1 May 2009

Futures exchange operating by end of year - NZX

6:46 pm on 1 May 2009

Sharemaket operator NZX is hoping to have the first products trading on a futures and commodities exchange before the end of the year.

Legislation enabling the new exchange is before Parliament at present, while the NZX's new clearing and settlement system, which will underpin it, is due to be launched in November.

NZX chief executive Mark Weldon says the futures market would allow people and firms to manage the volatility in commodity prices.

The operator will spend $300,000 on educational programmes about the new exchange.

NZX has also acquiring rural news firm Country-Wide Publications, which includes publications such as The NZ Farmers Weekly.