Forum Archive Index - September 2000

["Ben Dutton" <bendutton@sharechat.co.nz>]

Hi Everyone,

I'm pleased to say that we have recieved an answer from the NZSE with
regards to the Market Depth Petition that we held on ShareChat a few months
ago.

Please read the below letter from Mr Bill Foster, Managing Director of the
NZSE.

Best Regards

Benjamin Dutton


Letter:

25 September 2000


Benjamin Dutton
Managing Director
ShareChat Limited
PO Box 976
CHRISTCHURCH


Dear Mr Dutton

I acknowledge receipt of your petition from ShareChat members on the issue
of the availability of Market Depth information from the NZSE.  I apologise
for not responding sooner, but as you are aware the Exchange is currently in
discussions with the Australian Stock Exchange ("ASX") over the prospect of
merging the markets and exchanges.

As a consequence, the related issues of providing Open Access for Straight
Through Processing to the New Zealand market and the provision of market
depth have been deferred pending the outcome of these discussions.  Your
members will be aware that the ASX provides both of these facilities.

The position of the Exchange todate has been that members individually
provide the information, which then collectively represents pre-trade
information about the market.  The members therefore have the right to
decide the basis on which this information is either shared amongst
themselves or made available to other parties who do not contribute to it.
Post-trade information is generally made available immediately in all
markets, but there is much greater variation in the extent to which
pre-trade information is provided by exchanges.

The NZSE recognises the balance between the desirability of attracting
trades to the market through the provision of more information and the
interests of those member firms who collectively make up the market and are
responsible for the conduct of order placement.

I repeat that these issues are under review pending the outcome of our
discussions with the ASX.  We should have more of a clear view around the
end of the year regarding future policy in this area.


Kind regards

W P Foster
Managing Director




P.S. I appreciate you requested an email response be sent to each of your
members but as you will already have their email addresses recorded, I
believe it would be more convenient for you to pass this response onto them,
if you would do so please.


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