About Us

The Unlisted Securities Exchange (USX) is a cost-efficient and simple share trading platform for small to medium sized companies to provide liquidity and keep their shareholders informed.

Trading in securities quoted on USX can only be undertaken via Brokers who then arrange settlement of the trade.

USX was launched in December 2003 originally trading as the Unlisted Securities trading facility using a trading platform developed by M-Co. We went live with two registered brokers and the first trade took place in February 2003. Within a year we had 8 registered brokers trading securities in 21 Issuers.

As at April 2024 we have facilitated in excess of 21,900 trades for 395m shares with a value of over $594m. the total market capitalisation has grown to approximately $2.1b and our issuers have raised over $473m while listed on our market including an IPO.

In 2015 USX was granted an exemption from subpart 7 of Part 5 of the Financial Markets Conduct Act 2013 (“the Act”) and certain conditions specified in the Exemption Notice.

USX is owned and operated by Efficient Market Services Ltd and it’s shareholders include a number of successful individuals from New Zealand’s finance sector.

Armillary Private Capital manages the day-to-day operation of USX working with Issuers and Brokers. The technology that powers the trading and information platform has been developed by US-based Fundamental Interactions and is hosted on AWS.

Client Testimonials

Synergy has for some time been looking to provide its shareholders with a mechanism to deliver better share liquidity and price discovery, and of the options we looked at USX suits us best. USX provides a cost-effective trading solution that I’m sure will be appreciated by our shareholders.

Philip Shewell

Chairman, Synergy International (now Fronde)

We have no need for a full stock exchange listing, but require a service which allows buyers and sellers to post bids and offers independently at arms length from our own management. USX allows us to have a fully transparent, arms-length mechanism for pricing and trading our shares. We have been fully satisfied with the service provided.

Murray Gough

Chairman, Rangatira

USX enables participating companies to gain experience and exposure to the investing public with the option in the future, if they continue to be successful or want to raise capital, to choose to progress onto a registered stock exchange.

Barry Thomas

Chairman, Skyline Enterprises


Welcome to the new USX website and trading platform. We have made a number of changes to improve the overall performance of the platform and how users interact with the information about our market and issuers.

The first key change is that the web pages provide some information about the market and announcements but to access detailed information you need to be logged in.

To create a login please click on the Register Button on the landing page and complete the registration form and select the Investor role. You will then be sent a verification email. Once you select the Verify button in the email your browser will open the Registration Checklist. Please select the Onboarding Template and complete the onboarding form and Submit. We will then approve your registration and you will receive a confirmation email.

Once approved you can log on to the platform.

You can view the market watch page from the Market or Assets menu item. By selecting the Details button you will be able to see detailed issuer information including market depth, Issuer Profile and Announcements page for each Issuer.