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.

Change to OIS Settlement Convention

The Interest Rate Swap Conventions have been updated to include a change to the OIS settlement convention which, effective 9 December 2019, changes from T+1 to T+2.Go to the IRS Conventions

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

Regulatory Environment Training Workshop

Following on from the August workshops, we have added a further workshop in Auckland on 7 November 10:00am to 12:00pm. Peter Nielsen from the FMA will present on Conduct regulation in wholesale markets - an outline of the FMA's approach. Simon Jensen, Consultant with Buddle Findlay will provide an overview of the FX Global Code, NZFMA Code of Conduct and update on regulatory changes, leading into group discussions on practical scenarios. Further information can be found here

NZFMA News and Events

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

The 2019 NZ Financial Markets Charity Golf Classic was held at Centennial Golf Club, Taupo and Hilton Lake Taupo on 13-15 September, raising over $50,000 for The Neonatal Trust.

We will return to Wairakei Golf + Sanctuary for the 2020 event to be held 6-8 November.

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Data Summary

RATES as at 23/01/2020
Delayed Data

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