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NZX Futures and Options Rules Approved

17 March 2004

NZX Futures and Options Rules Approved

The Securities Commission has approved New Zealand Exchange Limited’s rules for regulation of NZX futures and options dealers.

The Commission considered the rules by reference to the principles for regulation of futures dealers published in its 2002 discussion paper “Securities Commission policy in Respect for Futures Dealers Authorisation”.

“The rules submitted to the Commission do address these principles,” Chairman Jane Diplock said, “and they provide an appropriate framework for the regulation of these dealers.”

The Commission’s approval is subject to the condition that NZX will formally review the rules after they have been in force for 12 months. NZX must report to the Commission on this review.

This will be an opportunity to address any practical issues that arise with the new framework, which may not be apparent at this stage.

The Commission intends to grant a class authorisation for futures dealers who are accredited NZX futures and options participants.

Futures and options dealers who wish to become NZX Futures and Options Participants should contact NZX.

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