NZX clearing house open in July
(19 May 2010 – New Zealand) The chief executive officer of the NZX Mark Weldon has confirmed that the company’s new clearing house would most likely be up and running by the end of July.
Of the changes to take place when the new clearing house launches in July, only brokers who have taken the steps to become officially accredited through the clearing house will be able to deal directly through it; however brokers who have not managed accreditation will only be able to trade through accredited firms.
Mr Weldon has said that around 25 NZX employees were working full-time on getting the clearing house ready.
Final application forms were signed off by the NZX board yesterday and submitted to the Securities Commission and Reserve Bank, Mr Weldon said.
Mr Weldon also highlighted that derivatives trading would soon become possible after the clearing house became active, adding that the infrastructure was in place, the products have been developed and everything is on track to happen quite quickly after the clearing house launches.
The NZX was confident the clearing house and derivatives trading would become a significant part of the exchange's business, Mr Weldon said.
The CEO added that it was important for New Zealand to have distinctive derivatives trading, where it could carve out a specialist role in global capital markets.
Mr Weldon has said that around 25 NZX employees were working full-time on getting the clearing house ready.
Final application forms were signed off by the NZX board yesterday and submitted to the Securities Commission and Reserve Bank, Mr Weldon said.
Mr Weldon also highlighted that derivatives trading would soon become possible after the clearing house became active, adding that the infrastructure was in place, the products have been developed and everything is on track to happen quite quickly after the clearing house launches.
The NZX was confident the clearing house and derivatives trading would become a significant part of the exchange's business, Mr Weldon said.
The CEO added that it was important for New Zealand to have distinctive derivatives trading, where it could carve out a specialist role in global capital markets.
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