The New Zealand Financial Markets Association is the professional body for wholesale (institutional) banking in New Zealand. The Association represents the interests of its members in ensuring the sound management of the over-the-counter financial markets. This is achieved by promoting effective self-regulatory initiatives, advocating for the industry, providing relevant education, and developing and implementing high professional standards to be used by members when dealing in these markets.

NZFMA also maintains and is the Benchmark Administrator for benchmarks and indicative closing rates calculated and published by the NZdata Service

NZFMA membership is institutionally based, with members providing a wide range of financial services such as corporate banking, trading in financial instruments and trade finance.

NZFMA Thomson Reuters Charity Golf Classic 2016

This year's Charity Golf event will be held at the Wairakei International Golf Course and Hilton Hotel in Taupo from 4-6 November. NZFMA and Thomson Reuters are again pleased to support Camp Quality, a volunteer, non-profit charitable trust dedicated to enhancing the quality of life for children living with cancer.

Change to NZ Bank Bill Capture & Calculation Methodology

As a result of recent reductions in the number of banks willing to contribute to out Bank Bill Reference Rate (BKBM) and in the interest of reducing ongoing compliance obligations for contributing panel banks, the Board of the NZFMA has approved changes to the way in which transaction based tenor mid rates are set for this benchmark. Instead of relying on contributions from panel banks that are reflective of the traded market, the revised methodology automatically extracts actual trades supplemented with best bid and offers from the broker electronic trading platforms. These rates are used to set actual tenor benchmarks and to provide a basis for interpolation of the less liquid tenors. CLICK HERE for a detailed explanation of this new process.

Benchmark Oversight Committee

NZFMA has established the Benchmark Oversight Committee to oversee the capture, calculation and publishing methodology of the New Zealand reference rate and indicative closing rates calculated and published via the NZdata Service by the NZFMA. This committee will review and provide challenge on all aspects of the benchmark determination process appropriate to the benchmark in question, and provide effective oversight for the Benchmark Administrator (NZFMA). This includes consideration of the features and intended, expected or known usage of the benchmarks and the materiality of existing or potential conflicts of interest identified.

The committee includes representation from benchmark submitters, benchmark users, independent industry experts and the regulators.

NZFMA News and Events

As a result of recent reductions in the number of banks willing to contribute to out Bank Bill Reference Rate (BKBM) and in the interest of reducing ongoing compliance obligations for contributing panel banks, the Board of the NZFMA has approved changes to the way in which transaction based tenor mid rates are set for this benchmark.  Instead of relying on contributions from panel banks that are reflective of the traded market, the revised methodology automatically extracts actual trades supplemented with best bid and offers from the broker electronic trading platforms.  These rates are used to set actual tenor benchmarks and to provide a basis for interpolation of the less liquid tenors.  CLICK HERE for a detailed explanation of this new process.

2015 was the 27th anniversary of this event, and it continues to go from strength to strength.  We moved the event to November and this year the weather could not be an excuse for bad golf scores.  Taupo turned on blue sky and sunshine, with some excellent golf played and a day thoroughly enjoyed by all.  Saturday night's black tie dinner and prizegiving was MC'd by Brendhan Lovegrove who provided plenty of laughs, and the event raised $45,000 for Camp Quality.  A fantastic result, and we thank all the member organisations and individuals who continue to support this event.  The 2016 golf tournament will be held on 4-6 November.  Read more and view photos/results.


New Zealand's fourth ACI Dealing Course was held in Masterton from 7-10 July.  Along with plenty of learning outcomes came a lot of fun for the attendees who all agreed that this was a very worthwhile course.  Read more/view photos and results.

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Data Summary

RATES as at 29/07/2016
2pm NZDFIX
0.7109
TWI
76.1
Delayed Data

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