Market depth soon promises NZSE

By Phil Boeyen, ShareChat Business News Editor

Tuesday 20th November 2001

New Zealand investors should be able to access online market depth information before the end of the year however straight through processing has been delayed until at least March 2002.

Market depth shows the buy and sell orders for shares and has previously only been available to NZSE members. However earlier this year the exchange agreed to provide public access to the information, in line with its Australian counterpart.

The service was supposed to be launched on November 1 but was delayed because of a hold up with a new system, called FIX 4.2, that interfaces with the exchange's trading system.

FIX 4.2 is due to provide not only market depth but will also allow online brokers to offer straight through processing of trades.

NZSE boss, Bill Foster, says although FIX 4.2 will now not go live before March next year, the exchange is working on an interim solution to allow market depth availability.

No firm date has yet been set but Mr Foster says it will "certainly be before Christmas."

The interim agreement is with data provider Iress Market Technologies, which has had access for some time to NZSE information through a temporary link called FIX 4.1.

In the meantime Mr Foster says the NZSE is reviewing the prices that the exchange will charge to websites that provide summary market depth. The prices have been criticised by online brokers as being too high, particularly in comparison to ASX prices.

"We are reviewing them to make sure that the royalty charges for market depth are consistent with our other data charges," says Mr Foster.

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