotearoa New Zealand to international iCAN, the other iCAN national campaigns and partner organisations, and the countless organisations and individuals who have worked so hard for a nuclear weapons-free world since 1945. More>>

ALSO:

Expenses: Waikato DHB CEO Resigns

An independent inquiry has identified that Dr Murray had spent more than the agreed $25K allocated for relocation costs, and other unauthorized expenses involving potential financial breaches of the chief executive’s obligations. More>>

ALSO:

Wellington.Scoop: Sad About The Trolley Buses?

The Regional Council’s MetLink is today spending money to tell us that it really loves Wellington’s trolley buses, even though they’re all being taken off our roads by the end of this month. More>>

ALSO:

Post-Election: Preliminary Coalition Talks Begin

New Zealand First will hold post-election preliminary discussions in Wellington with the National Party tomorrow morning and the Labour Party tomorrow afternoon. More>>

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

Featured InfoPages

Opening the Election