The New Zealand Stock Exchange has taken another step towards launching a derivatives market with the acquisition of Australian technology firm Clear Group, for an initial A$6.4m ($5.8m).
The Melbourne-based firm, which runs Clear Grain, Australia’s only dedicated grain exchange, will work with NZX to establish an infrastructure for agricultural derivatives trading.
The move indicates that NZX is forging ahead with creating a derivatives bourse. In May, the Auckland-based group hired Fiona Mackenzie from Morgan Stanley, a veteran of US and Asian...