Wellington, Sept 24 NZPA - ASX chairman Maurice Newman says the New Zealand share market is internationally irrelevant.

Mr Newman was in charge of the ASX when it tried unsuccessfully to merge with the New Zealand stock exchange in 2000 and now the New Zealand share market operator NZX is part of share-trading platform AXE ECN, one of three would-be rivals to the ASX.

Speaking to the ASX annual meeting for the last time as chairman, Mr Newman said the pressure was on the ASX to remain globally relevant. "That is the real competition".

He said six listings on the ASX had larger market capitalisations than the entire New Zealand share market.

He said rather than feeling smug about that Australia should remember it could go the same way as New Zealand.

There were risks in over-representing the interests of consumers in a prosperous community with a small population, he said.

"I understand the politics, but, as with New Zealand, limiting critical mass and becoming internationally irrelevant is a most unattractive option and is the ultimate pathway to becoming a poor branch economy," he said.

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