New Zealand and Australian stock exchange officials are still working towards reaching a merger agreement before Christmas and having a combined exchange operating from July.
"We've set a deadline of mid-December and we're still working to that, though I can't absolutely promise that will happen," New Zealand exchange managing director Bill Foster said.
A statement about progress would be made within the next two weeks.
After an agreement had been reached, a detailed proposal would be put to NZSE members.
Mr Foster remained confident a merger would deliver benefits to investors in both countries, despite concerns in New Zealand's financial community that it would lure more company head offices to Australia and increase costs for listed companies.
"You don't make change without some people being better off and others arguing they will be worse off.
"We're aiming to make access to the market easier, creating benefits on both sides of the Tasman," he said.
The merger must be backed by 75 per cent of NZSE members. One survey suggests support is running at about 50 per cent.
Mr Foster said the exchange had not surveyed members, and would seek their views once they could be presented with a detailed proposal.
Concerns about New Zealand losing its capital market sovereignty had "nothing to do with the merger."
Such concerns should be more accurately linked to a worldwide trend toward market globalisation.
Negotiations with the Australians had not raised any "surprise issues" to challenge the benefits envisaged when the exchanges announced in August that they would begin talks.
Wellington merchant banker Lloyd Morrison strongly opposes a merger, saying it will mean more New Zealand head offices moving to Australia and fewer analysts researching New Zealand companies.
Listed New Zealand companies were unlikely to reduce their cost of capital in the larger sharemarket.
- NZPA
Joint market negotiations on right track
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