The NZX reported quarterly profit of $2.8 million was 13% up on the same period last year, despite market declines.
The result was driven mainly by revenue growth from annual listing fees and sales of market information.
Cost reductions played a part.
Forsyth Barr valued NZX at $9.36 a share. The shares last traded at $7.
NZX Markets' revenue was up 6% on the previous corresponding period (pcp), driven by strong year-on-year growth in annual listing fees, sales of market information and market services, which included charges to AXE, TZ1 and Apello.
"In the current difficult market climate, initial and secondary listing fees were down 55%.
However, these more cyclical revenue streams now represent only slightly more than 20% of NZX Market's revenues," Mr Lister said.
Costs were well controlled, down 18%, although some costs relating to the new clearing platform and TZ1 were capitalised.
Earnings before interest, tax, depreciation and amortisation were up 28%.
Reviewing the company's results, Mr Lister said the first and second quarters saw little in the way of equity raisings, but large bank debt raisings in March and April helped offset that in both quarters.
Market information revenue growth continued to be strong.
Although data terminals were down slightly in the last quarter, numbers were still holding up.
Forsyth Barr forecasts assumed there would be a slight reduction through the remainder of the year.
The AXE Australian ECN (Electronic Communications Network) licence remained on hold, awaiting ministerial approval, he said.
The NZX remained confident that a licence would be granted before the end of the year, although some contribution to market supervision requirements might be a condition.
Once a licence was granted, AXE should be able to start operating swiftly - reporting crossings only initially, with the move to full trading likely to follow fairly rapidly, Mr Lister said.
• NZX has a 50% stake in AXE ECN with Credit Suisse, Citigroup, CommSec, Goldman Sachs JBWere, Macquarie Bank and Merrill Lynch holding the remainder.
The new trading platform will make an aggressive play for about 26% of the Australian Stock Exchange's (ASX) order book.
It will target internal trades in Australia, known as crossings.
The seven companies involved in AXE make up 40% of the value of turnover in the shares of companies listed on the ASX.
AXE will execute crossing trades in a different way from the ASX.
It would target major corporates, but retail investors would be able to take advantage of the order book as well.
It has been reported that in gross terms the ASX's exchange fees are 50% higher than those of most other exchanges around the world.
