NZX
11/03/2016 08:31
GENERAL
PRICE SENSITIVE
REL: 0831 HRS NZX Limited
GENERAL: NZX: NZX update on NZClear process
NZX has been informed by the Reserve Bank of New Zealand (Reserve Bank) that
the NZClear divestment process has concluded without a proposal being
received that met the Reserve Bank's objectives, and the Reserve Bank has
decided to proceed instead with a project to replace the infrastructure and
technology underpinning the NZClear system.
NZX's wholly owned subsidiary, New Zealand Clearing and Depository
Corporation, has operated a designated settlement system under Part 5 of the
Reserve Bank of New Zealand Act 1989 since 2010.
The intention of the solution NZX proposed to the Reserve Bank during the
Reserve Bank's process to divest NZClear, was that NZX would operate a single
clearing and settlement system for the New Zealand market, to support the
future growth of New Zealand's capital markets.
Despite NZX's proposal to operate a single clearing and settlement system for
New Zealand not being successful, NZX will continue to work in other ways
with the Reserve Bank, industry participants and other stakeholders to
continue to improve the efficiency of the capital markets.
For further information please contact:
Kate McLaughlin
Head of Communications
T: 09 309 3654
M: 027 533 4529
E: [email protected]
About NZX Limited
NZX builds and operates capital, risk and commodity markets and the
infrastructure required to support them. We provide high quality information,
data and tools to support business decision making. We aim to make a
meaningful difference to wealth creation for our shareholders and the
individuals, businesses and economies in which we operate. To learn more
about NZX, please visit: www.nzxgroup.com
End CA:00279105 For:NZX Type:GENERAL Time:2016-03-11 08:31:07
