NZX Dark

NZX Dark is an exchange-delivered anonymous order book that provides Trading Participants and their clients an alternative to existing trading venues. NZX Dark offers price improvement with every execution and enhanced features and controls to accommodate a wide range of execution strategies.

For more information on NZX Dark, please contact markets@nzx.com.

Statistics

$199,738,652

Value Traded in NZX Dark

December 2024

$830

Average Trade Size in NZX Dark

December 2024

$401,000

Price Improvement in NZX Dark

December 2024

	Title
	NZX Dark Liquidity Report

	Title
	NZX Dark Execution Report

Documentation

Benefits

Midpoint Pricing	NZX Dark delivers price improvement at the publicity available midpoint of the lit book
Access	An Exchange-run venue, NZX Dark gives all investors access to the liquidity in the market
Improved Price Discovery	Improving price discovery as NZX Dark trades are price-setting
Increased Liquidity	Increasing order book liquidity which is important for VWAP calculations and index inclusion
Anonymity	Trade without leaking order information leakage
Control	Order placers can define the execution criteria including price and minimum execution quantity

Key Features

Unrestricted access	Price improvement through execution at the mid point of NZX Central bid/offer spread without disclosing order information to the market
Available for all products traded on the NZX Main Board (NZSX)	Exchange-delivered sweep order functionality seamlessly integrates with NZX CENTRAL to ensure access for all investors
No mandatory minimum order or executable quantity size	Enhanced order tools that allow investors to determine the price they set and the minimum quantity that they wish to match against
User group management functionality to ensure the anonymity of client orders remains across participant desk operators and traders	Orders are placed, allowed to rest, matched and executed on an anonymous basis, with no market depth visible