The Financial Markets Authority says it and NZX have initiated an industry-led review of New Zealand's capital markets.

It says Capital Markets 2029 is designed to deliver a ten-year vision and growth agenda for the sector.

"Capital Markets 2029 will consider the current framework and broader ecosystem of New Zealand’s capital markets and outline recommendations for the creation of wider, more active participation and increased diversity of product."

Martin Stearne, who has had an extensive career in capital markets, will chair the Capital Markets 2029 industry-working group.

He will be supported by EY, who have been engaged to help produce a report, which will outline findings and recommendations of the group, based on the working group’s findings, as well as its own research, analysis and insight of domestic and international trends. These will relate to agreed areas and may suggest outcomes for delivery by industry participants, regulators or Government.

As initiators of Capital Markets 2029, NZX and FMA will jointly fund the initial costs. However, depending on the costs for delivery funding may be sought from industry. The findings of Capital Markets 2029 will be published in third quarter of 2019.