It is Friday the 10th of May 2019. My name is Jeremy Lin and welcome to episode 39 of the Stock Market Movers podcast. Just a reminder that nothing I or any of the guests say today should be considered Financial advice the information discussed on the show's general information only and if you looking for financial advice, please speak to an authorised financial advisor just before I kick off the show. We actually have a Twitter account. And now for the podcast so search Top Market Movers and follow us on there. I'll start.With just a couple of interesting statistics from companies listed in the United States firstly Apple. You'll know them. They trade on the NASDAQ under the ticket AAPL. I read something during the week that on average they buy a company every two or three weeks and the last six months have brought twenty to twenty-five businesses. They generally do not get reported because they are small relative to the size of airport and the company said that they're always on the lookout for talent and intellectual property. So this just highlights how big they are that they can. Do this that would not end. It would not even make a headline and you can almost guarantee that these companies and and most in most languages and relative to most companies are reasonably large. So it just highlights how how big they are. The second step is something else or from Activision Blizzard. They trade under the ticket a tvi. They basically make video games. They said that the average daily user time for the company was 50 minutes. So 50 minutes per user and if you think about that for a second, I I play a video game maybe once a week if that And that the average user is 50 minutes. So there must be some serious and get engagement from these video company. So I'll find it really interesting that's 50 minutes a day is probably the only time a lot of people put down their phone as when their plane is video games. So it's been a pretty gnarly week on the stock markets this week on the index. We had some big news with the push pay found across his lip stepping down as CEO and that caught me by surprise to be honest. And you know, it's been a rollercoaster rollercoaster ride for some other companies such as New Zealand King Salmon, but I'll have to To talk talk about that these from the other week you mean we had some other big news from the United States with the Berkshire Hathaway annual meeting. I think on Saturday seven hours long great watching I'd recommend anyone that's interested in the stock market get there and view. I'm think I'm five hours of the way through it now, so get your popcorn and and settle down for that not as good as what it used to be. Really they they ask questions these days a series of Emma. Ask questions any questions from the audience and the analyst seem to use it as a time to make speeches and things like that rather than just straight questions to Warren and Charlie. I think the best ones that I've seen a from, you know, the late 90s when when Warren and Charlie were really on there and they're Pomp and you know, they got the just straight questions from the audience and you just listen to them speak for 5 hours. You can learn so much the reason they get the analysts to ask. Questions these days is because people would basically use the Berkshire Hathaway and your meeting is a platform to protest about Coca-Cola and all sorts of other stuff. So they had to keep the questions relatively focused. The other big news again came from the United States this week and basically Donald Trump was feeling trigger-happy on his Twitter account and and fired off some tweets related to tariffs. And China. First thing I would say is there's a stock investor. The last thing you should be doing is taking action based off what Donald Trump tweets, but people are very, They do in the stock market has been down because of that. I've a couple of images in my mind when it comes to Donald Trump tweeting. The first is of him trying to hide it from the staff and you know, like sneaking on his phone to send it out. I know it has his staff gets driven insane by a lot of his tweets because they're not regulated his codename apparently with the secret surface a secret service according to Wikipedia is Mogul and I can imagine sort of moguls. On his phone again Moguls on his phone and repeat Mogul on his phone code blue that sort of thing trying to keep him off his phone and I can sort of Imagine him sneak into the bathroom and find off tweets where no one can regulate or filter and then but that's not the only situation I can imagine him sending Tweets the second situation I can imagine him as his just firing off tweets and going what of it. What are you going to do? I'm Donald Trump on the president. I'll do what I want. And actually that's probably more realistic than the first scenario and what we're on Donald Trump. I'll say something that'll probably upset. I used to made about half the people listening and we're getting a bit off stocks for a moment would be with me or on a tangent. I really don't understand why someone would vote for a month. I thought that at the time during the election and I still think that now it's funny when you when you think about it. Why would why would you vote for someone who has had one former immigrant wife after another and one current immigrant wife that wants to stop immigration. It seems a bit. Insane to me, but what do I know? I think maybe wants to stop immigration on this. You're a beautiful woman. I don't know and now upset the other half of listeners and say that he is by far and away my favorite US president and in terms of entertainment value, I don't think you'll get better. I mean, I cannot vote in the United States in obviously have zero influence so I might as well, you know, enjoy the ride and what a ride it's been I can think I think any one of the dozens of scandals that he's been involved in would have derailed other presidents or leave as I mean think of all the there's all the porn stars have come out as an example. I mean how many prisons would have survived that but I think that before one Scandal can really get a hold at another one starts up. So well, I obviously hope he doesn't win the next election. My personal view is that he probably will and you know, I'll surely be enjoying the why the ride and the circus and the tweets as if he Because it certainly entertaining right. So now that I've upset everyone Donald Trump supporters, and those that aren't we'll get him today to today's episode. So this is the second part of what I hope to be a four part series that I'm doing on the index last week. I spoke to the CFO of these idiots ground law and I recorded the conversation that we had. We had a wide-ranging an unscripted discussion where we talked about the history of the ends of the exits business. We talked about IPOs and the current state of the market. As well as some some future discussions as well. So it is an incredibly enjoyable conversation for me and I sure did learn a lot which is obviously great for me doing the podcast now just before we get into it. I was an Auckland recording on the phone and Graham was in Wellington. So there are a couple occasions where there was some audio issues. So please forgive me in advance, but that should be a reflection of my podcast and abilities not necessary the quality of the guests. So let's pick up the discussion and we'll get straight on into it. So I'm here on the phone with graham law who is the on the executive team at the end of the axon is the CFO and I believe you join. 2017 that's right during the party of ten months ago prior to that. I was with ACC and MP Capital with ACC. I was head of Finance with MP capital. I was CFO and then CEO managing director a fantastic fantastic and just so if people weren't quite sure I able to explain sort of what the NZXT. Yeah sure. It's a pretty complicated business, but I would describe it and in three parts the core markets business the funds management business and the wealth technology business the core markets business from a retail investor perspective is like tree of me where buyers and sellers come together to do a transaction and in our case the products that the sales side are Equity shares bonds. That's wholesale and Retail and funds are buyers and buyers are essentially both retail and wholesale investors that's sort of the the front of high school, but behind the scenes there's a complexities as to what goes on and how transactions are settled. So we operate a Clearinghouse which ensures that the buy and sell side are matched and paired two days later after the transaction. Also provide data and insight services to participants in the market so that they can see what the been mask prices are for shares or dads and can kind of give that insights into various aspects of the market like the value with an average price Etc in a nutshell. That's the core Market. It does have a few additional bits in that we run the Run unsettled. The energy Market in New Zealand where we much generators and retailers generators who sell electricity retailers apart and then on sell it to their customer and we also run so what are those just just interrupt there? What are those generators doing and in that situation essentially essentially the way electricity flows around the electricity Network its measured at certain points and prices are fixed at certain points the software that we're And essentially matches buyers and sellers at those points that the sellers being the rich the generators who generated the electricity and the buyers being the retail companies who you are as a homeowner deal with they effectively March up the prices the bitmask a price it gets much the not sets the price that I wholesale level between generation and Retail Distributors. Yeah, so it's the core Market. Your core business is what your most well known for and I guess the front-facing better. That is the shear method I guess and essentially the are you're facilitating transactions between the buyers and the sellers and so my right to say that the way you guys make money is by taking a clip on the ticket to Center essentially. Yes, the the me and the me and aspects are the products as you would like them to treat me or Equity products, which Company shares. It is retail debts. It is fun. So it's more than just Equity all day at that Equity is probably 80% of the total market capitalization on a there's a fee for the seller of those being on the the company being on the market likewise, when a transaction occurs, there is a percentage of small portion of a percentage charge on the trailer and quote from a training perspective use of the trade. In system, but also from a clearing perspective of we are the clearer on WE effectively guarantee that the both sides of the transaction will be cleared as in casual flow. So we match all rightful markets buying and selling activity over a two-day period and essentially ensure the funds flow program. Okay, so I guess if I'm understanding you correctly if I have my company ABC company and I Listed on the stock market have facilitate transactions between buyers and sellers of my of my shears. I'm paying a subscription essentially every year to Stock Exchange s and what we would call in your listing fee and yet when I as that company goes and it raises more Capital it would pale incremental fee as well. As they get larger, essentially. Yeah. Yeah and in the other part is that you're taking a small slice of every transaction that someone makes and in the third part is the clearing part. Do you guys carry any risk with the clearing side of things if someone doesn't fulfill an obligate us right and we met a get that risk and several Market ways. We hold large amounts of collateral from the market participants. So we're talking about the Brokers the investment banking community. Who participate in the market for their underlying retail clients? So they post collateral which we hold as cash short-term deposits in case something did go wrong. Additionally then in the cash Market we have what we call a holding of risk Capital. We hold 20 million dollars cash on our balance sheet to cover up the risk of a failure of one of those Market participants and then in the dairy derivative Market, We also operate a virtualized default fund whereby that risk capital is contributed both by ourselves and by the market participants, which is the big the big investment Banks. So that that cash on their balance sheet is under cash and cash equivalents corrected as - yeah. Yeah, absolutely. And that's essentially to protect participants in the mail yesterday and it's not we look at it as being known distributable. So I'm a pins every every year round to point out that we have a large cash balances that we can't distribute as evidence. Right, of course. Yeah, and and obviously the way the I guess the stock exchange works and 2019. There's a lot different to how it worked in 1919. Hey, you have just described some of the changes. It's happened in the market. And the last war doesn't have to be a hundred years at least especially the last few years. Yeah. Sure. I mean the the fun fundamentally the biggest change over that period of time is the electrocution of the market in particular what we're I think over the last few years is more known display unit type trading what I mean by that well previously where you had active fund managers having humans and investigating and trading stocks. We know finding that there's more and more use of Automation in that process process and consequently the sort of Third Leg of our core Market being the data and insights business has opportunities to provide Add more data more insights to investment banks, for example or participants who are actively using these nor display units to mathematically or systemically drive. They're treading. because that I guess that data and the past wasn't didn't have the ability to well it was captured in a different way of tended to go to terminal Revenue which is like a Bloomberg terminal where you as an individual will sit and watch a screen and be able to inquire and look up information on a particular stock one of the time whereas this is more the systems of the participants absorbing all the market data and one go the individual or the trailer will have programmed in what trade Matt needs to do the system will actively do those over and over the day rather than the trader having to make by sell decisions the system fundamentally. Does that within the binds of Hearts programmed in? So is that exactly can into the area of the I guess that automated and high frequency trading it's more just execution of something that previously would have been a manual process. The frequency high frequency is a potential and is a use of the data and information that we can provide but not necessarily so it's active managers who have investment not Here but not necessarily the number of investment managers. They previously had. And just on the high frequency stuff. I wasn't intending to ask you about this, but it popped into my mind. Ye see any of that in New Zealand at the moment because I know it's very prevalent in the other states. There's some deadly Sam but I wouldn't say it's as big as over there. It's definitely being taken up by some participants, but I wouldn't even call it a massive part of The Malt Market. And would that be a good thing for you guys as a ballistic price Discovery is good for everyone in that if Automation and machines are posting their trades into their bones sale orders into the trading systems that everyone can see what those those are over the last few years. You can you ask me about how the markets changed automations one of them. Another aspect is the increasing use of on Market as being the prevalent price discovery. Point that's very important for the Integrity of the market especially from a retail investor perspective in that basically the price that you see on the screen is the best price or the most likely price. So we've seen over the last ten plus years on Market trading growing from 20% to last year. It was over 50 approximately 53 4% I'm not means that when you when you look at a screen, you know that that's the price of the particular stock and you don't have to necessarily Lee asked a broker what they're seeing that's not on the screen. Mmm, okay. Absolutely. And you mentioned we got the straight to there but you mentioned some of you guys either. Yeah. Well this outside the goal areas the sort of non core areas that your decency to the core and they expand the market and totality or first they are funds management business and secondly our wealth Technologies business that the funds management business is passive ETF business extremely exchange-traded funds this week. That's a lie. Style Partnership of BlackRock tissue a few of their I share funds and expand that part of the market and why it's exciting area for us is in New Zealand ETF represent about 3% of the market capitalization in America. It's over 30% in Europe. It's over twenty percent. So we see a significant growth opportunity there. When you combine that with kiwisaver and potential increases in kiwisaver rates, we see that part of the market. A growing substantially and we believe we're best position to take advantage of that. Step 7 the ATF thing especially during a bull market. We're in Dixon's have trended up into the writer. Just increasing them there. And it's a fantastic business for you guys. Yeah, well the business well for growth in the future by activating or five year strategy, I believe. Yeah, did you want to talk a bit more about the fight? That was the was that the 2007 and the new CEO more Peterson coming on board and early 17 was a relook at the the strategy fundamentally. It's been a back to Core Business core markets approach. We have disposed of some non-core assets through 2018 and gone up a lot more client Centric. Which lets us focus on on both companies and participants and service those better so that the internal Focus that was crazy 17 has gone and now there's a lot more people actually interacting with Market participants. So focusing on the core business is there's going back to focusing on the transactional side of things in the financial markets here. Yeah, just customer Centric approach. Yeah exactly. I mean the the businesses that we divested that were no Encore where for example an agricultural newspaper, which most people wouldn't have known that the stock machine guns. I think to be fair. I didn't know so so that sort of gives you a bit of context of the types of things we do. Yeah, really getting back to that that core buyer-seller matching type approach but being focused on both sides and getting to deliver their needs to which and the strategy last year and implementing. It really was focused initially on alleviating what I call barriers or blockages. We sort of change the hearts, but maybe the name but a few we set the rules for the market. The previous rules were 500 pages long. They talked about telexes. You're probably too young to remember what Alex is but but you know that that's not what maybe give you an indication of how long ago the rules have been sad and hadn't been changed. So 500 pages there. No, I dying to 100 cages and More in English within those 100 Pages. What we've also done is open up some more. Products that we can market so the best example is funds so exchange-traded funds we've talked about a bit earlier, but all funds can I be easily listed on the market prior to Christmas? We had a carbon fund listed by salt under the old rules. It required 43 pages of waivers from from the regulation team to be able to comply with the old grows nigh under the new rules. It wouldn't require any anywhere version for just less straight away. So it's a Quantum difference in the the compliance obligation placed on a fund to list that will make a difference in the and of course that reduces the costs for the fund and therefore reduces the cost for end user and therefore makes it more likely that funds will come unless likewise. We've also opened up the wholesale debt Market which for a retail investor they may not they won't be able to invest in but Me what we're talking about here is central government central government borrowings being compliance listed on the stock exchange as overseas investors. Look at government debt. They want to know that their thought that is listed and goes through a continuous disclosure style regime which gives them another degree of comfort. So I them to invest in it and some instances. It's actually a hurdle to investing into government that and likewise there are some central government. These which will or local bodies which will come on and she wholesale dead in the similar manner. So, you know, it's just opened up a lot more product. As I said maybe at the start everybody tends to focus on Equity shares and see any percent of the market cap at this point in time, but we have grown the retail debt Market to be 20% That's grown extensively over the last few years and continues into this year to grow that way but we've also opened this wholesale debt market and fun. Market which we look to to grow over the foreseeable future. Now the way one bit that I didn't mention in terms of our business talk about three aspects core markets the funds management. There's also the wealth technology aspect her business and it's pretty much a start-up it offers the advisor Community a piece of software to manage portfolios for retail investors essentially. So it's the piece of software when you look at the screen. It adds up your portfolio with those all your transactions. It does all your reporting and Doc so would a fund manager were to buy some shares. For example, it would allocate the stock amongst the various accounts and stuff like that. So they don't need to do any more family advisor when the advisers managing your right applied across all his clients or if he changes Allocation between equities or fixed income or overseas Investments you can do it in totality or you can do it individually, but it also allows you to report the individual basis except so that's that's the nature of that business and and the exciting bit. There is it's effectively only a startup we brought on our first big client last year last year which jump the funds under Administration and not business from what roughly 1 billion to two billion. And now we have an act of pipeline of 40 billion worth of advisor Community funds under Administration that shows that probably shows you the size of the you know, the size of growth that we can hope for in that particular business now with that business, right? How would you how do you make money from that how to how does that get monetized Ephesus at the startup stage? But fundamentally, the startup component has been developing the software the core platform is there. Whatever development for specific client requirements as required still but it's there. It's operational the way we charge is essentially a bib spaces a pretty small percentage of the funds under Administration and on the service offering will determine the actual charge so we can effectively be the back office for an advisor full service or we could just provide the software with the the Investment Bank providing the The back-office the Personnel she'll call. Yeah, absolutely. Now when I talk to other investors and I talked about the in ZX with them the first thing that they invariably say to me is that there's not enough IPOs in New Zealand and they point to certain examples and everything like that. So I'd love to catch your views on that topic. Yeah. Sure. I mean, obviously the more listings the better. I think we'd all agree on that and certainly it's a pretty much a largely Global developed World phenomenon that The current point in the site I think didn't interrupt you there. That's what I think a lot of people Miss is that if you actually look at the US market steals 8000 stocks in 1995 and is something like 4,000 now, I don't quite mean the exact numbers, but I guess you just don't notice it as much and yeah, that's correct phenomenon and it is a point probably in the cycle the economic cycle post Global financial crisis. You know, my personal view is that the same cycle has just been Ellen gifted when when private Equity starts to divest and looks at IP owing some of its Investments. That's when we'll see things turn. That's what I really high level that other sort of here and my level it is Forefront of our mind. It is appropriate. I think also in the early late 90s early 2000 you had a lot of frivolous listings as well and not not in New Zealand necessarily bit differently worldwide after the tea. Boom in everything not it. Yeah, and obviously we want to attract quality listings to the market. So, you know, the the refocus of the strategy has been as I said Tran Centric and with regard to our issuer relationship tainted, it's about focusing on not just Equity, but also the other the other products wholesale and debt but talking to clients and potential clients setting up a process that builds a pipeline in forms that pipeline us. To the advantages of being listed provides encouragement and guidance along the way and and really pushes them towards joining joining us on the market. My what I would say is changing the rules has alleviated some of the barriers and coerced to and Wrangle the stock exchange but it is a it is very much an ecosystem. And IPO is an ecosystem event. We believe we have done what we can To encourage more IPOs, but there's more time more to an IPO than just us, you know, there's a there's a full community involved and we call that the ecosystem. So as part of our long-term strategy, we have co-sponsored with the FMA the capital markets 2029 initiative being led by Morton sternum and with ey providing the the groundwork support and fundamentally that independent project is going wrong the the whole ecosystem of whole market and getting the views of what the constraints blockages and barriers are to the IPO pipeline at the moment and working out what recommendations they can do either in terms of Market settings Market structure and regulation to holistically improve the IPO pipeline position. Absolutely. So I mean what are some of the challenges that you see from from the IPO perspective because obviously there's been some I guess relatively high profile companies that heavy have either decided New Zealand companies. I mean they have decided to miss out the nzx all together and just directly on the ASX and then perhaps the most high-profile one was Zero deciding to dealers completely from the nzx. Yeah, maybe dealing with zero first meeting. I joined just after the zero announcement, right and look. I think the the feeling the place here was certainly one of disappointment. We believe the reasons that a zero moved were certainly other companies that achieve those those reasons are requirements and retained primary listing on the ends are Stock Exchange and I could reel off the examples. As of 18 mode Fisher & Paykel hurt Healthcare Sky City and maybe me and Fred, you know, the global growth and Global liquidity and the stock is achievable lands are eggs, but more importantly it probably was a bit of a reality check for the business in that. We you know, we we have hadn't have were in the process of deciding what the new strategy was and look as a result of that. We've progressed on this memorandum of understanding route with others. Exchange stages you'll note that last year. We signed one one last act. I'm not gives us the ability to deliver in the long run deliver what exactly those particularly it companies may want and that may ultimately be a global listing and NASDAQ. And with with this memorandum of understanding that is heading towards being a possibility rather than having to jump from exchange The Exchange to get to that point. Yeah. Yeah, sorry. There's another part to your question there. Yeah, I was referring to companies like volt power and other businesses that have decided not to this time the in ZDX at all and go straight. Yeah, look, I mean there's was good analysis a few months back in the paper. Probably the last eight or ten that have gone down that road and how successful they had been some some only have only a few have been but as I said each it's the ecosystem each of those probably has its own reason as to why it went Where It ultimately did and the capital markets 20:29 will delve into each of those reasons and look at are there barriers boundary or the blockage is how can we change Market structure or regulation to bridging of them to join the local market? So it's not just the the IPO settings or regulations or rules that we have just changed, you know, it's full support of the That ecosystem be at the Brokers analysts fund managers supporting and listing and it's more there's more to it than just a simple Choice thing. Yeah, absolutely. I mean do you think part of the reason is that is this other Alternatives these days I'm guessing you know, 40 years ago if you wanted to raise money one of the ways to do it one of the few ways to do it was through the public markets. I mean even now you see some small and media companies that can raise money through Angel Investing and things like that. Is it just set this is a lot more Alternatives out there now, I think there's always been people willing to invest in Risk risk. Invest risk capital or risk risky or younger develop type and companies. It's just that it's probably easier to find them or in the current environment. They're actually out hunting to lately. The current asset allocations globally is towards more private equity and risk Capital as interest rates are low people are seeking return. Therefore this point in time asset allocations or towards the more risky and of capital that cycle will change it. Some point our asset allocation will come back to a more active normal Equity or standard equity and and fixed-income away from private equity. And that's when you see companies that have moved the private Equity more likely to come on to the public markets at that point. Yeah, and you mentioned the word listing pipeline. Yep. And then as I go how's the listing pipeline so to speak well with the issue a relationship team performed as part of the The new strategy their role is to actively service our current clients and search for potential clients. And I essentially they will have a list that anyone can go and make out from public records of the larger companies and I've assessed them as to where they may go in the future as in Stand private ownership or come to the public markets and then they actively engage go through a process of determining whether we can help them along with their with their Journey To The Future and you know, it's as promising as it has been over the last few years. Clearly. There's the other company in the that is going and to the prayer in the Press about potentially listing in the future and the easiest example to give is poured in their beer. They're you know, they're both of Nate. Yeah, they've indicated a desire to list. Clearly clearly as I said before the ecosystem needs to get behind support-bound. So we look forward to that happening. So there are there are changes occurring the pipeline. We are active with a lot of companies, but they could be two three five years away from actually listing and there's a long process because it's not like just switching on a lysosome. Not unless you're prepared knows. Yes. And one of the reasons that prompted me to reach out to you guys or some of the publicity Brian Gay news article from the other week got regarding in ZX. So, I'd love to hear your sort of thoughts and views on that as well. Yeah. Well clearly as I said earlier more or less things is clearly what we want. His article was a few days before our investor Day presentation. I thought I wonder I wonder if you guys check that out after the other no, no, no, no. They know we need more wealth more know we need more listings. So we're actively trying to get more listings. It's an interesting conundrum as mr. Keener point so that we may need to spend some to get some in a period of time where other certain number of investors are requesting that we don't spend money. So we find that that interesting but fundamentally, you know, our investor day went into the detail of the processes. Has that we have implemented on the new strategy to build a pipeline to inform the pipeline to encourage the pipeline. But as I've said before we need the ecosystem to get behind us and as a result of that we have co-sponsored with afma like Capital markets 2029 and I guess it tight like you see it. It doesn't happen overnight and this you're ready for it. It takes the time from inception to build that ecosystem and then to see the rig was so we might see the results and to Three four five ten years down the road. That's correct. You know, what is it? There's very few companies, which would be at the stage where they could just immediately start into the IPO process. It does take a little bit of time to line everything up and certainly change mentality from being, you know private to being in a continuous disclosure environment. Hmm and you mentioned some of your shareholders there. I guess you're referring to I guess they're also one of your Market participants. I guess you referring to Elevation kept up Capital who's taken a bit of a peace activist role. I'm not sure if that's the right term and activist role is to share what we talked. We talked to other investors or shareholders as part of our investor relations program. So, you know, we actively listen to any suggestions or shareholders Harvin an elevation of courses. Is one of them which was a bit more in the public to me and we certainly have talked to them a lot since since that point the time I would say as we have explained what the new strategy is. They have come to understand that probably there's a high degree of overlap with what they were suggesting versus what our strategy had changed him maybe as high as 85% but certainly there were aspects of what they suggested that we have taken on board the amount of the the easiest and most proof. Recent examples investor diag had requested that we do do a new investor day and certainly the feedback from that has been good. But it was something we certainly needed to do with the rest of their investors. But the same token there's the old saying that we don't necessarily think is the right time to implement that they have suggested and you know, we take on all feedback we welcome discussion with all shareholders if they have good ideas. It's the nature. Of investor relations as far as we're concerned. Yeah, absolutely. Well, I've pretty much run through all my questions. I'd love to sort of give you a final word or if there's anything else you would sort of like to talk about well, look, you know, I think I would encourage people to go and have a look at our investor Day presentation and our year-end investor Day 2018 Financial results. We believe the opportunities to have a quite big for our funds management business or with Gee business on for dairy derivatives business, which we haven't overly caught on a lot on today, but we see we're pretty optimistic. We're pretty optimistic about the future the key for us as you have rightly pointed out this converting IPOs into reality with the help of the ecosystem. Absolutely. Well, I appreciate your time Graham and we look forward to I guess we're looking forward to that maybe the port of Napier and some other companies listing listing on the incidents in the future. Yeah. I mean that's the other the intention there's a long way to go and sure for them. But as long as the ecosystem Gets behind them and you know the Brokers help the investment Banks help they fund managers help the analyst help it'll get there. Thanks very much. No worries. Thank you. Seriously, I wrote well, I hope you enjoyed the interview. Like I said at the start of the episode. I certainly enjoyed doing it me. I found Graham very honest and direct. You know, when you say things like we know we need more listings, you know, that's what we want to hear. So many thanks again for listening to the podcast is a reminder that nothing that I said or grams here today should be considered Financial advice. If you're looking to find out more about the podcast go to www.markzware.com dot NZ or Find it and give it a like by searching on Facebook and Twitter now also make sure also to share it with your friends if you want to email me at is Jeremy at Stock Market Movers dot code or in Z dot code or ends it. So once again, my name is Jeremy Midland, and this has been episode 39 of the Stock Market Movers podcast for Friday the 10th of May 2019. I'll see you all again next week.
In the latest episode of the Stock Market Movers podcast Jeremy provides a quick update about some of the action on the NZX and international markets from the week. Including a quick discussion about the Berkshire Hathaway Annual meeting, Donald Trump and Pushpay. The bulk of the episode is an interview with Graham Law, the CFO of the NZX. The discussion is unscripted and wide ranging and includes a deep dive into the NZX and the lack of IPOs in New Zealand. We discuss the past, present and the future of the NZX. Grahams Bio: Graham joined NZX in November 2017. He has considerable experience working across the financial and professional service sectors in New Zealand and the United Kingdom. Graham previously worked as Head of Finance at ACC, and prior to this was Managing Director and Chief Financial Officer at AMP Capital Limited. Graham brings expertise in strategic leadership, corporate governance, and risk and financial management. As always, nothing that is discussed on the podcast is financial advice. If you are looking for financial advice please contact an authorised financial adviser. 