October 29, 2018 / 9:00 PM / 14 days ago

UPDATE 1-NZX to move to single equity board from next July

(Adds details, background on strategic changes)

Oct 30 (Reuters) - New Zealand bourse operator NZX Ltd said on Tuesday it would move to a single equity board from July 1 next year.

The announcement comes against the backdrop of NZX ringing in strategic changes over the past year in its bid to attract more liquidity as well as to attract more listings.

In Tuesday’s filing, NZX also said it would also open a wholesale debt market from Jan. 1.

NZX had said last year it would likely fold its two junior equity markets into the main bourse after they failed to attract companies. It said then that market feedback indicated that NXT Market and its precursor, NZAX, were not meeting the needs of targeted smaller firms.

Last month, NZX Ltd signed a deal with U.S. exchange Nasdaq Inc to explore opportunities in dual listings and depository receipts, aiming to attract share sales by providing greater access to overseas markets.

NZX had extended trading by six hours in its dairy derivatives market from July. It also said in August it would make changes to its trading and clearing pricing structure from October.

The company logged a 58 percent year-on-year rise in its daily average trades in the third quarter. (Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Tom Brown and Adrian Croft)

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