By Max Cunningham, Managing Director and CEO
In my first year as a stockbroker, 1994, was the year the then mutual owned ASX rolled out CHESS digitisiing share ownership. This innovation was a world first, along with the creation of SEATS as the first electronic trading platform and the retirement of the trading floor 7 years before that.
Back then and for many years that followed the Australian stock market was a world leader in technology, productivity and competition in capital markets.
Those days might be long gone, but the spirit of the stockbroking community continues to have well deserved expectations from its exchanges. It is that spirit that the National Stock Exchange of Australia (NSX) is entering a new era—one defined by opportunity, innovation, and a renewed commitment to serving the evolving needs of Australian stockbrokers and their clients. As market dynamics shift and investor appetite broadens, NSX is uniquely positioned to become the natural home for micro- and small-cap companies, a leader in the listing of digital asset businesses, and a compelling third venue for trading ASX-listed securities.
Furthermore, NSX’s recent acquisition by the CNSX Global Markets have formed a direct pathway for exploration companies in particular, to dual list on the Canadian Securities Exchange (CSE) and NSX to create multiple venues to raise capital and generate pools of liquidity.
Australia’s capital markets have faced a structural imbalance. While larger companies generally enjoy deep liquidity and broad analyst coverage, micro and small caps, often considered the engine room of innovation and economic growth, have struggled for visibility and efficient access to capital. NSX is addressing this gap head-on through:
- a principles-based set of listing requirements
- streamlined admission timeframes
- significantly cheaper fees; and
- a reduced burden of ongoing compliance costs
NSX is building a market where emerging companies can thrive and where brokers can confidently connect clients with growth opportunities at earlier stages of the corporate lifecycle.
Our focus is not just about listings, but it is about investment. NSX is investing in a new leading edge trading platform by partnering with Aquis to deliver a world-class matching engine with its resilience, scalability and performance to propel NSX to establish itself as the third trading venue for ASX listed securities. In an environment where best execution obligations are front of mind, the inclusion of an additional, competitive trading venue will create greater opportunities for innovation in the management of the order and trade execution lifecycle.
For brokers, this translates into a differentiated product set: access to a more diverse pool of companies, combined with an advanced trading environment designed to support efficient execution, transparent price discovery and lower costs.
We are not the only market stakeholder providing optionality and choice – FinClear has made material investment in tokenisation of securities and ASIC’s decision to licence FCX for clearing and settlement should be applauded.
NSX is building its trading proposition with brokers at the centre. We will be engaging directly with the broking community to present our plans, discuss your views and refine our offering to minimise integration efforts with existing systems and workflows. This collaborative approach reflects NSX’s broader philosophy to work in partnership with its participants, not at a distance from them.
At the same time, NSX is embracing the future of finance through its commitment to digital asset companies. As blockchain technology and tokenisation aims to reshape global capital markets, Australia has the opportunity to lead, but only if it provides the right regulatory and market frameworks. NSX aims to be at the forefront of this transformation. By offering a credible, regulated venue for digital asset-related listings, NSX provides brokers and investors with a trusted gateway into a sector that is rapidly moving to be mainstream.
Importantly, NSX’s approach balances innovation with integrity. The exchange is working with regulators, industry participants, and stakeholders to ensure that digital asset listings meet appropriate standards of disclosure, governance, and investor protection. For brokers, this provides the confidence to participate in a high-growth sector through a trusted pathway which is well understood by investors.
As the industry continues to evolve, brokers are under increasing pressure to deliver differentiated opportunities, embrace new asset classes, and optimise execution outcomes. NSX stands ready to support these objectives. By championing emerging companies, enabling access to the digital economy, and enhancing market competition, NSX is helping to shape a more dynamic and inclusive Australian capital market.
The invitation to the broking community is clear: engage with NSX, explore its growing ecosystem, and be part of a market that is designed with your future in mind. Together, we can unlock new opportunities for issuers, investors, and intermediaries alike—and ensure that Australia’s capital markets remain innovative, competitive, and globally relevant.
