This subject focuses on the structure, functions and operations of the securities market in New Zealand (the New Zealand Exchange, or NZX). It includes discussion on the roles of the NZX and its participants, as well as their interrelationship with global financial markets and the subsequent impact on NZX investors. The subject also discusses elementary portfolio construction, processes used in evaluating securities, and the variables that impact on their pricing. Individuals will apply their knowledge via New Zealand-based case studies and scenarios so that they may gain a ‘real-world’ perspective. For more information, please refer to the subject outline. For Study Period SP1 2023 onwards, please refer to the subject outline here.