The Unlisted Securities Exchange (USX) is a cost-efficient and simple share trading platform for small to medium sized companies to provide liquidity and keep their shareholders informed.
The USX offers three modes of trading:
During the pre-open and open periods Brokers are able to enter or remove bids and offers at any time.
For continuous trading and periodic trading orders are matched in standard price then time priority with the exception that Brokers receive time priority for any orders that match with an existing order they have in the market for that stock. This supports the efficiency of internal settlement for ‘crossings’ between buying and selling clients within a broking firm.
For auction-based trading matching occurs at a level where the maximum number of shares will match at the lowest offer or highest bid
A Standard Issuer quotation means the Issuer becomes publicly quoted and traded on the USX facility on an ongoing basis, until the Issuer or USX terminates that quotation for any reason. A Standard Issuer quotation suits companies that wish to provide their shareholders with an ongoing price discovery and trading mechanism to deliver liquidity and transparency around their securities trading. For full details about a Standard Issuer Quotation download the Introducing USX Information Sheet.
A Temporary Quotation means the Issuer becomes publicly quoted and traded on USX for a pre-determined and finite period, for example a 90-day quotation following distribution of a company’s year-end accounts. This can provide a periodic trading window for shareholders of companies that are not yet certain an ongoing quotation is necessary or affordable. For full details about a Temporary Quotation download the Temporary Quotation Information Sheet.
An Issuer that wishes to have another class of securities quoted, for example Class A and B shares,
Transactor and Investor shares or redeemable rights, can also have these quoted on an ongoing
or temporary basis to suit their needs.
USX is a financial product market operating under an exemption from subpart 7 of Part 5 of the Financial Markets Conduct Act 2013 (the “Act”).
USX provides a facility for trading previously allotted securities. USX has its own Market Rules and monitors compliance by Issuers with those Rules.
Investors in securities quoted on USX trade at their own risk and do not have the additional protection provided by Part 5 of the Act, in relation to. insider trading, market manipulation, continuous disclosure, substantial holding disclosure, relevant interests disclosures and the monitoring of market obligations by the FMA.
Issuers remain bound by the obligations contained in their constitutions, certain provisions of the Act and other legislation including the Companies Act, the Takeovers Code, the Financial Reporting Act, and by Common Law. Issuers are required to have available at all times their most recent Audited Annual Report.
Quotation on USX does not affect an Issuer’s status under the Takeovers Act and Code, and the usual regulatory protections associated with a licensed financial product market and Financial Markets Authority enforcement of them are not available.
Under the Market Rules Issuers are required to post all Corporate Actions on the announcements platform as soon as available.
Corporate actions, both when approved and when actioned (i.e any corporate event affecting the number, value or terms of Quoted securities), including without limitation dividends, interest, buybacks for cancellation or treasury stock, sales of treasury stock, issue of securities, consolidations, cancellations, splits, rights or options should be announced using the Corporate Actions form. Click here for the form.
The USX has issued the following Guidance Notes for Issuers
Please read this important information before proceeding.
WARNING: Unlisted is not a licensed financial product market.
The Unlisted Securities Exchange (USX) is a Financial Product Market operating under an exemption from subpart 7 of Part 5 of the Financial Markets Conduct Act 2013 (“the Act”) and certain conditions specified in the Exemption Notice. Investors trading in securities quoted on Unlisted trade at their own risk and do not have the protections provided by Part 5 of the Act, in relation to: insider trading, market manipulation, continuous disclosure, substantial holding disclosure, relevant interest disclosures, and the monitoring of market obligations by the FMA. USX provides a facility for trading previously allotted securities. USX has its own Market Rules and monitors compliance by Issuers with those Rules.
Before an investor may trade (via a broker) in securities quoted on USX, the investor’s broker will require the investor to sign the USX Information and Disclaimer form, which provides a fuller explanation about USX’s status and what this means for investors.
Click the tick box below to acknowledge you have read and understand this important information. You will then gain access to the Unlisted website.
I acknowledge that I have read and understood this notice and that Unlisted is not a licensed financial product market.
