NZFMA “New Zealand Business Day” Guidance Released

The New Zealand Financial Markets Association (NZFMA) has developed the NZFMA “New Zealand Business Day” (NZBD) Guidance to assist institutional participants in determining good business days for transacting and settling in New Zealand’s wholesale financial markets.

Key content:

• the NZFMA “New Zealand Business Day” (NZBD) Guidance is intended to be used by New Zealand financial market participants to determine a “New Zealand Business Day” for the purposes of transacting and settling in New Zealand’s wholesale over-the-counter financial markets,
• if a "New Zealand Business Day" is applicable to a transaction, Wellington, Auckland, and all other New Zealand provincial Anniversary Day public holidays will be good business days, for the purposes of that transaction,
• for clarity, from 2026, Auckland and Wellington Anniversary Day public holidays will be good business days for the purposes of transacting and settling in New Zealand’s wholesale over-the-counter financial markets,
• the NZBD Guidance will take effect from 6 October 2025, and
• the NZBD Guidance states that where the New Zealand Parliament legislates, at short notice, a new New Zealand public holiday, the NZFMA may issue a Market Notice specifying whether that new New Zealand public holiday is to be considered a “New Zealand Business Day” for the purposes of transacting and settling in New Zealand’s wholesale over-the counter financial markets.

NZFMA has published the NZDB Guidance alongside the International Swaps and Derivatives Association's (ISDA) related H1 update to its 2021 ISDA Interest Rate Derivatives Definitions which were published on 25 April 2025.

NZFMA has also published further material to support implementation of the NZBD Guidance, which is available on our website here.

If you have a question or would like to contact the NZFMA, email info@nzfma.org.nz

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