Sharechat Logo

NZX joint venture effort for ASX market role wound up

Friday 14th January 2011

Text too small?

Sharemarket operator NZX is winding up its joint venture effort to offer a high-speed low-cost market for trading securities listed on the ASX.

NZX today said that it, along with the other shareholders of electronic communications network company AXE ECN - Citigroup, Macquarie, Merrill Lynch, Goldman Sachs and Commonwealth Bank - had decided to stop operations of AXE ECN as a trading entity and wind up the company.

"After a review and careful assessment of the market today, AXE does not see opportunities for its business model to generate sustainable economic returns."

AXE was established in 2006, and made its original application for an Australian Markets Licence in early 2007.

NZX wrote down the entire value of the investment in AXE ECN to zero in June 2009, saying it made the move given the ongoing reluctance of the Australian government to address the granting of a licence.



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Scott Technology Limited (NZX: SCT) Announces FY21 Results
21st October 2021 Morning Report
Greenfern Industries Limited (NZX: GFI) L&Q Notice
TruScreen Group Limited (NZX: TRU) Clinical Trial Results Highlight Efficacy of TRU Technology
20th October 2021 Morning Report
Freightways Limited (NZX: FRE) Acquisition of ProducePronto
19th October 2021 Morning Report
PGG Wrightson Limited (NZX: PGW) Guidance Update
Vital Limited (NZX: VTL) Provides Update on PSN LMR
18th October 2021 Morning Report