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Mark Peterson: NZX chief executive on his decision to step down from the role · Best of Business

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  Speaker 1: You're listening to a podcast from news Talk zed Be
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  Speaker 1: Follow this and our wide range of podcasts now on iHeartRadio.
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  Speaker 2: Big change is coming for the New Zealand Stock Exchange.
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  Speaker 2: The chief executive Mark Peterson has resigned today. He will
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  Speaker 2: leave the ins of X at the end of April
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  Speaker 2: after nine years at the top, and he's with us now.
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  Speaker 3: Hey, Mark, hi hew that how are you well? Thank you?
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  Speaker 2: How are you? Do you feel relieved.
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  Speaker 3: A bit? It's been a strange day.
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  Speaker 4: You know, when a business has been part of your
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  Speaker 4: life for a long time, and you know, obviously the
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  Speaker 4: last nine years we've seen lots of changes and challenges
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  Speaker 4: and successes, and you know, and to think that that
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  Speaker 4: might come to the end in April next year is
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  Speaker 4: quite a weird feeling.
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  Speaker 3: Yeah.
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  Speaker 2: Do you have friends of mine who have recently quit big,
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  Speaker 2: high profile jobs have had the experience of almost immediately
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  Speaker 2: regretting it once they realize how much people love them
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  Speaker 2: in the role. Are you getting any of that?
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  Speaker 3: Oh?
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  Speaker 4: I know, there's been lots of really nice messages today,
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  Speaker 4: which is very flattering, But you know, we've still got
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  Speaker 4: nine months to go.
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  Speaker 3: That's quite a long time. It give us the board
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  Speaker 3: a chance to find, you know.
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  Speaker 4: A really good new person, and I'm sure they make
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  Speaker 4: a really good job of that. But in the meantime,
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  Speaker 4: we just got to we've just got to really keep
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  Speaker 4: keep the pedal down.
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  Speaker 2: What's brought it on? Why have you decided to go?
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  Speaker 4: Well, a few things. Really, you know, ten years, ten
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  Speaker 4: years in the organization. By the time we get to April,
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  Speaker 4: it'll be nine years in this role. That's a long stint.
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  Speaker 4: You know, I've got to think about, you know, my
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  Speaker 4: career and where I'm at with it. You know, probably
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  Speaker 4: would like another exec role if I if I can
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  Speaker 4: find one before, you know, before you sort of try
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  Speaker 4: and you know, maybe get into given its type activity.
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  Speaker 4: If I don't do, if I don't make that step now,
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  Speaker 4: then it starts to become too late.
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  Speaker 3: So you know, you've got to make these tough calls.
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  Speaker 4: But you know, we've also at the same time to
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  Speaker 4: got to a period and the strategy with the exchange
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  Speaker 4: where we've ticked off a bunch of a bunch of
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  Speaker 4: sort of expectations and objectives that the board is asked
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  Speaker 4: of me, and really it's the right time for somebody
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  Speaker 4: else to then pick it up and take it on
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  Speaker 4: the to the to the next wave.
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  Speaker 2: I was reading that the ends at X fifty has
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  Speaker 2: increased by about seventy seven percent since twenty seventeen. What
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  Speaker 2: do you put that down to?
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  Speaker 4: Well, you've got you know, there is economic growth. You
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  Speaker 4: know that that you know that flows through the economy.
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  Speaker 4: You know that that's a big part of it. You know,
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  Speaker 4: you've got you know, the moving parts if you like,
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  Speaker 4: of what makes up the exchange. You've got the equity side,
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  Speaker 4: and the and the dead side. Yeah, there's a whole
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  Speaker 4: lot of factors, but you know a lot of it
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  Speaker 4: comes down to you know, business is actually growing and
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  Speaker 4: doing well over that period, which is always good.
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  Speaker 2: Do you see Do you believe that that the investing
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  Speaker 2: culture is taking hold in New Zealand a little bit
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  Speaker 2: more with the advent of the likes.
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  Speaker 3: Of Chasis, I do, I absolutely do.
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  Speaker 4: I think they've made a big difference for you know,
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  Speaker 4: getting you know, the concept of equities you know, into
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  Speaker 4: the hands of younger people.
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  Speaker 3: You know, you can see them.
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  Speaker 4: You know, I've got a family members who have used it.
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  Speaker 4: You know, they're really sort of learning, you know, off
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  Speaker 4: the back of that, and I think it's been very
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  Speaker 4: very effective so now you've got lots of really positive
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  Speaker 4: stuff going on in that regard, and there are other
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  Speaker 4: players as well alongside cheeses doing similar things. So now
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  Speaker 4: I think you know, you know, when you think about
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  Speaker 4: where the property markets are, you know, how the equity
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  Speaker 4: markets are moving, you know, it's great to see that
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  Speaker 4: sort of those productive asset classes, you know, really starting
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  Speaker 4: to have some engagement around it.
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  Speaker 1: Yeah.
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  Speaker 2: I mean we're obviously headed and we good enough to
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  Speaker 2: invest in is really the thing?
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  Speaker 3: Well, yeah we do. I mean we love more. I
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  Speaker 3: think that's the I think that's.
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  Speaker 2: The How do we get more? What do you reckon?
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  Speaker 3: Well, there's a few things to it. You know.
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  Speaker 4: We we see lots of businesses that that are interested
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  Speaker 4: in accessing capital through the markets.
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  Speaker 3: You really want those business to be listed ready.
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  Speaker 4: You also need an economic cycle that's supportive you know
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  Speaker 4: of those of those of the timings of all of that.
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  Speaker 3: We need the right product.
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  Speaker 4: And when I say that that's a bit colloquial, but
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  Speaker 4: our product is not just made up of what the
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  Speaker 4: exchange does. It actually has made up of what law
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  Speaker 4: makers make create round it and what regulators create. And
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  Speaker 4: the current government has been excellent actually at looking at
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  Speaker 4: some of those regulatory settings and legal settings, making some
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  Speaker 4: adjustments around that. Really good progress on that so far.
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  Speaker 4: Lots more to go, and we'd love to go quicker
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  Speaker 4: if we can. But those elements of law and reg
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  Speaker 4: and the markets generally, all the players in the markets,
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  Speaker 4: not just the exchange, but all the players that wrap
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  Speaker 4: around it, the brokers, the lawyers, the investment banking teams
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  Speaker 4: and all the rest of it. You know, they play
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  Speaker 4: a big bark and getting things to grow, and it's
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  Speaker 4: all of that that needs to come together.
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  Speaker 2: Good stuff, Mike, go well, and thanks very much for
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  Speaker 2: having a chat to us. It's Mike Peterson, outgoing ins
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  Speaker 2: it X chief executive.
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