Policy, Practices & Standards

The New Zealand Financial Markets Association has developed, and continues to develop and review, a comprehensive set of industry accepted standards for trading financial products in the wholesale market. These include Codes of Practice, Market Conventions and Reference Rate Rules.

NZFMA also maintains New Zealand’s standard derivative documentation which can be found HERE.

Codes of Practice

The NZFMA Code of Ethics & Code of Conduct clearly defines ethical principles for acceptable standards of behaviour in the OTC markets. The Code of Ethics is intended to raise awareness of the issues and promote responsible decision-making, and its companion, the Code of Conduct, provides rules of behaviour derived from these principles. Staff of NZFMA member organisations working in financial markets are required to understand and adhere to the Codes. Go to the NZFMA Code of Ethics & Code of Conduct.

Market Conventions

To ensure New Zealand’s financial markets maintain high industry accepted standards aligned with international capital markets, NZFMA provides a comprehensive repository of Market Conventions. The Conventions are not legislative or prescriptive in nature. They are designed to mirror the consensus view of the market as to the current accepted practices in the respective markets and to help avoid misunderstandings. Conventions can be varied at will by the mutual agreement of the counterparties to any trade. Go to Market Conventions.

Reference Rate Operating Rules & Principles

To ensure NZFMA maintain and publish a valuable and accurate set of reference rates that makes up the NZdata Service, all NZFMA member organisations participating in the 2-Minute Trading Window and/or contributing to closing pages must adhere to the Operating Rules & Principles of the market(s) to which they contribute rates or prices. Go to Reference Rate Rules.

Benchmark Oversight Committee

The Benchmark Oversight Committee was established in 2015 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. Benchmark Oversight Committee members are appointed annually by the NZFMA Board.  > Benchmark Oversight Committee Guidelines & Terms of Reference

Market Documentation

NZFMA maintains, reviews and hosts New Zealand’s standard derivatives documentation in consultation with Buddle Findlay. Go to the OTC Derivatives Documentation Website.

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