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.

NZ Credit Markets Closing Prices Calculation Error Notification

A calculation error identified on 17 August 2020 affected the value of some instruments within the NZ Credit Market Pricing Service. The calculation algorithm incorporates a weighting based on a market parcel size that is allocated to the instrument and this error occurred due to incorrect an market parcel size being attributed to some bonds and FRNs. Read More

ACI FMA and ELAC (E-Learning, Attestation and Certification on Industry Codes of good market practices)

ACI FMA, is longstanding proponents and influencers of ethical conduct and good market practices to financial markets professionals, is committed to continue creating synergies that help expand their expertise and the usage of their products globally.

ACI FMA has worked on the production of new Videos, aimed at introducing the Association and their ELAC Portal (including the FX Global Code and UK Money Markets Code). These videos will be helpful to whomever wants to know more about ACI FMA and their services.

Interest Rate Markets One-Day Simulated Workshop (deferred to 4 and 6 May 2021)

Due to popular demand, the Interest Rate Markets One Day Simulated Trading Workshops will be repeated in May 2021. The workshops will be held 4 May (Wellington) and 6 May (Auckland). These workshops facilitated by Kevin (Radar) O'Reilly take participants through a trading simulation that focuses on interest rate products and incorporates two trading simulators that are specifically designed as educational tools to develop interest rate product knowledge and trading principles.

Further information and a registration form can be found here

ACI Dealing Simulation Course (deferred to 16-21 May 2021)

This 4-day residential program is designed to train participants in the physical side of trading. No other program currently available offers such a practical and realistic trading platform, whilst encouraging teamwork and healthy competitiveness. Participants truly experience the life of a trader over several intensive days.

Further information and a registration form can be found here

Submission to ASIC on LEIs - Application for Relief

NZFMA have lodged a submission with ASIC applying for relief (under ASIC regulatory Guide 51) for Derivative Transaction Rules (Reporting) 2013. The submission seeks conditional exemption relief from the requirement to provide the Specified Entity Information for New Zealand banks' smaller NZ counterparties (eg. small and medium enterprises that are not Australia entities and are not entering into transactions with the NZ banks that are captured by Prudential Standard CPS 226 or require a CSA, or similar). Read the Submission

Benchmark Administration Structure Review

NZFMA is embarking on an assessment of the most appropriate benchmark administration structure for the New Zealand financial markets that will meet IOSCO Benchmark Principles and mitigate any conflicts of interest. This assessment will include the identification of actual and potential conflicts relevant to benchmark administrators and consider global benchmark administration models that may work given the market constraints existing in New Zealand. Read the Scoping Document

NZFMA News and Events

The FMA released the Bank Bill Benchmark Rate and Closing Rates Guidance Note in October 2017.  Read more

The 2021 NZ Financial Markets Charity Golf Classic will be held at Wairakei Golf + Sanctuary and Hilton Lake Taupo over the weekend of 5-7 November. Put these dates in your diary. Registrations will open July 2021.

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Data Summary

RATES as at 21/10/2020
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