NSX澳大利亚国家证券——全球投资者的新领域

正文

并非每个人都适合，但是对于有更多投机欲望的投资者而言，澳大利亚国家证券交易所的成年将为分散现金提供新的渠道。

自2016年以来，在首席执行官Ann Bowering的指导下，第二层NSX经历了一系列变革，目的是使其与离岸同行，伦敦的AIM，南非的JSE AltX市场和加拿大证券交易所平等。

她说，在澳大利亚拥有一个单一的上市地点是一个相当近期的现象，澳大利亚证券交易所直到1990年代初才成立，是基于州的交易所的混合物。

Bowering女士说：“澳大利亚拥有一个单一的上市地点是一个非常适合所有市场的单一解决方案，这是很不正常的事情。”

“ ASX非常适合那些拥有1亿美元，2亿美元以上的国际知名度的大型公司，而且它们具有合理的知名度，但是ASX市值低于1亿美元的任何产品都很难获得知名度，它们之所以在那儿是因为是他们唯一可以筹集投资者资金的地方。”

澳大利亚管理着全球第四大基金，这意味着市场“绝对”足够大到足以证明另一家交易所的合理性。

“当您与一些基金经理交谈时，他们说'我们接下来的10亿美元必须离岸，我们已经在澳大利亚的投资中占满了'。” Bowering女士说：“我们的资金流向海外很荒谬。”

她说，为公司和投资者提供另一个市场平台将有助于实现更大的多元化和更低的成本，而这正是澳大利亚市场要在全球范围内具有竞争力的一切。

NSX现在处于构建市场平台的最后阶段，该平台将为公司提供与ASX上市相同的连通性和经纪人分布。但是NSX将提供差异点，重点是成长型公司，尤其是资源，技术和消费产品。

鲍林女士说，并非所有公司都需要筹集大量资金，但是拥有现有股东基础的一些公司可能只是在寻找交易流动性或透明的估值以获取更好的投资者形象并允许进一步发展。

NSX将使用与ASX相同的T1级别的交易许可证，并通过IRESS界面为经纪人提供进入纳斯达克“配对引擎”的权限，以完成交易。

因此，从经纪人和投资者的角度来看，NSX和在ASX上市的股票将以相同的方式交易。这将意味着人们可以不知道他们通过哪个平台进行投资，并且可以专注于“第一原则”，例如价格和估值。

Bowering女士说，去年NSX在获得ASX-Clear系统的批准后就进入了“最后的领域”。这意味着自动结算流程使诸如CommSec，CMC Markets和Bell Direct之类的主要电子经纪人可以“加入”。这样一来，NSX就可以对1亿美元以下的上限公司说，它拥有与ASX相同的投资者群体。

Bowering女士说：“以同样的方式，您不管电话是通过Telstra还是Optus进行交易，您都不会在乎投资者是否在NSX或ASX上市。”

列出了80种证券，其中包括债务工具。

上市的主要区别在于投资者对价差的要求，NSX只需要50名股东，而ASX则需要300名股东。

她说：“我们在市场上看到的很多东西，特别是在珀斯与顾问交流时，就是公司在努力获得在ASX上市所需的300家。”

公司将需要两年的运营记录，该记录不需要获利能力，但需要创收，尽管如果拥有足够的资产，则存在混乱的空间。

至于规模，NSX目前只接受价值50万美元的公司，但作为规则更新的一部分，可以将其增加到300万美元至500万美元的切入点。ASX至少要进行100万美元的利润测试，否则公司必须拥有400万美元的有形资产或1500万美元的市值。

2018年，NSX公司筹集了5500万美元的资金，低于2017年的1.3亿美元和2016年的1.82亿美元。

英文原文：

It won’t be for everybody, but for investors with a more speculative urge, the coming of age of the National Stock Exchange of Australia will open up a new outlet for diversifying their cash.

The second-tier NSX has undergone a raft of changes since 2016 under the guidance of chief executive Ann Bowering, with the aim of elevating it to an equal footing with its offshore peers, London’s AIM, South Africa’s JSE AltX market and the Canadian Securities Exchange.

She said having a single listing venue in Australia was a fairly recent phenomenon, with the Australian Securities Exchange formed only in the early 1990s as an amalgam of State-based exchanges.

“It is quite an anomaly that Australia has a single listing venue which is a one-size-fits-all solution for the Australian marketplace,” Ms Bowering said.

“ASX is great for largest companies with international profiles worth $100 million, $200 million plus, and they get reasonable visibility, but anything under a $100 million market cap on the ASX really struggles to get a profile, and they’re only there because it is the only place where they can raise investor capital.”

And Australia had the world’s fourth-highest number of funds under management, which meant the market was “absolutely” big enough to justify another exchange.

“When you talk to some fund managers they say ‘our next billion dollars has to go offshore, we’re full up on Aussie investments’. It’s ridiculous our funds are going offshore,” Ms Bowering said.

She said giving companies and investors another market platform would allow for greater diversification and lower costs, which were all things the Australian market needed to be globally competitive.

NSX is now in the final stages of building a market platform that will provide companies with the same connectivity and broker distribution as an ASX listing.

But NSX will provide points of difference, with a focus on growth companies, especially resources, technology and consumer products.

Ms Bowering said not all companies needed to raise a lot of money, but rather some with an existing shareholder base might just be looking for trading liquidity or a transparent valuation to get a better investor profile and to allow for further development.

NSX will use the same T1 level of exchange licence as the ASX, and it offers brokers access through the IRESS interface into its Nasdaq “matching engine” that completes trades.

So from a broker and investor point of view, NSX and ASX-listed stocks will be traded in the same way. That will mean people can be agnostic about what platform they are investing through and be able to focus on “first principles” such as price and valuations.

Ms Bowering said last year NSX reached its “last frontier” after it received clearing approval for the ASX-Clear systems. That meant the automated settlement process opened it up to major electronic brokers such as CommSec, CMC Markets and Bell Direct to “come on board”.

That has allowed NSX to say to sub-$100 million cap companies it has access to the same pool of investors as ASX.

“In the same way you don’t care whether your telephone call goes over Telstra or Optus, you are not going to care as an investor whether it’s listed on NSX or ASX,” Ms Bowering said.

There are 80 securities listed, including debt instruments.

The key listing difference is the investor-spread requirement, with NSX requiring just 50 shareholders compared with 300 on the ASX.

“One thing we are seeing a lot in the marketplace, particularly here in Perth when we talk to advisers, is companies struggling to get the 300 you need for an ASX listing,” she said.

Companies will need a two-year record of operations that does not require profitability, but needs to be revenue-generating, although there is wriggle-room if it has enough assets.

As for size, NSX currently accepts companies worth just $500,000, but as part of a rule-refresh this could be increased to an entry point of $3 million to $5 million.

ASX has a minimum $1 million profits test, or companies are required to have $4 million in tangible assets or a $15 million market cap.

Over 2018, NSX companies raised $55 million in capital, down from $130 million in 2017 and $182 million in 2016.

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