Liquidity Insights: NZX Dark

We’re pleased to announce the launch of the inaugural edition in our new APAC-focused series, Liquidnet’s Liquidity Insights. Our first edition covers an early analysis of the impacts of the launch of a public exchange dark venue in New Zealand.

Exploring the Rise of NZX Dark: A New Chapter in New Zealand’s Equity Market

New Zealand may be a relatively small player in global equity markets, but it stands out for its significant upstairs market activity—in 2024, 35% of trading occurred off-market. In June 2024, NZX launched its first public dark venue—NZX Dark—aimed at boosting on-market liquidity, improving liquidity and attracting a broader range of participants, including HFTs and retail investors. From day one, Liquidnet was involved, and the venue quickly exceeded expectations, reaching 4.3% of total turnover by Q1 2025 against a one year target of 2.0%.

In this report, we analyze the early success of NZX Dark, its impact on market microstructure, and potential implications for the future of dark trading across the APAC region.

For the full report , click the button below.

David Barrett-Lennard, Head of Execution + Quantitative Services Australia