What USX Offers

USX is a prescribed exempt financial
product market

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. We operate several distinct markets for equity and debt securities.

What are the benefits of listing on USX?

  • Provides a centralised and transparent trading platform
  • Minimises market participation costs
  • Improves liquidity
  • Facilitates communication with investors and shareholders
  • Lowers transaction costs
  • Provides an alternative to the burden of over the counter share trading administration by the company secretary
  • Enables exposure to greater investor interest and publicity
  • Provides a low-cost, first step for companies to facilitate share trading while examining their future options
  • Provides a simple means to buy and/or sell shares in Issuers.
  • Provides Issuer Profiles to assist with information discovery about each Issuer.

For Issuers, USX:

For Shareholders, USX:

At the Unlisted Securities Exchange (USX)
Issuers can choose to become either a:

Standard Issuer (SI)

A Standard Issuer quotation means the Issuer becomes publicly quoted and traded on the USX facility on an ongoing basis, until the Issuer or USX terminates that quotation for any reason. A Standard Issuer quotation suits companies that wish to provide their shareholders with an ongoing price discovery and trading mechanism to deliver liquidity and transparency around their securities trading. For full details about a Standard Issuer Quotation download the Introducing USX Information Sheet.

Temporary Quotation Issuer (TQ)

A Temporary Quotation means the Issuer becomes publicly quoted and traded on USX for a pre-determined and finite period, for example a 90-day quotation following distribution of a company’s year-end accounts. This can provide a periodic trading window for shareholders of companies that are not yet certain an ongoing quotation is necessary or affordable. For full details about a Temporary Quotation download the Temporary Quotation Information Sheet.

Private Market Issuer (PM)

A Private Market quotation means USX will provide an arms-length trading facility intermediated by participating brokers that is private to existing shareholders and people otherwise authorised by the Issuer. A Private Market quotation might suit a company that wants to provide a liquid and transparent trading mechanism to a growing shareholder base of family and employees, but is not yet comfortable with a public quotation. For full details about a Private Market quotation download the Private Market Information Sheet.

An Issuer that wishes to have another class of securities quoted, for example Class A and B shares,
Transactor and Investor shares or redeemable rights, can also have these quoted on an ongoing
or temporary basis to suit their needs.

USX's rules and regulations

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”).

USX provides a facility for trading previously allotted securities. USX has its own Market Rules and monitors compliance by Issuers with those Rules.

Investors in securities quoted on USX trade at their own risk and do not have the additional protection provided by Part 5 of the Act, in relation to. insider trading, market manipulation, continuous disclosure, substantial holding disclosure, relevant interests disclosures and the monitoring of market obligations by the FMA.

Issuers remain bound by the obligations contained in their constitutions, certain provisions of the Act and other legislation including the Companies Act, the Takeovers Code, the Financial Reporting Act, and by Common Law. Issuers are required to have available at all times their most recent Audited Annual Report.

Quotation on USX does not affect an Issuer’s status under the Takeovers Act and Code, and the usual regulatory protections associated with a licensed financial product market and Financial Markets Authority enforcement of them are not available.

Click here to view the Full Market Rules

Corporate Actions

Under the Market Rules Issuers are required to post all Corporate Actions on the announcements platform as soon as available.

Corporate actions, both when approved and when actioned (i.e any corporate event affecting the number, value or terms of Quoted securities), including without limitation dividends, interest, buybacks for cancellation or treasury stock, sales of treasury stock, issue of securities, consolidations, cancellations, splits, rights or options should be announced using the Corporate Actions form. Click here for the form.

Want to know more?

Contact us today to see how we can help.

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.