2. XBRL: Project First Step
11 May 2004

3. Today’s presentation Project introduction NZX motivation Next steps
Q/A
These opportunities did not exist 18 months ago. NZX was a mutal, owned and controlled by brokers.
On a personal level, my understanding of AU and NZ was very limited. Having moved from a job in NYC, I arrived for work in NZ never having visited NZ our AU. In fact, when considering a move to Wellington, my best source of information on NZ was a friend from Sydney living in NY.
Within my first five days in Wellington I found myself struggling to understand the implications of a rolled last bowl in a one day cricket match. None of this made much sense to me. AU clearly has a large impact on the NZ psyche.
We have learned a lot from AU in the last 18 months, certainly we have been the beneficiary of the AU experience.

4. NZSE: June 2002 Mutual Low Cost Operator with narrow focus
Aging infrastructure
Technology
Non technology
But…
Clear mandate for change
New leadership
Corporate roadmap
These opportunities did not exist 18 months ago. NZX was a mutal, owned and controlled by brokers.
On a personal level, my understanding of AU and NZ was very limited. Having moved from a job in NYC, I arrived for work in NZ never having visited NZ our AU. In fact, when considering a move to Wellington, my best source of information on NZ was a friend from Sydney living in NY.
Within my first five days in Wellington I found myself struggling to understand the implications of a rolled last bowl in a one day cricket match. None of this made much sense to me. AU clearly has a large impact on the NZ psyche.
We have learned a lot from AU in the last 18 months, certainly we have been the beneficiary of the AU experience.

5. Starting point for NZX MAP (Market Announcement Platform)
Limited resource
New mandate
Project First Step
These opportunities did not exist 18 months ago. NZX was a mutal, owned and controlled by brokers.
On a personal level, my understanding of AU and NZ was very limited. Having moved from a job in NYC, I arrived for work in NZ never having visited NZ our AU. In fact, when considering a move to Wellington, my best source of information on NZ was a friend from Sydney living in NY.
Within my first five days in Wellington I found myself struggling to understand the implications of a rolled last bowl in a one day cricket match. None of this made much sense to me. AU clearly has a large impact on the NZ psyche.
We have learned a lot from AU in the last 18 months, certainly we have been the beneficiary of the AU experience.

6. Participants in Project First Step
ICANZ
(XBRL NZ)
Listed
Issuers
Appendix One
Accounting Firms
NZX

7. Improving Appendix One
The goal:
Listing rules
“Unlinked” terminology
Word/Excel submissions
Improve data collection
Standardize terminology (i.e., NZ GAAP, IFRS)
Separate data from format application
These opportunities did not exist 18 months ago. NZX was a mutal, owned and controlled by brokers.
On a personal level, my understanding of AU and NZ was very limited. Having moved from a job in NYC, I arrived for work in NZ never having visited NZ our AU. In fact, when considering a move to Wellington, my best source of information on NZ was a friend from Sydney living in NY.
Within my first five days in Wellington I found myself struggling to understand the implications of a rolled last bowl in a one day cricket match. None of this made much sense to me. AU clearly has a large impact on the NZ psyche.
We have learned a lot from AU in the last 18 months, certainly we have been the beneficiary of the AU experience.

8. Existing Appendix One process
Issuer preparation
NZX acceptance and distribution
Market consumption
Real time broadcast of formatted text
Re-key information for distribution
Advisor
Issuer
Pass through
/Fax of original document

9. Project First Step working model
Accounting Firms
Issuers
Cooperation in defining improved Appendix One
ICANZ
Distribution to the market
NZX

10. Exchange business drivers
2. NZX MOTIVATION
Exchange business drivers
Data product revenue
Attracting issuers
Fulfillment of regulator role
Internal efficiencies (i.e., cost)
Competitive Exchange Environment
These opportunities did not exist 18 months ago. NZX was a mutal, owned and controlled by brokers.
On a personal level, my understanding of AU and NZ was very limited. Having moved from a job in NYC, I arrived for work in NZ never having visited NZ our AU. In fact, when considering a move to Wellington, my best source of information on NZ was a friend from Sydney living in NY.
Within my first five days in Wellington I found myself struggling to understand the implications of a rolled last bowl in a one day cricket match. None of this made much sense to me. AU clearly has a large impact on the NZ psyche.
We have learned a lot from AU in the last 18 months, certainly we have been the beneficiary of the AU experience.

11. NZX has two primary motivations
Shareholder value
NZ capital markets

12. 1. Data Revenue New product Real time access
Accurate database of historical financial data
Target group
Existing subscribers
Analysts
Professional traders
Liquidity impact

13. 2. Attracting Issuers Increased competition Retain NZ listings
Attract dual listings
Contain compliance costs
Minimize “Big Stage” pressure

14. 3. Fulfillment of Regulator Role
Continuous disclosure
Error reduction and validation
Improved service

15. 4. Internal Efficiency Error reduction Reduction of staff
Application across NZX business

16. Appendix One Implementation Identify new opportunities
3. NEXT STEPS
Two workstreams
Project First Step
Appendix One Implementation
Identify new opportunities
These opportunities did not exist 18 months ago. NZX was a mutal, owned and controlled by brokers.
On a personal level, my understanding of AU and NZ was very limited. Having moved from a job in NYC, I arrived for work in NZ never having visited NZ our AU. In fact, when considering a move to Wellington, my best source of information on NZ was a friend from Sydney living in NY.
Within my first five days in Wellington I found myself struggling to understand the implications of a rolled last bowl in a one day cricket match. None of this made much sense to me. AU clearly has a large impact on the NZ psyche.
We have learned a lot from AU in the last 18 months, certainly we have been the beneficiary of the AU experience.

17. Appendix One implementation
Pull, not push
Gradual issuer adaptation
Back entry of data
100% issuer participation

18. Identifying new opportunities
Issuers
NZX
External reporting
Internal reporting
Performance reporting
Issuer announcements
Participant declarations
Market information
These opportunities did not exist 18 months ago. NZX was a mutal, owned and controlled by brokers.
On a personal level, my understanding of AU and NZ was very limited. Having moved from a job in NYC, I arrived for work in NZ never having visited NZ our AU. In fact, when considering a move to Wellington, my best source of information on NZ was a friend from Sydney living in NY.
Within my first five days in Wellington I found myself struggling to understand the implications of a rolled last bowl in a one day cricket match. None of this made much sense to me. AU clearly has a large impact on the NZ psyche.
We have learned a lot from AU in the last 18 months, certainly we have been the beneficiary of the AU experience.

19. Appendix One information
Identifying new opportunities
Issuers
NZX
Appendix One information
These opportunities did not exist 18 months ago. NZX was a mutal, owned and controlled by brokers.
On a personal level, my understanding of AU and NZ was very limited. Having moved from a job in NYC, I arrived for work in NZ never having visited NZ our AU. In fact, when considering a move to Wellington, my best source of information on NZ was a friend from Sydney living in NY.
Within my first five days in Wellington I found myself struggling to understand the implications of a rolled last bowl in a one day cricket match. None of this made much sense to me. AU clearly has a large impact on the NZ psyche.
We have learned a lot from AU in the last 18 months, certainly we have been the beneficiary of the AU experience.

20. Identifying new opportunities
Issuers
NZX
These opportunities did not exist 18 months ago. NZX was a mutal, owned and controlled by brokers.
On a personal level, my understanding of AU and NZ was very limited. Having moved from a job in NYC, I arrived for work in NZ never having visited NZ our AU. In fact, when considering a move to Wellington, my best source of information on NZ was a friend from Sydney living in NY.
Within my first five days in Wellington I found myself struggling to understand the implications of a rolled last bowl in a one day cricket match. None of this made much sense to me. AU clearly has a large impact on the NZ psyche.
We have learned a lot from AU in the last 18 months, certainly we have been the beneficiary of the AU experience.
Statistics NZ

21. Identifying new opportunities
Issuers
NZX
What other opportunities exist?
These opportunities did not exist 18 months ago. NZX was a mutal, owned and controlled by brokers.
On a personal level, my understanding of AU and NZ was very limited. Having moved from a job in NYC, I arrived for work in NZ never having visited NZ our AU. In fact, when considering a move to Wellington, my best source of information on NZ was a friend from Sydney living in NY.
Within my first five days in Wellington I found myself struggling to understand the implications of a rolled last bowl in a one day cricket match. None of this made much sense to me. AU clearly has a large impact on the NZ psyche.
We have learned a lot from AU in the last 18 months, certainly we have been the beneficiary of the AU experience.
Statistics NZ

22. Key success factors Intelligent cooperation Well defined incentives
Clear goals
These opportunities did not exist 18 months ago. NZX was a mutal, owned and controlled by brokers.
On a personal level, my understanding of AU and NZ was very limited. Having moved from a job in NYC, I arrived for work in NZ never having visited NZ our AU. In fact, when considering a move to Wellington, my best source of information on NZ was a friend from Sydney living in NY.
Within my first five days in Wellington I found myself struggling to understand the implications of a rolled last bowl in a one day cricket match. None of this made much sense to me. AU clearly has a large impact on the NZ psyche.
We have learned a lot from AU in the last 18 months, certainly we have been the beneficiary of the AU experience.