FAQs

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

Efficient Market Services owns and operates the USX.

The market opens at 9am and closes at 5pm. It is not open on national public holidays.

USX currently offers continuous trading for any form of security issued by an Issuer.

The USX (Unlisted Securities Exchange) is not a licensed financial product market and therefore is not subject to supervision by the Financial Markets Authority or Ministry of Business, Innovation and Employment. The USX is a prescribed exempt financial product market that operates pursuant to the Financial Market Conduct (Unlisted Market) Regulations 2015 which is an exemption from subpart 7 of Part 5 of the Financial Markets Conduct Act 2013 (the Act). Investors trading in securities quoted on the USX trade at their own risk and do not have the protections provided by Part 5 of the Act, in relation to: insider trading, market manipulation, continuous disclosure, substantial holding disclosure, relevant interest disclosures, and the monitoring of market obligations by the Financial Markets Authority. The USX has its own Market Rules and monitors compliance by Issuers with those Rules.

If the market or an Issuer is in trading halt orders can continue to be added or cancelled but there is no trade matching.

Log in on the USX website and visit the Market Watch page in the Market menu or the Assets page. If you have not registered you need to do so to gain access to the Market page

An Issuer is a company that has issued securities in accordance with the legislation.

USX only operates the market on which an Issuer’s securities are traded. We do not offer advice to investors.

To trade shares on the USX you need to ask your share broker to place an order for you. Once that order is executed the share broker will attend to settlement of the trade.

If you hold an Issuer’s securities and would like them to be listed on USX please contact us by email ([email protected]) or by phone (0508 865 478) and we will contact the Issuer directly. You can also write to the Issuer or raise a question at the AGM and suggest or propose that the company consider listing on USX.

Your broker is responsible for the clearing and settlement of shares traded on USX. This means that the broker firm will arrange for payment to you if you sell shares or the delivery of shares into your name if you buy shares. USX screens all brokers prior registering them to trade on USX. Brokers hold your shares or funds on trust through the clearing and settlement process.

On suspension from USX there is no change to your ownership of the shares. Suspension means that the shares cannot be traded on the market until the suspension is removed.

On delisting from USX the shares are not able to be traded on the USX. There is no change to your ownership of the shares.

Where an Issuer has more than one security listed on USX we apply a suffix to identify the different securities such as .A for A shares, .B for B shares.

Issuers ask the USX to place their security into trading halt if they have information or a decision pending which may mean the market is not fully informed and they do not want that information to become known by some market participants who could then trade prior to the market as a whole knowing the information.

USX can provide quotation for any NZ registered entity as long as it meets our shareholder spread and review requirements and has an audited annual report. There is no specific Issuer profile required for the market.

Yes, this is a requirement of the Exemption from certain parts of the Financial Markets Conduct Act 2013 under which USX operates.

To become an Issuer a company needs to provide us with its constitution and last audited financial report along with a completed Issuer information form and Issuer Application Agreement.

We will contact you and discuss the reasons why and try to work through a resolution so that we are able accept your application.

USX’s preference is for an Issuer to have at least 25 shareholders, however we will consider a lower number on a case-by-case basis.

A company can apply for listing at any stage during this process and we recommend applying as early as possible so we can provide any feedback to assist with the process.

USX charges is fees quarterly in advance and we pro-rate part quarters from the first day of quotation.

As an Issuer you can update your Corporate Issuer Profile in the My Portal section which can be accessed once you have logged on. If you wish to have the attached PDF Issuer Profile document amended please contact us.

You can set up alerts by registering as a user and logging on, going to My Portal and clicking on your avatar and selecting My Alerts. From there you can turn on or off the alerts that you would like to receive.

If you have problems with the website, please contact us by email ([email protected]) or by phone (0508 865 478).

If you have complaint (about a broker, issuer or trading), please contact us by email ([email protected]) or by phone (0508 865 478) and we will work with all parties to secure a resolution.

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.