S&P/NZX 20 Index Futures Launch Project

Overview

A liquid index futures market has been a long-held ambition for NZX, with a successful delivery creating value right across the capital markets ecosystem, including:

• Improving liquidity in the secondary market for listed issuers
• Offering greater diversity of investment choice, both within KiwiSaver and more generally
• Grow the capital markets ecosystem in New Zealand by extending the NZX product offering which provides tools to hedge NZX equity market risk and enable a wider range of trading strategies to be deployed.

NZX recognises that for a New Zealand Index Futures to be successful, previous barriers to success need to be resolved including engaging with the wider market to ensure a willingness from industry users to build liquidity together.

This page outlines details of the project relaunch including market settings, frequently asked questions, key dates and NZX communication updates. These updates will be released regularly to keep all stakeholders informed about the project’s progress.

Cornerstone Group

NZX is pleased to announce the formation of the S&P/NZX 20 Index Futures Cornerstone Group. Its members have signed a letter of intent to support the launch of a New Zealand based index future's market.

NZX and members of the Cornerstone Group recognise that for a New Zealand index future's market to be successful, it requires end users who see value in a liquid market and a willingness to develop that liquidity.

The members of the Cornerstone Group are:

• Accident Compensation Corporation (ACC)
• ANZ New Zealand Investments Limited
• BlackRock Investment Management Australia Limited
• BT Funds Management (NZ) Limited
• Fisher Funds Management Limited
• Harbour Asset Management Limited
• Jarden Securities Limited
• Macquarie Bank Limited
• Milford Asset Management Limited
• NZ Super Fund

Smart (formerly Smartshares)

Market Settings

The proposed market settings, contract specifications, data vendor codes and trading fees can be found below:

Market Information

Final Settlement Price Policy

The below document details the policy of NZX Limited in exercising its discretion in relation to the calculation of the Provisional Final Settlement Price and Final Settlement Price for the S&P/NZX 20 Index Futures contract.

Final Settlement Price Policy DOCX962.89 KB

Frequently Asked Questions

S&P/NZX 20 FAQs PDF1.14 MB

Market Communications

Contact