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Futures agreement welcomed

Futures agreement welcomed

The agreement between the New Zealand Exchange (NZX) and the Sydney Futures Exchange (SFE) for listing and trading New Zealand futures and options is a positive step for New Zealand’s capital markets, Chairman Jane Diplock said today.

The Commission also welcomed NZX's proposal to take a role in regulating futures dealers in New Zealand. The Commission sought the industry’s views on regulating futures dealers in a discussion document in December 2002.

At that time the SFE had decided to move trading in New Zealand Futures and Options Exchange products to Sydney. The great majority of responses to the paper preferred a self-regulatory model, with regulation to be undertaken by an entity involved in the market place. The Commission will continue to work with the NZX on the structure for NZX's proposed regulatory role, including supervision and oversight, and rules of conduct and trading for futures dealers.

“There are advantages for the industry and the market in having an effective self regulatory framework for futures dealers,” Jane Diplock said.

“We await further details of the proposal from NZX.” We expect this work will include further consultation with the industry.

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