NZX sells subsidiary

New Zealand stock exchange company NZX sold its TZ1 Registry business to global financial services company Markit overnight for US$37.1 million.

At the overnight exchange rate of 65.44 cents that equated to $56.7 million.

The initial consideration would be received up front in Markit shares, which would be held for the term of the deal through to the end of 2011, NZX announced.