28 Jun 2012

Stock exchange's new boss announces overhaul

9:21 pm on 28 June 2012

New Zealand's stock exchange, NZX will be restructured to clearly separate the exchange's commercial roles from its regulatory ones.

New chief executive Tim Bennett says the changes will set up the business for its next phase of development, including operating Fonterra's Trading Among Farmers' scheme.

Two new positions have been created - a chief financial officer and a head of cash markets.

A new markets services group has been created and the regulation team more tightly focused, to remove any perception of a conflict of interest between those roles.

Mr Bennett says feedback he has received over the past few weeks highlights the need to improve the exchange's relationship with customers and invest more in its operations and market regulation.

Mr Bennett took up the chief executive role in May, replacing Mark Weldon who had been in charge of the exchange for a decade.