January 31, 2018 / 1:25 AM / a year ago

UPDATE 1-NZX Ltd signs MOU with HKEX to expand international presence

(Adds background on foreign collaboration, trading hours, share price movement)

Jan 31 (Reuters) - NZX Ltd said on Wednesday it had signed a memorandum of understanding with Hong Kong Exchanges and Clearing Ltd as the two exchanges look to collaborate on a range of assets.

“This supports the New Zealand exchange’s commitment to increase its international presence as outlined in NZX’s recently released strategy,” NZX Chairman James Miller said in a statement.

The memorandum would result in the two exchanges looking to cooperate in areas including dual listings, derivatives, listed debt and depository receipts.

The exchanges would also work together on green finance and exchange-traded funds, as per the deal’s terms.

NZX is focusing on generating new public offerings and targeting overseas investment, as it struggles with a dearth of listings and the loss of its star player, Xero, to its Australian counterpart.

Trading hours for the NZX’s dairy derivatives market are also due to expand by six hours from July, the exchange announced last month. The move was aimed to facilitate easier trading with international peers.

Shares of the company were trading 1.8 percent lower at NZ$1.11 at 0120 GMT, while the main index was 0.2 percent higher.

Reporting by Aaron Saldanha in Bengaluru; Editing by Stephen Coates

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