The NZX has doubled the number of cases it has referred to the Markets Disciplinary Tribunal in the past year.
And the regulator is also faster at making referrals, exceeding its own expectations.
A total of 18 cases were referred to the tribunal last year, compared with nine cases in 2013.
The tribunal chair, David Flacks, said changes to the Financial Markets Authority have improved the NZX's performance when it comes to market regulation.
"They have got better systems in place, it's more efficient now and I think that that's probably the main reason why we are getting more referrals," he said.