(Reuters) - New Zealand's stock exchange on Thursday approved the Hong Kong Exchange (HKEX), the Singapore Exchange (SGX) and the Toronto Stock Exchange (TSX) as recognised stock exchanges for equity listings.
The approval comes after memorandums of understanding were earlier signed with the exchanges looking for a cost effective route to the New Zealand market for global companies. The deal allows dual listing for market participants and exemptions from nearly all NZX listing rules.
New Zealand's stock exchange <NZX.NZ> had set up a specialist team last year to generate new public offerings and to target overseas businesses as it faces a dearth of listings and the loss of Xero, which announced it was abandoning the NZX to focus on its Australian listing.
The said exchanges join the London Stock Exchange and the Australian Securities Exchange as recognised NZX stock exchanges, NZX said in a statement.
(Reporting by Sumeet Gaikwad in Bengaluru)
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