All trading on the Unlisted Securities Exchange (USX) occurs through USX brokers. Investors cannot trade directly in the market, and must trade through a participating broker.
The USX offers three modes of trading:.
During the pre-open and open periods Brokers are able to enter or remove bids and offers at any time.
Anyone trading securities of USX Issuers will be required by their broker to sign an Investor Information and Disclaimer form before their first order is placed. This confirms that the investor recognises that USX is exempt from the financial product market licensing requirements of the Financial Markets Conduct Act and that the obligations for Issuers on USX are different to those applying to issuers whose shares are traded on a licensed financial product market.
Order matching
For continuous trading and periodic trading orders are matched in standard price then time priority with the exception that Brokers receive time priority for any orders that match with an existing order they have in the market for that stock. This supports the efficiency of internal settlement for ‘crossings’ between buying and selling clients within a broking firm.
For auction-based trading matching occurs at a level where the maximum number of shares will match at the lowest offer or highest bid.
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Investor Guides
In 2023 we launched a new trading platform and website. This website has limited information about the securities listed on the USX. More information about each issuer is available by registering with us and logging on to our trading platform. There are a number of new features including changing what notifications you receive from us and setting up a watchlist.
When you register you automatically opt in to receiving notifications from us. You can change your settings at any time as explained in the following guides.
Please read this important information before proceeding.
WARNING: Unlisted is not a licensed financial product market.
The Unlisted Securities Exchange (USX) is a Financial Product Market operating under 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. Investors trading in securities quoted on Unlisted 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 FMA. USX provides a facility for trading previously allotted securities. USX has its own Market Rules and monitors compliance by Issuers with those Rules.
Before an investor may trade (via a broker) in securities quoted on USX, the investor’s broker will require the investor to sign the USX Information and Disclaimer form, which provides a fuller explanation about USX’s status and what this means for investors.
Click the tick box below to acknowledge you have read and understand this important information. You will then gain access to the Unlisted website.
I acknowledge that I have read and understood this notice and that Unlisted is not a licensed financial product market.
