The Financial Markets Authority (FMA) – Te Mana Tātai Hokohoko (FMA) found that NZX Limited effectively met its market operator obligations during the year ended 31 December 2025.
The FMA’s annual review found NZX’s performance was underpinned by strong governance arrangements, the operational independence of NZX Regulation (NZ RegCo), disciplined delivery against priorities, and continued investment in market capability and resilience. The FMA has no formal recommendations for NZX following the review.
Director of Markets, Investors and Reporting, John Horner, says the FMA is encouraged by NZX’s progress in addressing the recommendations from its previous reviews.
The review found:
- NZX maintained fit-for-purpose governance arrangements, supporting its ability to comply with its licensed market operator obligations
- NZ RegCo demonstrated effective operational independence and provided quality regulatory oversight of NZX markets
- NZX and NZ RegCo balanced strategic initiatives with core market operator responsibilities through clear prioritisation and appropriate resourcing decisions
- NZX continued to invest in technology, risk management and market infrastructure, strengthening operational resilience and security, while progressing key initiatives
- NZX progressed on market growth initiatives, including the first full year of NZX Dark and preparations for the relaunch of S&P/NZX 20 Index Futures Contracts in April 2026.
“We expect NZX to maintain its focus on sustaining strong governance, safeguarding regulatory independence, and continuing to enhance market resilience and capability,” says Mr Horner.
Read the full report here: NZX Obligations Review 2026
