NZX launches Direct Market Access

Source: New Zealand Exchange Limited

New Zealand Exchange Limited (NZX) is pleased to announce that Direct Market Access (DMA) is now successfully operating in the New Zealand securities markets.

DMA allows accredited DMA NZX Firms to be able to trade directly into the New Zealand market and to tailor access requirements for their clients anywhere in the world.

"We are really pleased with the response we've had from NZX Firms who see DMA as a real opportunity to strengthen their service offering to their clients – from NZX Firms to fund managers and market makers," said Adrienne Quinn, NZX Third Party Relations. "This is a real milestone for the New Zealand market in terms of driving future liquidity and encouraging more trading activity from a broader range of market participants."

There are currently six NZX Firms accredited to trade into the New Zealand market using DMA. They are CitiGroup Global Markets (NZ) Limited, ABN AMRO New Zealand Ltd, Macquarie New Zealand Ltd, Goldman Sachs JBWere (NZ) Ltd, First NZ Capital Securities and Forsyth Barr Ltd.

"A review of global markets indicates that a significant level of liquidity is driven by investors and traders who use DMA," said Quinn. "In addition, DMA will serve investors who use sophisticated trading strategies that require instant or automated order execution. This is especially important for trading related to futures and options contracts which we're introducing later this month."

DMA is initially available through IRESS Market Technology, an independent software vendor, which has developed an application to meet the requirements of DMA trading activity.

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